Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1894-10-25
FIGHTING FOR PLACES.
Reorganization Committees Of
the Santa Fe at Outs.
MAY BE CARRIED INTO COURT.

The General Comm ittes Wants to Run
the Stockholders Meeting, but the
Protective Committee Enters = Pro-
test-One Claims the Right Under the
Charter, Other Under Kansas Laws.
Topeka, Oct 25.-The controversy
between the two committees which are
trying to reorganizs the Atchison, To-
psks and Santa Fe Railroad company
may be carried to the Kansas supreme
court. The present board of directors,
working in harmony with the general
reorganization committee, controls
about 100000 shares of the 100000
shares of stock. This being large ma
jority, the board naturally wants to run
the annual meeting of stoc kholders In
this city tomorrow to suit itself.
The stoekholders' protective commit
| tee, which controls about 900, 600 shares,
also wants minority representation on
cumulative system of voting in the
meeting in order to get 1t. The pro-
tective committee will demand its
rights and fight for them II 1t becomes
necessary. Newman Erb, attorney for
the committee, is here, ready TO insti-
tute mandamus proceeding in the
state supreme judicial tribunal, if the
majority of representatives refuse to
grant the request of the minority. The
majority report, however, shows they
will stand ''pat."
1t begins 10 look az If there will be
storm at tomorrow's meeting, notwith-
standing the reports which have been
teiegraphed from Topeka that all details
had been arranged and the annual meet
ing would be lambiike There Is knotty
law points involved in the quarrel over
the cumulative system Of voting. The
protective people claim the right to vote
In this manner under section /, 1883 Of
the general statute of Kansas, which
says: I'm all elections for directors or
trustees OF any incorporated company,
each shareholder shall have the right in
the aggregate "a shall equal the number
of shares held by him multiplied by the
number of directors or trustees to be
elected at such election. and each share
holder may cast the whole number of
votes, either in person OF by proxy, for
one candidate, and euch directors or
managers shall not be elected In any
other manner"
In order to shut ont the protective
people the bard produces the territorial
charter of the company, issued in 1850,
which says: All the separate powers
of said company shall be vested in and
exercised by board of directors and
such agents as they may appoint. The
board of directors shall consist of 19
persons, stockholders, three of whom at
least shall be residents of Kansas, who
shall be chosen annually by the stock
holders, each share having one vote by
person or proxy. and continue in Office
until their successors are elected and |
qualified. Vacancies in the board may |
be filled by vote of two.thirds of the |
remaining directors"
The board says the law referred to |
does not apply, the charter having been
issued prior to its passage. The pro-
tective people make answer that the
Santa Fe company has practically dis
carded its charter and urges that the
company after having accepted the ben
efits under the state's laws for years
cannot now hide behind the provisions
of a territorial charter.
In conversation with q newspaper
representative, Mr. Gleed said: 1.-The
protective committee may resort to the
court, but doubt it. have examined
the law thoroughly and am convinced
the committee cannot force the cumula-
tive syssem OF voting upon us. / do not
think there will be compromise, nor
do l look for any trouble. The protec-
tive committee ia plainly in the minority
and will. in my opinion submit grace
fully. The present board Of directors
will be reelected with the exception, of
Alden Speer. who will not be a candi-
date for reelection. Several gentlemen
are mention for Mr.. Speer's place.
Among them are Bsynard Cutting,
Walter L. Oakman and H. r. Duval all
Of New York"
General Tracy stated that he believed
y compromise would be effected. 1.-THE
protective committee represents o ma
jority of the individual stockholders and
a majority OF the stock" he said, land
Ia entitled to representation on the
board. II we are denied the exercise Of
vote. we will probably seek
relief in the courts. have just received
= telegram from New York stating that
. large proxy had been sent. 1t will
reach Us Thursday"
General Tracy declined to state where
this particular proxy came from.
Sudden Disappearance.
NAvAsoTA, Tex, Oct. 25.--William
Kipy had haar, an tha x,;,xh+ xx,o&.l.