Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-02
THEY WANT A RECEIVER.
Yuenslin9 Brewery Stockholders Take Ac-
tfou--The Oupositiou.


At meeting OF the second-mortgage
tondholders. who are also stockholders
OF the ID. q. Yuengling Brewery Com
pany, held Monday afternoon in the Ma
tional-Park Bank. II was announced that
papers had been served on the State
Trust Company. restraining them from
taking action on the Saturday meeting:
that suit In equity would be begun. and
that immediate steps would be taken to
have q receiver appointed for the con-
Germ. One hundred and sixty thousand
shares were represented.
Reporters We're not admitted to the
meeting, at which the following were
present: President George +. Baker. OF
the First National Bank, and also repre-
senting the First National Bank of Beth
lehem, Pa: c. a. Schultz, OF the National
Bank OF Rondcut; Carl Hunter. OF the
Citizens National Bank of Newark; G.
G. Wise. Of the Newark City National
Bank; w. Il. Potts, representing jackson
q Co.: Selmour II. Smith. of the Hack
ettstown National Bank: Theodore Little.
OF the First National Bank OF Water
bury; Louis Buhrman. Of the First Ma
tional Bank Of Brewster. n. Y; r. IL.
Cook. OF the Mechanics National Bank
OF Whitehall. n. y: NJ. l. Southland, OF
the Merchants National Bank OF Newton,
n. j., and William Duryea, OF Duryea
Brothers.
Louis f. Doyle, counsel for the National
Park Bank, late Monday afternoon said
that the meeting had unanimously APP
pointed a committee with full power 10
take legal proceedings to protect the
rights OF the minority bondholders. The
committee consists Of Edward r. Poor,
vice-president OF the National Park Bank;
II. G.. Fahnestock. vice-presdent of the
First National Bank and John McAner-
ney, president OF the Seventh National
Bank. Stuyvesant Fish. president of the
Illinois Central Railroad Company. pre-
sided at the meeting.
Louis Marshall. of the firm Of Inter
myer. Guggenheimer & Marshall. who
represent Mr.. Betz. at his Office yester-
day gave out the following statement:
1.-The bonds held by the minority were
not purchased, as an impression seems to
prevail in certain directions. but they
received the bonds for credit. mostly dis
counted notes, which they held against
the company. These bonds. though issued
December 81, 1888, were to bear interest
beginning July l, 1898, but II was deemed
tnadvisable at that time TO pay either
that interest or the interest due on July
l. 1894, and again December 81. 1894. To
have paid the amounts of these various
interests would mean that Just so much
money would have to be taken out Of
the business Every one knows that II
takes ready cash to run n big brewery
business. and it was thought best 10 let
the money stay in the business end so
help increase its value.
"Hence last Saturdays meeting was
called and a resolution introduced to post
pone paying dividends until July /. 1896,
and to begin the payment of interests
due between July /, 1898. and July !. 1896.
on January 1. 1900. Our client, Mr.. Betz,
has s72S.0o0 worth of bonds. which is more
than three-fourths Of the bonds outstand-
ing-namely, $4,000. All the necessary
formalities were gone through with in
calling last Saturdays meeting