The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-03-17

E,slsssus- sr ME syps,s.s-t,s- 81 Mis-
tag stsek .. ME Ps..es.is.-

| tag stsek g. Bfs Fs.s.s.is--
Colgate Hoyt. President Of the American
| Steel Barge Company. which owns the LAKE
| Superior lire Of vhslebsek steam boats aid
yesterday that he had no knowledge that Al
| fred and Lsonidss Merritt had begun suit in
Duluth against the barge COMPANY De-
sp.tehss from Duluth have said that the al
legged suit involved charge OF mlsspproprts-
| ton Of nearly $500 600 worth Of mining stocks
By Charlie. w wetmors. the lawyer. Of 80 Wall
street. The Dispatches said further that the
| stocks had been intrustsd to Wetmore ss col
| lateral for . loan. and that contrary TO his
agreement. wstmors had turned over some OF
| the stock to John D. Rockefeller a. an alleged
debt and some to the barge company. hk.
Hoyts Interview was in the form OF type
written statement. as follows:
Il have no inform alton that any suit has
been brought against the BARGE Company in
Duluth By Alfred and Dsonidas Merritt A
suit however was some time ago brought In
this city 70 restrain the company from selling
at public auction certain securities pledged a.
collateral to the notes Of the hsrritts which
the Barge Company held A TO the arrange
msnts between Mr.. Wstmors and the Msrritts
know nothing. except that am entirely sat-
bned from evidence in mT possession that Mr..
wetmors had full power 70 use to hypothe-
cate. and to rehypothseats the notes and Sc
eurties OF the Merritts In his possession"
Mr.. Hoyt would not say auythinG about the
nature OF the securities held By the company
but from another source it vas learned that
they consisted OF II. 33l shares OF stock Of
the Lake Superior Consolidated Iron Mines
This company IL better known as John d.
Rock siellsrs $50. 900. 600 Iron Company. The
dispute which resulted In this suit against the
Barge COMPANY Is said to be one OF the leRa-
ciss Of the former nnanctertng 81 the property
Company. Mr.. Wetmors and the Merritts two
years ago hid fair to become enormously rich
tnIHnSh th,s ptoPf sh1Sh eG h pranG,
about Lake superior. That is said to be the
richest iron range 10 the world. and iron can
II can be delivered in the East foF on 9 half the
cost that any other iron in the country can be
Msrrttts. and they mad railroad partly built
TO carry the ore to the lake.
range and the railroad. He was sc scted pre-
sumsbly because Of his intimate relations With
the Rock efelcra He i'm a ediAtely got John u.
Rockefeller Interested. and that gentleman put
sJoQ.UOO into the scheme. This money was
tins to time. so it was said. and finally Mr..
TO omsthine Ike /. 00o.0Vo and then the load
sS s Hs ard p. ssSS:d .na Ia
ton. That was 10 last July
Mr.. Wstmore was the Ice President OF the
company and Lsonidas Merritt was the Iresi-
dent: AZ the meeting q the stockholder: Two
months ago both Mr.. Wetmore and Mr.. Mer-
ritt were dropped as officers and as directors.
Mr.. Wetmore's connection with the COMPANY
was severed entirely. and Mr. Merritt re-
NAMED only as q stockholder. IL 10 this stock
Of his which 10 In dispute. The stock. It Is un-
derstood. was pl edged by the Merritts to Wet:
more and by Wstmors to the American Steel
Barge Company. James II. Hoyt. who Ii coun-
sci Tor the Steel barge Company. said yes
terdaJ =.
these securities In this manner have not
shadow of doubt and no one can have as the
company has in its possession in black and
white over the signature OF tho Merritts full
authoriz alton TO Nr. Wetmore TO do this very
thing. The collateral n OF having been redeem ed
the Barge company some time ago decided to
sell the stock at auction When the Merritts
learned this they brought suit in this citJ to
prevent the sals. They obtained . temporary
Injunction pending the suit. That 10 the only
suit that We know anything about"
Mr. Wetmore was seen late in the afternoon
There is nothing 70 add" he said. to the
statemsnts OF tn. Messrs Hoyt / merely
want II Understood that I have done nothing
that had not full authorization to do"