The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-11-30
UTAH SOAP COMPANY'S AFFAIRS
INJUNCTION TO PREVENT SELL
ING OF TREASURY STOCK.
Tt Is Asked For By Stockholders
Want Former Transfer Vacated
Federal Court Notes.

An injunction suit was filed in the
federal court yesterday by certain
stockholders of the Utah Soap company
against other stockholders and officers
to restrain them from selling or dispOs-
ing of the treasury stock of the COM
pany. The compliments are E. L. Penn
and e. A. Penn of Mt. Pleasant, Ia,
and Frank W. Ingerson and L. 2. In
gerson of Denver. The defendants are
H. F. Kincaid, president and general
manager; j. r. Bruf, secretary and
treasurer; Emma f. Kincaid and Will
liam T. Dinwoodey of Salt Lake. Judge
Marshall granted temporary injunc-
ton, which was served on the defend
ants by United States Marshal Glen
Miller yesterday, and Dee. 5 was fixed
as the date when the defendants should
appear and show why an injunction
should not be issued restraining them
from disposing of the stock.
The complaint alleges that the Utah
Soap company was incorporated Jan. 3,
1898, with a capital stock of $50, 900,
consisting of 500 shares at $500 per
share. AT the time of the organization,
F. w. Ingersoll held 11S shares; E. H.
Hackett, ITO; II. T. Kincaid, So; John
r. Bruff, 20; William T. Dinwoodey, 1,
making a total of 307 Twenty shares
were paid for by the company and two
more were issued, but the circum-
stances and conditions are not known,
leaving III unsubscribed stock. Upon
organization, ]. r. Bruff, H. F. Kin
caid, g. H. Hackett, William T. Din
woodey and F. w. Ingersoll were elect
ed directors H. T. Kincaid was elected
president and general manager; j. r.
Bruff, secretary and treasurer. No
meeting to elect officers has been held
since organization. E. II. Hackett has
disposed of all his capital stock, and
is not now a stakeholder. At a pre-
tended meeting of the directors Nov.
IA, 1898. Ingersoll not being present,
Emma F. Kincaid, wife of II. F. Kin
caid, was elected director in place of
Hackett although she has never been
legally qualified to act. A meeting was
called for Nov. %, 1898, and F. W. In
gersoll was unable to reach Salt Lake,
owing to a delayed train. On Nov. %
he telegraphed H. r. Kncaid, the pres
ident, asking him to delay the meeting.
The message was received by Kincaid.
who held the meeting, regardless of
Ingersoll'S absence. H. F. Kincafd,
Emma F. Kincaid, J. r. Bruff and w.
T. Dinwoodey were present, the latter,
however, declining to participate. The
others authorized H. F. Kincaid to dis
pose of fifty shares of stock at $50 per
share, pretending to pay the debts OF
the company, when, in fact, it is as
serted, there was no such necessity.
The stock was sold to Bruff, when,
however, the company was not indebt-
ed to Bruff. 1t was, it is alleged, a
conspiracy to obtain control of the
stock and it is believed they intend to
dispose of the remaining capital stock
with fraudulent intent. Bruf and Kin
caid made public declaration, it is af-
firmed, that the sale of fifty shares of
stock was to obtain control
AS the stock should stand, F. w.
Ingersoll has 1 share; L. P. Ingersoll,
1871 E. L. Penn, So; e. A. Penn, 10S,
while J. B. Bruff, H. T. Kincaid and
Emma F. Kincaid, combined, only have
AL
The complaint further states that
these directors have declined TO vacate
the sale of fifty shares of stock. The
court is petitioned to compel Emma T.
Kincaid to show how she was appoint
ed director, and H. F. Kincaid, Emma
F. Kincaid and J. 3. Bruff are asked
to show how much they received for
the fifty shares. 1t is demanded that
they be enjoined from selling or dispos-
ing of the treasury stock; that Emma
Kincaid be restrained from acting as a
director, and that the sale of fifty
shares be adjudged void, as well as
further sales hereafter.