The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-26
E. M. Campbell 6 Co.
Over Columbia National Bank.
14G 16 East Washington Street.
COLORADO FUEL ELECTION
EFFECT OF APPOINTMENT OF MAS
TER OVER COMPANY's OFFICERS
AND DIRECTORS.
Judge CaIdweIIs Action Discussed in
Its Bearing ON COrpOrations-Os-
good VIII Retain Control.
specIal to the indianapolis Journal.

Special to the Indianapolis Journal.
NEW YORK, Oct. 25-Great interest CEN
tiers in the election of the directors or the
Colorado Fuel and Iron Company, which
will be held Dec. 10 next at Denver, Col'
by reason of the effort OF the Gates-Mitch-
eIl-Blair clique to break in and seize con-
troll of the company from the Osgood party,
who have so successfully managed 1T since
organization. The Gates clique were de-
feated by Osgood in September and ap-
pealed TO the United States Circuit Court
TO fix time when the annual meeting
should be held. To the main contentious
the Osgood party made no opposition.
Judge Henry c. Caldwell handed down a
decision directing that a stockholders
meeting be called for Dec. 10. The decision
was regarded as a substantial victory for
Mr. Osgood, as it sustained the validity of
the amended bylaws and refused to recog-
nize the list of stockholders of the Knicker-
booker Trust Company for voting purposes.
Judge Caldwell further held that stock
holders have a right 10 vote on presenta-
ton of certificates, regardless of resigstra-
ton. The court appointed Seymour d.
Thomson. of st. Louis. master in chance
~. under whose charge the stockholders
AAtttihs VIII NC AhS NSNAN-N' -
means that the master in chancery, Sey-
mOur ID. Thompson. is to act as chairman
OF the shareholders meeting is said TO be
by financiers, investors and stockholders In
other corporations as most extraordinary
u opens the door TO minority holders TO DO
enormus mischief. Judge Caldwell STANDS
well as an eminent lawyer and as an IRE
prOachable Judge, but If he has deputeo 20 q
master in chancery the powers OF the court
20 go into a stockholders meeting ana 10
take control, IL would seem that ne mas
exceeded his power.
What are officers and directors for? why
should the control and management De
taken from them? Investors become STOCK
holders IN companies because they nave
faith in the directors and officers, but What
guarantee have they that these directors
and officers will be able to perform their
duties in face of such an extraordinary
ruling as that made by Judge Caldwell?
railroad man and banker said: The sit
uatiOn is TO say the least, most eXtraorcl-
nary. On the claim of certain parties hold
Ing $500 shares out of 10000 that they couio
not get justice. that they could not vote
their stock because OF the unfriendly char
acter OF the board, the court sees nj 10 take
the control OF the meeting OUT OF the BOARD
which represents the majority interest,"
Such allegations could be set up oy any
group OF men who viii go into the open
market and acquire stock. In order 10 pc
titOn the court IL does not seem necessary
20 reaufre even a respectable minority IN.
terest; not necessary TO charge the poaro
with unwise and unlawful acts: In tht
Colorado Fuel and Iron case the aats
clique make no allegations against uis