New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-18
OBJECTING TO THE SALE.
COAL AND IRON STOCKHOLDERS
PROTEST.
THEY SAY THAT THE PRICE OFFERED BY Al
ENGLISH SYNDICATE IS TOO sMALL-A
LIVELY MEETING EXPECTED.

An announcement of a possible sale to an Eng.
lish syndicate of large portion of the property
of the Tennessee Coal. Iron and Railroad Company
for about So, 100000 has raised storm Of protest
from stockholders representing two-ffths Of the
capital stock written protest against such
sale has been circulated, and has received suf-
cient number of signatures TO insure lively scene
at the next meeting Of the stockholders. which
will be held at Tracy, Tenn, on May T.
The protest, which is to be introduced in the
meeting at Tracy. is as follows:
we tho undersigned stockholders In the Tennessee
the Board Of Directors OF the said company propose TO
sell and dispose Of all the property of the company,
ton will bo asked to authorize said proposed sale, IN
sis that the said proposed sale shall not be authorized
such proceedings be taken may be necessary TO pro
vent Che SALE The property of tb- sad company, yne
and more valuable division OF its holdings and a sale
Of the would utterly destroy the future efficiency
Of tho company in Tennessee, and In large measure
cripple lbs operations elsewhere. We further insist
that the price offered for the Tennessee property is In
legal authority to dispose of It's said Tennessee prop
critics and thereby destroy practically its corporate ex-
ktence In the State Of Tennessee.
This protest is signed by stockholders repre-
senting about 1000 of the 10000 shares Of
capital stock, among them being the following:
James T. Woodward, president of the Hanover Ma
tional Bank; Latham, Alexander & Co.. II. I.
Nicholas & Co., c. c. Baldwin, William D. Tai
mage c. l.. Rathborne, Daniel S. Lamont, Thomas
Barrett, Calm d Co., Van Schaick & Co., j. Henry
Dick, o. W. Bright, A. ID. Seymour, George T..
Gordon, John b. Leech, r. w. Du>ham & Co.,
and Henry Clews
Among the members of the old board Of direct
ors, which il is said authorized the giving Of an
option on the Tennessee property, were John II.
Inman, Thomas C. Patt, II. Duncan Wood, T. L.
Lehman, w. H. Duncan and w. ii. Bond. The
new board was elected on April Z. On last
Wednesday the new directors elected officers as
follows: President Thomas c. Platt; vice-preSt-
dents, n. Baxter, jr., T. T. Hillman, of Birmins.
ham, and A. NJ Shook, Of Tracy City;
secretary and treasurer, James Bowron; executive
committee T. C. Platt, John H. Inman, n. Baxter,
jr G. @. Baldwin. General Samuel Thomas. A. ".
Boardman and Napoleon HILL
Mr.. Platt was not at home last night when .
reporter called at the Fifth Avenue Hotel Shortly
after the recent organization of the new board OF
directors however, Mr.. Platts attention was called
to a rumor that protest was to fbe made against
the sale of the companys property in Tennessee.
He said that he had been authorized by the
directors OF the company some time ago to
give an option on the property III
question. and that it remained for
the stockholders to ratify or reject the proposition
to sell when they met at Tracy City in May. He
knew nothing about the rumor that Thomas
Barrett, q stockholder, of Memphis, Tenn, would
apply for an injunction TO restrain the officers OF
the corporation from making the sale. No action,
he said, was taken at thc recent meeting of the
directors the proposed sale, for it would be left
to the stockholders to settle the proposition.
John II. Inman said that proposition to buy
the property referred to had been made Dy some
xxrkt.
sented some syndicate. The property included
four iron furnaces, 1000 coke-oyens, three or
four iron mil,cs, and about $4,000 acres OI land.
Personally, he said, he favored the sale, as he
thought the price good one and he believed
it would be a good thing for the company.
There is considerable opposition TO the, move
it viii not be successful / will vote for it
myself, but am Indifferent as to the result"