New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-19
MIR. PLATT NO TYRANT.
MINORITY STOCKHOLDERS WILL BE CON
SIDERED.
THE STATE OF THE TROUBLE IN THE TENNEs-

THE STATE OF THE TROUBLE IN THE TENNEs-
SEE COAL, IRON AND RAILROAD co.
The stockholders of the Tennessee Coal, Iron and
Railroad Company will meet on May q at Tracy Oi''
Tenn and decide whether they win ratify recent act
NJ the Board of Directors authorizing President l. u
rlatt 10 give on option on the eompany's property IN
Tennessee 10 an English syndicate That is the stua-
ton, In a nutshell in which the company now s'aluS,
but there is q tempest in teapot over lno PIoPo0"
SALE An authorfuve statement was MADE PUBIC SeS
terday which gives the history Of the offers Oh inc
syndicate and other items of interest in conncuon "h
the officers and stockholders Of the company IN rel
ton TO this affair." and which VIII clear away any mis-
apprehension concerning II. The tennessee Oo"l Iop
and Railroad Company owns valuable properly III Ioii
nessee and Alabama. 1t is proposed 10 sen Une iei'
nessee division but some OF the stoeRhoNeFS oO'''
asserting that the price asked is not large enous
Here is the substance Of President Patts anhua re-
po-t ON this question: which was submitted 10 inc
company on April Z, at Tracy City, wheh INC he~
Board of Directors was elected:
Il w. Thomas. OF Nashville, who represents a
syndicate of capitalists OF that city, made PROPOSE
ton in August to the directors OF the company
h, purchase the Tennessee division for $1,6oo'ooo'
The offer was duly made in writing Inc directors
referred the proposal to Mr.. Plat by resolution anu
empowered him TO mako such sale as ne touehV oes
for the interest Of the company MI Piatt
this proposition, and submitted II TO some Vi inc
larpest Stockholders of the company. Inc
of them objected 10 the OFFER because they ola hoV
think IT was large enough Some months aiterwaru'
trustworthy people representing an English synuicac
waited upon Mr. Plat and requested an option upon
the Tennessee division for about S2oOOooo. Inc
evndicafe agreed TO pay 60 for the boDoed
Indebtedness of the company S432677 81 on the second
MORTGAGE bonds which were part Of the proposed
new issue of $3.50 900, and TO give $05oOoO In cash.
Mr. Plat conferred with the directors and gave the
opt,on ON January 81. 1t was provided that the
Fnoish syndicate should assume all the outstanding
liabilities of the company, chargeabe to the tennessee
division and should also purchase the stocks OF
merchandise in the commissary stores Of the company
together with a coal and iron ore mine at a sum
not 10 exceed $4,000. This option expires on
september u.s. 1891, and the syndicate has informed
President Platt that 1t ready to complete the purchase
On these terms and the proposition IS 10 Do
snhmltted 10 the stockholders for ratification on May
: The resolution which the directors adopted ~
Auonsf gave Mr.. Platt absolute power to do as he
saw best In this matter, but at the meeting OF directors
ON AnriI z after Mr. Plat had submitted his annual
ynori 10 the directors he said that the proposed sale
vas Of much consequence, and he thought that the
stoexhoders should have time 10 consider 1t. For that
reason he wanted adjournment The sale could
have been put through then, except for the 1act lat
Mr. Plat insisted that the stockholders should nave
time TO digest the offer Of the syndicate.
Ii was learned good authority yesterday tat the
opposition represents about 10000 out OF the 100000
sars and that II il shows that 1t Is clearly against
the nroposed sale Mr. Plat will not press it, nor Will
any OF the large stockholders, but Mr.. Platt believes
that the sale would nure to the benefit OF the company