The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-04-16

The puge. Sound Dredging Company.
Seattle corporation N which bath the Pa
eific Coast Company and tbs San Francisco
Bridge Company are largely interested.
was thrown into the hands OF a temporary
receiver in the superior c5urs yesterday as
the elimination CT a disagreement between
the majority and the minority stockholders.
The latter, who are the Pacific Coast Com
pany. ana Rober, Moran, the sh.pbalaer.
are the plaintiffs in the suit. They alege
that the majority Stockholders. bang the
San Francisco Bridge Company faction, are
attempting by fraud and unfair bas nj IS
methods 10 obtain complete control OF HE
dredging company and make away with its
assets.
The suit II Is said sIgnalizes the COM
mencement OF a long legal battle between
two great corporations for the control OF
third. and one which will become his
torical in King county. The defendants
In the suit are the dredging company it
SELF the San Francisco Bridge Company
J. b. c. Lockwood. NJ. -. Lockwood and
William n. Concannon. The Loekwocds
are large stockholders in the dredging com
pany and are alleged TO be hand and glove
with the bridge company in its allt ged At
tempt 10 gobble up the dresing company's
assets. Concannon Is made a defendant on
the ground that he has, as alleged. par-
chased certain of the assets OF the dredg-
ing company in pursuance or resolutions
passed by a meeting Of the board Of trus-
tees in which the minority stockholders
say they were not represented.
The dredging company. which has been
incorporated but a short time, has CAPT.
tai stock OF $4,000 and has assets alleged
to be OF the value of $4,000, consisting Of
the big steam dredgers Python and Ana
eonda and their equipment. one of the
principal complaints of the minority stock
holders is that the dredger Python has
been sold by the majority stockholders to
Concannon for $1,000. which is alleged 10
be $1,000 less than her true value.
1t is alleged that this sale was author-
ICED at i meeting of the trustees OF the
dredging company held on March IL,
which J. u. Farrell, who was then absent
from the state, did not attend. Mr.. Far
rell is one OF the minority stockholders.
the president of the Pacific Coast Com
pany. and also member OF the board Of
trustees of the dredging company. The
plaintiffs allege that the sale of the
Python was railroaded through in the alb
sence of Mr.. Farrell who would have pro-
tected their interests had he been present.
1t Is alleged that Mr.. Farrell upon his
return TO Seattle investigated the books
OF the dredging company. learned of the
alleged fraudulent sale of the Python, and
communicated with the plaintiffs, who Ell.
deasored to call a meeting Of the trustees
to rescind their former action. In this ii
is alleged, the minority stockholders fail
ed. and the suit is brought as a result.
The plaintiffs pray that a permanent
receiver be appointed TO take charge OF
the affairs of the dredging company and
that the defendants be ordered TO show
cause why the alleged fraudulent sale
should not DO set aside In the interest Of
the minority stockholders,
Judge Moore appointed J. c. Allen tenn
porary receiver and ordered the defendants
to show cause on April q why the APP
pontment should not be made permanent
Tho temporary receiver furnished a bond
OF SIS coo.
The suit is brought by Piles. Donworth
& Howe and Preston, Carr & Gilman as
attorneys for the plaintiffs.