The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1901-06-14
DIGGING UP.

strain the Amalgamated Copper company
from purchasing the Butte and Boston and
the Boston and Montana companies. He
also required the plaintiffs in the action
to file bond of $4,000 on appeal.
Before this action was taken, the vice
chancellor refused to hear further argu-
ments in behalf Of the plaintiffs, because
their counsel had used up their time. He
said, also, that he would not hear fur
ther arguments on the question Of the
tllegality Of the contract between the
companies because Of the fact that the
same directors belonged to each company.
That question, he said, was out of the
case, as these directors had resigned from
the Amalgamated company before the
consummatton of the contract. He would
hear no argument on the trust phase Of
the case, as the transaction was not ille-
gal under the laws Of Montana. He fur
ther said that the question of relative
values had been already decided by Vice
Chancellor Pitney. The only questions,
he said, now were, was the Amalgamated
company going to pay an excessive price
for the purchase of the other two COM
panies and can the court override the
discretion Of the directors in such a
case?"
The defendants attorney then began ar
gument on this point. The meeting Of the
stockholders Of the Amalgamated Copper
company, which was to have been held in
Jersey City, was adjourned until June 21.
No business was transacted to-day.
The plaintiffs were Calvin o. Geer and
the G. H. Kenner company. Isaac S. Tay-
lor of counsel for the complainants gave
bp nd %bo~
chancellor therefore granted a temporary
stay until Tuesday next at 6 p. m. Mean
while the interested parties in the suit
must file bond for $21, 900 each to meet
any possible damages.
When the case was called to-day, con-
siderable time was spent by both sides
in presenting schedules showing the
quoted prices of the stocks of the three
companies between April 13 and June IL.
This finished, G. Albert Lamb of counsel
for the complainants, tried hard to get in
a certified copy of the report Of the Butte
and Boston company showing the assets
and liabilities of that company at the
close Of the last fiscal year, but R. ".
Ltndabury for the defense objected
claiming it was too late. He was sus-
tanned. The report that he wanted to get
IN was signed by Henry G. Rogers, as
president, and William G.. Rockefeller as
secretary. They are two OF the directors
who have since resigned.
Shut Of.
AT this point the vice. chancellor an
nounced that he proposed to shorten the
discussion by eliminating argument on ali
phases that had already been passed upon
by Vice Chancellor Pitney. He added
that the one question is whether the
transaction Of the Amalgamated company
is illegal because of the fact that some
directors of that company owned stock
in the companies to be absorbed, and
whether the price it is proposed to pay for
the stock in said companies is excessive.
Mining stocks fluctuated so much, he said
and are dependant on so many various
conditions, that you cannot say what is
an absolute indication of its value, there
fore he would refuse to permit argument
as to the relative values of the stocks.
The corporation, he said, gives the COM
pany the right to purchase or acquire