The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-26
IAKESUPERIORWON' TSELLO
DIRECTORS STICK TO THE REOR-
GiNIZATION PLAN.
Receiver Appointed by Canadian Courts
10 Take Care OF the Property Mighty
PovwOw Of Directors and Lawyers
dominion Government Takes Action.

PHILADELPHIA, Sept. 25-Nearly all the
prominent men connected with Console
dated Lake Superior gathered in this city
today and discussed the fate Of the big
Jroperty. Numerous conferences were
held by the board of directors and COM
mitee of lawyers representing all the
various interests.
The upshot was that the directors de-
,lincd all proposals for the purchase of
The property and issued statement urging
he support Of the reorganization plan
suggested by some of the stockholders.
Word was received during the day that
he Canadian courts had appointed B. J.
rhackenthal. Jr., of this city as receiver
for the Canadian property of the corpora
Ion. It was likewise rumored tonight
tha, application had been made for an
American receiver, but Vice President F.
II Sanborn denied this.
The meeting of the board of directors
lasted nearly six hours and all Of the well
known officials were present. including
President Cornelius Shields, Francis II.
Clergue. 4. Search, Samuel M. Provost 4,
Samuel Rea, G. F.. Orvis and F., }. Berwind
While this meeting was in progress, lawyers
representing the stockholders were in
conference In p. F. Rothermel's Office.
They are John r. Dos Passes. of New
York; Judge Walter G. Noyes, of New Lon.
don, Conn ;; j. De Forest Junkin, A. S. l.,
Shields and A. r. Harvey, an English capt.
alist Both parties were in constant COM
nunication. and Promoter Clergue, Pres-
dent Shields and Nice-President Sanborn
were continually hurrying across Broad
street TO Mr.. Re- thermels Office with prop
Ositona from the directors.
There seemed to be not the least sign OF
friction between the two meetings: II
was evident that all interests we're working
in the common hope of saving the property
When the board of directors finally ad-
iourned shortly before I o'clock this even
ing they authorized the following state
ment:
The board Of directors of the. CONSOLIDATED
AXE superior Company, having had pre-
scented to il n plan Of reorganization which has
been prepared by "A commit tee OF the stock
holders, hereby expresses it's approval OF the
plan as proposed and Commends 1t TO the
stockholders AZ large, urging their support
and their cooperation with the committee in
his effort 10 preserve their property,
Although much doubt has been expressed
as to the ability of the stockholders to
raise the necessary sum to pay OH the
Speyer loan, the participants in both meet
ings are sangrlne of success
The plan of reorganization provides for
an assessment of So on each share Of the
stock and III authorized bond issue OF
slO,OOO,OW.
The j. lie will be only $3.50 900. the re-
lnaindcr going to the writer's. The stock
holders hope 10 realize more than 5000 900
from this source.
The announcement that B. F. Thacken.
hal, Jr., Of this city had been appointed
receiver of the Canadian plants by the
Canadian courts was not regarded as Of
serious consequence by the directors.
The receiver was appointed at the instance
Of Speyer & Co. and will have charge OF
all the plants Of the company. except the
Trans St Mary Traction Company and
he Michigan Lake Superior Power Com
pany. These are on the American side.
II was explained that Speyer & Co. had
probably asked for a receiver on the ground
hat as creditors of the company they did
not desire to see the property injured by
lack Of funds at a critical time.
TIL. receiver. it is understood, would
simply look after the interests OF the prop
erty, paying the wages and buying the
supplies, until formal adjudication Is
made.
The threatened legal action against the
company materialized to-day when Charles
s. Weed, counsel for Harry Beck, issued a
summons from Common Pleas Court No. S
Lawyer Weed said that the claim was a
small one.
A. r. Harvey, the British promoter
is said to desire to secure the property
for Vickers Sons 4 Maxim. The officials
Of the company, however, attach little i'm
portance to the assertions of MIR. Harvey
with respect to any possible purchase OF
he Consolidate Lake Superior plants
by the English gunmakers, and even &c
so far as to say that they would not be at
all suitable for such purposes.
TORONTO, Sept. 25-Mr. Bcknell OF To-
ronto, "A lawyer representing the Central
Trust Company. trustee for Speyer * Co..
has started for Sault Ste. Marie to take pos
session OF the works OF the Consolidated
Lake Superior Company. Mr.. Bicknell has
instructions to take steps TO secure titles
and sell the property. An official OF the
Central Trust Company said to-day that all
the syndicate wanted was its money and
that taking possession Of the industries
would not interfere with efforts to con-
surnmate plan of reorganization.
A. r. Harvey A. p, Wilson and Capt
L G. Tulloch, who began their negotiations
with Mr.. Clergue at Saut Ste, Marie last
week and have now accompanied him to
Philadelphia, came to Canada, it is under
Stood In the interests Of Nickers Sons X
Maxim the great gun and armament manu-
fscturers Of Sheffield, England, and other
British companies Of equal prominence.
OTTAWA, Sept. 25.-The c, binet met
yesterday and considered the situation OF
the Consolidated Lake Superior Company
VIVA. was proposed is maintained as q
State secret None of the Ministers wo'llc
make statement further than to admit
that the Government was anxious to save
the great Industries at the 500 and had en-
deavored to devise protective measures
! (