The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-07-07

4
| meeting yesterday afternoon. when large
number OF the shareholders Of the Renton
| Cooperative Coal Company met TO decide
| whether a proposition made 10 them 70
sell the property should be accepted
| BY a vote the shareholders adopted
| set Of resolutions. which ended. at least
| for the time being. the proposition to sell.
The Renton Cooperative Coal Company
owns coal property in the town OF Renton.
estimated to include about $50 acres OF
land The company was formed In 1879,
since which time IL has been contributing
materially to the coal market OF the Pa
cific coast.
According 10 a report Of the secretary
| its financial operations have been, in
measure successful. This report is to the
| effect that the output Of coal for the fiscal
year ending June Is. 1889. was $50 tons
more than last year. and that the noaung
bonded Indebtedness of the company has
been decreased $6.2s4 since June Is. 1898.
| The sole object Of yesterdays meeting was
to take action relative to the proposition
made by Griffith Davies TO buy the prop
erty, paying S125 per share for all stock
which had already been sold by the COM
| pany, and TO pay up all the indebtedness
Of the company.
1t ia said that Mr.. Davies represented
a syndicate of New York people. L. c.
Gilman was present as counsel for Mr..
Davies. and r.. b. Albertson for the COM
pany.
About 800 shareholders and miners from
Renton were present. 1t is reported that
those who desire TO buy the property did
not. in the first instance. make the offer
to the company through Its officers. but
endeavored to secure control OF stock held
by individuals.
This did not. Il is said. meet with the
approval OF those present at the meeting.
The first step taken by the shareholders,
when the meeting convened, was to pro-
hibit the voting by proxies. This. 1t Is
said by those who are after the property.
was the cause of the failure Of the sale.
as the Renton shareholders, most OF whom
were present. do not favor disposing Of it.
A Set Of Resolutions.
At yesterdays meeting things went
smoothly until the selling proposition was
made, when A. II. Howell. who has been
connected with the cooperative colony at
Port Angeles. rose and presented a set of
resolutions. There was a lively row. it is
said. between the president OF the company
and Mr.. Howell. as to whether at a spe
siaI msstng such as this Was they had
showed that the popular sentiment de-
manded the reading OF the resolutions.
They were read and adopted amid great
enthusiasm and applause. The resolutions
were as follows:
Whereas. The shareholders Of the Renton Co
operative Coal Company have been recently aroused
py impending danger to their cooperative insfi.
tuition. and which STRIKES at the very life Of their
company and the present means II livelihood TO
that portion Of the shareholders working At Renson.
caused by certain efforts being put forth to pur-
chase. the side the majority Of the stock in the
company. thus gaining control f the and force
whereas A number q shareholders have bought
lots and tracts At high prices. and erected
pensise buildings thereon, made practically value
less To the holders by the transfer of this property
to q differcn. kind cf corporation; and,
Whereas. This kind Of agitation must prove inu-
that the shareholders place themselves record
To the character and nature OF consideration that
the sharshoiders VIII gre to proposition o. pur.
future: therefore he IL
Resolved. That the shareholders of this company
disappyovc and condemn any method or means Of
securing control Of the majority stock. the
deney in this company for the purpose Of changing
its character and the original intention of It's or
gasixation expressed in its articles of incorpofa
ton and bylaws
Resolved Ths, the shareholders Of this company
will only consider proposition to cell when II
comes In definite and specific form TO the presi
dent Of the company. through him to the trustees
and then 10 the shareholders. with certificate of
deposit Of one-tenth n the purchase price
guaranty that the intention Of buying Is in good
shareholders before coming together to deliberate
uron the proposition
Resolved That the proposition Of purchase mis-.
include the property and Improvements Of the share
holders. who, in good faith. bought from the
psny and desire to SELL we'll the entire prop
| erty Of the company.
shareholders stand United.
Resolved That until snch an offer is received we
deem n absolutely necessary that the shareholders
| stand unisediy against any invasion n
their rights and deprivation IT their property by
person whomsoever. until the property
disposed II in equity and fairness TO all parties
| concerned expressed in these resolutions.
Resolved That in contingencies. which arise in
all circumstances Of life. that the company should
| provide sufficient funds on hand 10 purchase the
stock 81 those desiring 10 se q, fair and reason
able valuation
Resolved That the stock held in trust To this
| COMPANY nv the trustees and other parties, be
withdrawn from the market until authorized again
"a he sold hY the shareholders q public meeting
| s the shareholders.
This bnmbsheH put complete damper
on Mr.. Davies operations. and the meet.
| ing practically closed with the adoption
/ OF the resolutions.
Almost everyone present II il said. was
| opposed to selling the property believing
that they could successfully operate the
| cooperative coal mine. According to the
| resolutions any offer 10 buy must come
| through the presiden, and trustees OF the
come through that channel the proposed
| sale was nipped in the bud almost before
| the promoters could find All opportunity to
present their offer.
Remarks were also made at the meeting
regarding new plans TO he carried out in
| introducing new machinery In the mine.
The annual meeting OF the company IS
| tn take place in this city on July - at
which time II is thought that new negoti-
atoms will he entered into to further the
proposed sale.
TAKEN UNDER ADylSEMENT