The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-06-20
ATTACKING THE ZINC TRUST
Stakeholder Asks For a Sup
Elemental Bid to Protect
His Stock.

CORPORATION Counsel Coult of Newark
| appeared before Vice Chancellor Pitney
this morning on a motion TO allow VIII
liam Y. Meredith and Sarah Meredith,
who own s33, 900 worth of stock in the New
Jersey Zinc and Iron Company, to file a
supplemental bill of complaint against
the company. This is a renewal OF the
old fight to prevent the company from
operating outside the State Of New Jersey.
In the motion made this morning Mr..
Coult said on February 8, 1897, Mr.. and
Mrs. Meredith began a suit of injunction
| against the New Jersey Zinc and Iron
| Company. the New Jersey Zinc Company,
the Lehigh Zinc and Iron Company, Sterl-
ing Iron and Zinc Company. Passaic Zinc
Company, Hardystone Mining Company,
Mineral Point Zinc Company, Wetherill
Frankinite Company. Wetherill Concen-
trating Company, j. Price Wetherill,
| Samuel P. Wetherill. David B. Jones and
August Heckscher. composing what is
| termed the Tin Trust That bill so filed
| alleged that all these corporations were
| about to carry out an agreement entered
| into with the New Jersey Zinc and Iron
Company by which the latter corporation
would buy up all the property and rights
| belonging to the other parties named, n
Mr.. and Mrs. Meredith. fearing for the
| safety of their $4,000, asked the Court to
| prevent the carrying out of that agree
ment.
Since the filing of that bill, Mr.. Coult
said, the defendants have proceeded to
perform the said contract and that the
name of the New Jersey Tin and Iron
Company has been changed to the New
Jersey Zinc Company, and has taken title
to the properties and interests under the
contract, and has increased its capital
| stock to s1O,0 oO, 900. A portion of that has
| chase of the properties and a mortgage
of 81, 700, 600 has been placed on the prop
| erty originally owned by it, bonds being
| purchase money.
Counsellor R. V. Lindabury, with whom
were Counsellors Depue and Faulks. in
| opposing the motion, said that the COM
pany had bought no property outside the
State of New Jersey and had not taken
title to property in New Mexico, Wiscon-.
sin or Pennsylvania mentioned, and GER
| tainly was not operating the same.
AS to a conversation with Mr.. Mere
| dith, an affidavit was read from President
Palmer, which said that Mr.. Meredith
| asked him, Have you issued and sold
bonds and to what amount?"
w nave issued and sold 81, 261,0 900 of
first mortgage bonds, secured by a mort
gage of the real estate and numeral
rights and upon all the shares of stock
in other corporations belonging to this
company. In addition to the 5000, 600, un-
der the terms of the agreement and mort
gage are held by the trustees to be issued
only upon the retirement of a mortgage of
i $2O0, COO already upon a portion acquired.
The 81, PSI, 600 of first mortgage bonds,
were sold for cash at par and accrued in
terest, was the reply. President Palmer's
AFFIDAVIT closed with the statement that
he knows of several sales of the capital
stock of the New Jersey Zinc Company,
of portions of the present outstanding is
sue of $40, 900, 600 which have been made
during the past ten months at par, and
he could unhesitatingly state that the
present market value of such stock is at
least equal to its par value.
81 ought not to refuse this motion"
said vice-Chancellor Pitney. HE ought
to have a chance to get his bill, although
he has a poor show, in my opinion
Qaughter). :.
THAT supplemental bill is demurrable,
said Mr.. Lindabury.
"Oh, yes: you can demur or answer,
replied the V-ice-Chancellor.
Mr.. VIM Coutt's supplemental bill must
be filed within two weeks.