New-York tribune., 1902-03-21
RATIFIED AFTER A FIGHT
III. S. r. -NINORITY LOSES
CONTEST FOR DELAY.
LEASE TO INTERURBAN COMPANY AP-
PROvEDISIDOR wORMSER, JR,
ALSO ASKS FOR IN
JUNCTION.

JUNCTION.
The stockholders Of the Metropolitan Street
Railway Company, by vote Of about 80 per
cent against per cent the remaining per
cent Of the stock not being voted, formally raul
fed yesterday morning the arrangement recent
" made bv the directors for leasing the COM
pany To the Interurban Street Railway Company
and also authorized the creation by the Metro
poitan Street Railway Company of refund
ing mortgage TO secure issue of S63.oo0,Vco
az 1 per cent one-hundred year refunding bonds.
The lease thus approved will not. however,
operate 10 pass possession OF the Metropolitan
system to the Interurban pending the outcome
Of the injunction proceedings brought by Harry
Content and Walter Content. argument in which
VIII be heard to-day by Justice Greenbaum. in
The Supreme Court
After the meeting yesterday. Isidor wormser.
3r.. by his attorneys. Anderson. Pendleton & An
derson. filed in the Supreme Court actions
against the Metropolitan and Interurban com
panies alleging in his complaint that the lease
IS scheme to divert from the stockholders of
the Metropolitan the properties of the company;
that all the proceedings Of the meeting were
illegal, unlawful and utterly void and praying
for perpetual injunction against the proposed
merger on behalf OF himself as holder Of one
thousand shares Of Metropolitan Street Railway
stock
holds who he says are associated with him in
the suit. Mr.. Wormser is a member of the
banking firm OF L & s. worrnser, who three
weeks or so ago issued a circular to Metropoli-
tan stockholders. asking for their proxies TO be
used in voting against the proposed lease and
bend issue.
HOLDING CoMPANY's CIRCULAR.
The Metropolitan Securities Company the
E3ODoOOO0 holding company, which has ac-
CURED all the outstanding capital stock
and other securities OF the Interurban Street
Railway Company, issued yesterday afternoon
a circular to the stockholders Of the Metro
politan Street Railway Company. informing
them that "the lease between the MetropoIiten
Street Railway Company and the Interurban
Street Railway Company having been approved
by the stockholders of those companies pursuant
to law, each stockholder Of the Metropolitan
Street Railway Company will be entitled TO
subscribe at par for an amount Of the stock OF
the Metropolitan Securities Company equal to
40 per cent Of the par value of his holding of
the capital stock Of the Metropoiitan Street
Railway Company" The Metropolitan Street
Railway Company's transfer books the circular
continues. viii be closed at the close of business
on March 81 for such subscriptions which must
be made at the office Of the Morton Trust Com
pany on or before April 10, every subscription
10 De accompanied by check to the order Of
the Morton Trust Company for an amount equal
TO S25 for each share Of stock subscribed for
Further instalments viii be payable upon not
less than thirty days notice by mail. as and
when called for by the company
The meeting Of the Metropolitan's stockhoId-
ers yesterday was marked by stormy scenes
and bitter words. In all. there were repre-
sented. either personally or by proxy. 435 795
shares Of the stock of the company. On all
questions concerning the proposed changes.
40o,lI5 Of these shares voted sodly.
The meeting was called 10 order with p A b
Widener of Philadelphia. presiding Among
the stockholders present were D. 3. Hasbrouck
W l. Elklns, Thomas Dolan H. H VreeIand.
H. 4. Robinson. OTen Root tr and John F.
Doyle. Paul d. Cravath was present to look
out for the legal interests Of the Interurban
company and the Metropolitan Securities Com
pany, while Judge Brown represented the Met
ropolitan Street Railway Company Benjamin
Scharps of Scharps & Scharps and TreadwelI
Cleveland. represented the interests Of the stock
holders who obtained the injunction in the Su-
preme Court on Wednesday and r EIlery An
derson was present in behalf Of Isidor Worm
ser, jr. There also a large number Of
smaller stockholders present, about seventy-fve
persons in all being in the board room when
the meeting began.
MINORITY FIGHTS FOR DELAY
That the minority stockholders contemplated
delaying the proceedings was shown by their
demand that the terms Of the contract existing
between the Metropolitan Street Railway Com
pany and the Interurban company. covering
ssventy-three typewriter pages be read Mr
Cleveland acted as spokesman for the minority
at the opening Of the proceedings, and he and
Mr. Anderson did most of the talking Afte,
some objection the contract was produced and
read by Secretary Warren. Immediately after
the reading of the lease Mr. Anderson. on be-
half OF minority stockholders. demanded dis
cussion Of the terms and provisions Of the lease
stating that there were portions of ii which
were not understood by his clients. Mr. Widener
had while the vote the ratification of the
lease was being taken.
Mr.. Cleveland shouted: I'VE wish to discuss
this matter. How can we be expected TO vote
upon A without first having discussed the pro-
Well answered Mr.. Widener, quietly, I'VE
will vote and discuss il afterward'
Am TO understand that this contract en-
bodies the lease?" inquired Mr.. Cleveland, ex-
citedly.
That's so,' replied Mr.. Widener.
But are IN the dark here. We would have
3 light We emphatically demand a discussion
Of this subject. We desire to know the entire
terms Of any existing agreements between the