The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-08-21
THE DAYS DEVELOPMENTS.
Both Factions Submit Statements to
the Public.

Denver. Colo, Aug 20.-The stock
holders meeting of the Colorado Fuel
& Iron company, scheduled for today,
was called to order at O'Clock this
afternoon in the offices of the company
by President John c. Osgood- There
wa.re present in the room eighteen
Stockholders friendly TO the Osgood
faction and seventeen who were recoS-
nized as Gates people. In the corridor
just outside of the room were stationed
some twenty deputy sheriffs to prevent
any display of force by the Gates peo-
pie. No occasion for their services
arose, and the meeting. which was
brief, passed off in orderly fashion.
Secretary Beaman read a protest from
a stakeholder against holding the meet
ing on the ground that the proper no
tice had not been given the directors
and stockholders, and for the further
reason that the meeting had not been
advertised according to the require
ments OF the law. A moment later IN
der Sheriff Felix O'Neil appeared in the
room and began reading the injunction
issued by Judge Mullins of the dis
trict court few moments before, upon
the application Of George F. Bartlett,
who holds shares in the Colorado Fuel
& Iron company.
Injunction Read.
After the reading of the injunction
was completed, President Osgood, re-
ferring briefly to the protest and also
the injunction, declared the meeting
adjourned accordingly
Attorney Joel F. Vale, who repre-
scented the Gates side, asked to what
date the adjournment was taken THE
meeting is adjourned accordingly" re-
sponded Mr.. Osgood, intimating that
such action was taken as a resEIt of
the injunction proceedings.
Il move that adjournment be taken
until next Monday morning." spoke up
MI Vale. 'and l make this motion as
a holder of a proxy
You are out of order" replied Chair
man Osgood. The meeting has already
been adjourned"
With this, Chairman Osgood and
those who were with him in the meet
ing filed out of the room.
Statement by osgood.
The following statement was given
out by President Osgood at the Denver
club tonight:
AS a result of the injunction and
protest, the annual meeting of the Colo
RADIO Fuel & iron company was adj
Journed subject to the order of the
court, and the present board of direc-
tors continue in office until a stock
holders meeting is held. Had the an
nual meeting been held, the result
would probably have been the election
OF TWO boards of directors, as the Gates
party would have been defeated in the
regular meeting and would in all prob
ability have attempted 10 hold meet
ing of their own. recognizing the stock
ana proxies they claim TO hold and
electing board of directors satisfac-
tory to themselves. The result of this
would have been court proceedings 10
determine which board of directors was
the legal one This would have put the
business of the company into chaotic
condition, as pending a determination
by the courts its business operations
would be brought to a standstin.
Law Will Be Observed.
1T is fortunate that such a calamity
has been averted. The board of direc-
tors, as was shown in the recent case
before Judge Riner, has instructed the
secretary TO prepare and keep a book
showing the names of all stockholders,
transfers of stock, etc, in accordance
with the laws of Colorado. This book
Will be the basis for determining who
the stockholders of the company are
and their right 10 vote for directors.
1t IS the purpose of the company
TO strictly comply with the Colorado
law. 1t was never the purpose of the
officers 10 wilIfully evade this law. but
as no stockholder applied TO have the
transfer of his stock registered. as pro-
Vlded in the statute, until Mr.. Gates
attorney stirred the matter up. no book
was Kept, The board OF directors hope
10 be able to comply with the Colorado
law and at the same time the New
York exchange regulations so that the
stock wiz not be stricken from the list.
but the provision of the Colorado law
making IT essential for protection where
money is loaned on stock to have the
fact that the stock is pledged as Sc
curity noted on the Colorado book
within sixty days. viii at least be the
cause Of great Inconvenience. as stock
exchange houses who buy stock for