New-York tribune., 1902-03-21

agreement between the Interurban company
and the Metropolitan Securities Company"
You will he acquainted with all the informa-
ton at the proper time"
But insist upon a discussion Of this mat
ter"
The vote will be taken" retorted Mr.. Wide
ner. becoming warm. we not here to dis
cuss this thing. There only two matters
for us to act upon. They are the ratification Of
this lease and the making Of the mortgage.
The teIlers will please take the vote"
Mr.. Anderson made motion that committee
Of five he appointed to examine into the lease of
the Metropolitan system by the Interurban Com
pany, and to ascertain the legal and financial
status of the Interurban Company; to examine
into the contract between the Interurban Com
pany and the Metropolitan Securities Company,
and the contract between the securities company
and Kuhn, Loeb & Co. and, in fact. TO go into
the entire proposed transaction. He asked that
the proposed committee have thirty days in
which TO report.
Il move you, sir, that this meeting adjourn for
thirty days" shouted Mr.. Anderson. The mo-
tion was seconded by Mr.. Cleveland. The chair
ordered a stock vote
The result was a vote of 10000 ayes TO 405,-
175 noes, and the motion was lost.
CHAIR ORDERS a VOTE.
After several more protests the chair peremp-
torily ordered the telers to collect the vote on
the lease proposition. The secretary announced
that the vote stood 405.115 for the ratification
and 1071 against Mr. Wormser, who was pres
ent with 270O0 shares of the stock to vote, did
not vote them.
At the close of the vote Mr.. Widener and the
rest of the Philadelphia party left the meeting.
President Nreeland took the chair but was I'M
mediately relieved by d. =. HashrOuck, VINO
acted as chairman for the rest OF the meeting.
he % " ID,
the Wrangling begun anew. MeSsrs. Anderson
and Cleveland made all the preliminary argu-
ments and objections that they had made on the
lease vote. The vote was finally taken ana re-
suited a return of 4oJ1Ii votes for the mort
gage and 1.511 against It, Mr.. Hasbrouck then
ordered an adjournment until March -. At the
close of the meeting President Nreeland said;
The vote to-day shows exactly the position
OF the stockholders over four hundred thou-
sand shares Of stock believe that the proposed
scheme will be a good one. / DO not believe that
the courts will pay any attention to the conten-
tions OF the minority crowd. Here are few
men who want come in and controvert the
sound business ideas and plans Of q big corpo-,
ration like this. OF course the actual consum-
nation Of the deal cannot take place while the
court proceedings pending. but arrange
ments have been made so that the new company
can proceed with its operations at moment
notice
Benjamin schapps said:
Why, these proceedings are outrageous. Even
the chairman himself admitted that he dld not
know what he voting for. I don't believe
that the courts viii hold such proceedings, most
arbitrary in their character, legal"
The agreement between the lnterurban Rail
way Company and the metropolitan SecurltleS
Company made public at the meeting. The
lnterurban company asserts that II mas cap
itaI of S20G00 900. Of which all the stock eX-
cepting 100000 is unissued. The company has
authorized the issuance Of $15,0O0Oco Of ten
year per cent debentures. The agreement
goes on 10 say that It is proposed 10 purchas~
the property and franchises Of the Metropolitan
Street Railway Company for S230O0oO0
The Securities company agrees 10 subscribe
SO 800 600 Of the capital stock of the Interurban
company. and for Sl0,OOD,OOO OF said debentures
TO be issued by the Interurbau company. The
Securities company also agrees to advance
So. 100000 Immediately to the lnterurban COM
pany for construction purposes. In return the
Interurban company promises not TO sell any
Of its unissued stock any person or corpora
tion except the Securities company.