The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-04-14
MINING.
The Centennial.

The following, taken from the Boston
Herald OF Thursday last, will be read
with interest by Lake stockholders:
The annual meeting OF the Centennial
mining company occurred in Boston
today, some dozen or more stockholders
being present and 51,Tl9 shares being
represented by persons or by proxy. The
total share capital is so 600 shares. Col
Il. II. Talbot otficiated a. chairman.
These directors were chosen: John {.
Watson, Thomas II. Perkins, William
Bassett, of Boston, III. +. Fay, of Brook
line, and James X. Dee, of Houghton,
Mich. The bylaws were amended so as
10 make the office OF the company. out
side of Michigan, ia Boston, and a vote
was passed empowering the directors
chosen today TO sell and transfer the
property TO a new corporation as pro-
posed in a reorganization plan submitted
at past special meeting The meeting
adjourned for four weeks.
The above was the business of the
meeting, briefly stated. The session was
long one, counsel for the Hoyt interests
in New York, Mr.. +. ID. Phillips, and
counsel Tor the Boston interests, Mr..
Clarence ID. Ashley, discussing at consid-
cradle length the recent New York man.
agement oil the property with particular
reference 10 the disposition of certain
mortgage bonds and the application of
the proceeds. Mr.. Phillips protested
against the legality OF the present annual
meeting, contending that the bylaws re-
quired that il be held in New York.
The Boston interest contended that
the articles OF association made Boston
the legal headquarters outside of Miehi- |
gan, and that the transfer of the office TO |
New York was illegal.
Mr.. John c. Watson, for the stock |
holders protective committee, submitted |
the following report:
At the time counsel Clarence ID. Ash
ley aud James p. Farley, Jr.) we're called |
IN IN regard TO the affairs of this corpor-
alton It was found that decree had been
obtained by the bondholders upon Sl15.-
900 IN bonds OF the company, with &C.
crued interest thereon, and the court had
ordered the premises sold under this de-
cree, on September %, 1895. At first il
was attempted TO obtain from the Hoyts
and Hinsdale, who represented the bond
holders, some concession OF time IN order
that the shareholders might be commun.
cated with and have an opportunity to
provide for this debt The bondholera.
however, refused TO grant any concession
1t time whatever, although we then Of
cred TO provide the whole amount of the
iecree, supposing 1t then TO be a Just one,
within a short time II they would wait.
Not only would they grant no time
whatever, but they said no court in
'hristendom would postpone that sale.
A lew days before September %.
1870, counsel in your behalf went to the
curt In Michigan, and succeeded in hay-
ny the sale postponed to December 2
$40. Before December 2, 1865, the |
shareholders had contributed some SEQ
100 toward the reorganzation but Just
'efore that date, YOU remember, there
vas severe setback in financial matters
nd the whole amount OF the debt was
ot paid in. Then we appealed to the
representative Of the bondholders for n
lrther extension. This was again re-
Used and counsel went TO Michigan and
ppeaied to the court, and the court ,
the sale TO February II.
80 In Dece uber, 1895 no further demos .
= having been made and the question
{ time being u precarious one. counsel
lw the representatives OF the bondhold- v
re- in New York and obtained further o
StensiOn OF the time until March 2. 1896
q January, 1896, counsel made SER
'us attempt 20 get al the records of the
DmpaBy. They had asked for them
reyiously, but by one excuse and an q
Their they had not been produced. AT
myth, alter threatening TO appeal to
ne courts in your behalf, these books :,
ere produced lt was then discovered
lat partnership consisting of two of u
he directors and the trustees under the O
ortpage had obtained in June. 1894
$4,000 in the first mortgage bonds of
iis company for the SUN of $4,000
hieh this partnership claimed was due
lem Tor antecedent expenditures.
The vote Of the stockholders at the
me the mortgage was issued was that n
'ese bonds shou d not be sold for less
ian 30 cents on the dollar. and the rem. !"
sentatives Of the bondholders were M .
ice informed that this $40 600 in bonds ri
the judgment of counsel were invalid. I,
~ request was made Tor the vouchers -
$40 900 in bonds, which was claimed "
be held by said partnership, A. NJ. VI
Dyt & Co, or by A. NJ. Hoyt and j. w. W
ckson, executors Of the estate of Jesse fr
Hoyt. These vouchers were refused N,
After discovering these facts SUIT "
y brought in New York against the Is
ectors. Hoyt, Jackson and Hinsdale, ID