The Providence news. (Providence [R.I.]) 1891-1906, 1896-05-09
Mr.. Banigan Not to Oppose
the Rubber Trust.
Bought 5000 More Shares in
Concern Yesterday.
He Docs Not Believe That Colcncs
Colt Will Be Dropped.

The cali for the annual stockholderss
meeting Of the United States Rubber
Company to be held in New Brunswick,
N. j., on May 10, states that the meeting
will be called for tho election of d.
rectors, action upon certain proposed
amendments to the bylaws and transac-
tion OF such other business as may legally
come up. The proposed amendments to
the bylaws seem to call for the principal
attention because they provide that the
beard OF directors shall consist OF IS
members instead of 25, as heretofore, and
that the executive committee shall consist
OF mot more than seven members, - in
stead Of seven. Immediately upon these
propositions becoming pu ublic rumors are
rife of an anticipated big fight at the
meeting, as IL Is intended to Gust Colonel
Samuel p. Colt, If possible, both as treas
urer and director.
Mr.. Joseph Bannigan was interviewed
this noon concerning the meeting, and
the various rubber rumors going the
rounds. In the first pace he smilingly
said that great many things have APP
peared In the newspapers of late which
were not written by the newspaper man.
but were sent in from outside. The
proposition to reduce the number of di-
rectors, he stated, implied that when the
trust was formed there were dozen COM
panies taken in, and as matter OF COM
pliment II was deemed advisable to allow
each company representation on the
board. Now 1t is proposed I'D drop the
small fry and choose only tho larger
stockholders, the need of complimentary
srepsentation "belnY no Longer discern,
Mr.. Bannigan was asked il he UNDER
stood that Colonel Colt is to be ousted.
He replied: 80, guess not; j don't
think there is any danger of his being
ousted. / don't think he will be. "
Mr.. Banigan was also asked about the
report that his sons and sons-jn-la were
to be dropped I'm order TO reduce expen-
ses. lie answered that his sons-in-law,
Mr.. McElroy and DR.. sullivan, mad not
been connected with the company since
last month, when their designations,
which had been rendered in March, were
accepted. AS TO his sons John and VIII
liam, he implied that they may be out OF
II, through their own inclination. say
ing. ~ don't know that they care 10
remain"
Mr.. Banigan was asked about the new
factory he was said. to be about to build
'sThat is all nonsense" he said: 81 have
no intention of lighting the United States
Rubber Company. In fact, am large
stock holder in the company and only
yesterday bought 5000 shares more. !
do believe that many improvements are
possible in the rC bber boot and shoe man.
ufscturing business, and shall proba Div
try 10 introduce few. In fact, like to
DO that"
"will you do 1t individually, or in con-
nection with the company?
'In connection with the company,' re-
piled Mr.. Banigan.
After that he became mum and said he
had nothing more to soy.
General selling Agent Ballou is still IN
the West, so he could not be seen regard
ing the proposed cut-down of his salary
from $1,000 TO sl0,0 Colonel Colt Is
still away and Mr.. Banigan's sons had
nothing to say.