The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-06-10
WANTED NEW DIRECTORS
Acting Under a New Law
a New Board Will be
Elected.

The stockholders of the Columbia Roll
ing Mill Company. at Jersey avenue and
Fourteenth street, had an exceedingly in
teresting meeting yesterday, and more
than once the general condition of affairs
looked blue for the company. The Col
umbia Rolling Mill Company is an in
corporated institution and has issued
100000 shares OF stock. OF this stock.
Pierpont Morgan, of Drexel, Morgan &,
Co., bankers. controls $4,000 shares, the
D. L. Culver Company controls 5000
shares and the balance is distributed
among w. L. Broc&way and others. Mr..
Brockway is the General Manager and
has full powers.
The object for which this rolling mill
was created was to pnrchase scrap tin.
old cans. etc., and TO extract from them
steel and iron. ana to reproduce the tin
IN new sheets, cut for the usage intende d
for 1t. The company also extracts the
solder from tin cans and barrels, and all
material that it caunot otherwise dispose
OF Is made into sash weights. So COM
plete is the mill that there is not single
bit of material wasted.
A year ago the stockholders elected as
a Board of Directors, w. L. Brockwav,
Jesse Larrobee, ,fJames Haskill, r. S.
Swan and George w. Knight. These men
were elected for terms of one, two, three,
four and five years. Under their man.
agement the company got into debt. and
1t became necessary to raise $25, 900, aud
this amount was advanced by Pierpont
Morgan who was giving a first mortgage
as security for the loan. Brockway and
his associates soou ate up all this sum in
the mill. and it was then learned that
the first mortgage held by Mr.. Morgan
had not been filed. and as a matter of
record, it was not lien on the property.
BONDING THE COMPANY.
Brockway aud his Associate Directors
decided to issue $4,000 worth of bouds.
declaring them to be secured by Il first
mortgage. Before this scheme had fully
developed the Court of Chancery was ap-
pealed TO by Mr.. Morgan and it eDjoined
tue Directors from issuing bonds.
This WAS thesconditiou of affairs yes
terday when the stockholders or their
representatives met. PierDont Morgan
was represented by Barry Mines, aud the
law firm of which President Clevela nd
is a member, Bangs, Stetom, Tracy &
MacVeagh. Other lawyers were on hand
also. From nine O'Clock until one o'clock
there was Que continual series of wire
pulling which would nave done credit
to a political primary. Under an act
VI tuo Legislature PaSScu ldSu Wl1b5E
stockholders may demand at the annual
meeting of the Board of Directors Of any
company au election of directors not
withstanding the fact that tine terms of
Office for which the directors were elected
have not expired. This is what the stock
holders in the Columbia Rolling Mill
Company did. or that is what Pier
pont Morgan and Delos E. Culver, who
ontrol majority of the stock did. They
insisted that they should control the busl-
ness of the mill anu should have a ma
jority in the Board of Directors.
HAD NO CHOICE.
This was tinally assented to by the
other stockholders when they ascer-
tanned that there was no other choice in
the matter, and then The election took
place. The Morgan interest in the future
will be protected oy Charles MacVeagh,
Barry Mines.s who holds Mr.. Morgau's
stock for him. and Counsellor James
Northrnp.s. Braekway and Jesse
Larrabee will be the minority men,
bers of the new Directory. BrocKway
wanted to have the Morgan party to
consent to the issuing of the So, 900 bonds
out of which Mr. Morgan wss TO De
secured for the 900 he advanced, but
the Morgan party would not consent to
this plan.- The Board of Directors adj
journed to meet next Monday at three
O'Clock, when this prof ject will be fully
considered.