New-York tribune., 1902-08-31

Pattson managers are furnishing the money nd Te TO
guaranteed the money necessary to promote ne"
The deal which is expected to be consummated
by the State convention takes in the indoIsemeLII M
candIdates Tor the me Tifed states Senator against
Senator Penrose and the support by Denocrats
and Unionists Of a Democratic candidate tor
Mayor
The reduction of the Reading Railway Company
dividend on the first preferred stock from 10
per cent is regarded here generally as having oee
made for the purpose of allowing the voting uu
to retain control. No secret is made OF the Iac'
that the directors simply complied with the WISH
of ]. Perpont Morgan The market quickly recoF
cred from the shock which followed, ana DuylHs
has been good since. 1t is believed to De In the
interest Of the Pennsylvania Railroad. which beief
derives support from the strength shown by & &BaI1
and Ohio, in which company c9ntroi Oh feau-
ing bv PENNSYLVANIA would be vested ,. a..
Unless the voting trust should bring apout di us
i H" not IileV to- be made known for yet
But this, too. depends upon the WISH Oh MI 1So'
The declaration any dividend at all at this time
is considered by some caFeIu az iba 5er strike for
otherwise the company would need TO husoano
all its % er and Re Would have been
piished as surely by the passing OF the DIVIDEND
Bv the decision of Judge Kirkpatrick, OF tne
Tinted States Circuit Court. in Newark, N j. this
week refusing the petition of William I. buihtl
asking that the Asphalt Trust receivers snow cause
WHY should
assessments on the stock of the Asphalt Company
of America obstructive litigation was probably
ended until the proposed reorganization OF tie
trust shall have been completed or abandoned Inc
courts opinion covered the entire grouno upon
which legal action could be taken and 1t virtually
,na.r+ that the court had no jurisdiction over any
ouestion which concerned the committee or ceruu-
cate holders which formulated the plan OF reorgan
ization.
sborn Of tts technicarties the decision was
Iah IfXyr
mined until reorganization has been accomplished
A majority of the bondLolders having agreed greed 10
new c9inPahyf snT ,n mil the new company has
aen ancbed no because the limit of time for dis
sent August 49, has been passed 1t Is @ go
through and that at the foreclosure sale the
will be hoders o TRas
would the original promoters reap the prohts, >, o
me me fomoters of the trust nave all along
well advised legally that redress Is seemingly I'M
Counsel for Mr. Butt raised two questions OF OF
interest which under the h coGP Tabv of past and
present stockholders. The American stock Is now
hspha hsd 1T compa42 ths is
John Mack AMI L Gaeeee aeee # II Snail Ii be de
termined that stock may not be issued iegaily as
ment has not been paid these men may be called
to pay some of tn the eTsa5 9ssfs 5 O
other question is the Liability OF on neor
scsons to- support his Contention that the
es trustees at the same time that they hold the
relation of agent minor corporat1ons which
may he sold to the original company This was a
feature of asphalt consultations but wnetner
their actions be definitely estabshed as VIOLA
tions of law is the question in doubt.
Mr.. Bulitt has taken the position that II II con con-
petrated the offenders should be brought to jus
tice He has invited other stockholders TO JON
him Against him are the banking interests Whlch
would prefer to save what money can be procured
without the expense of litigation and those VINO.
while they can i'll afford the loss want to get back
ali they can and leave vengeance where 1t be-