The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-03-29
COMMA MAY WIN SUIT
Location Of Punctuation Point in
Sentence in Bylaws Of South
srn Pacific Made important.
CNew YORK Herald.)


IL may develop that the success or fall
ure Of the effort Of II. ]. Taylor & Co. to
force the Hartman management OF tie
great Southern Pacific system 70 change
its policy Of administration may hang on
the punctuation OF a single sentence In
the bylaws Of the Southern Pacific com
pany- Already an issue has been taken
on the reading OF a sentence in section
OF the bylaws On "a comma, some au-
lnoflues say the rate or railroad sys-
TEN more than nine thousand miles ID
lensth depends, providing, however, that
the 4aylot-Aeeue party succeed IN Lnelr
emort 10 prevent the Union Pacific from
voting its Southern Pacific stock at the
coming annual meeting Of the latter com
pany.
According TO the reading Of section OF
the bylaws Of the Southern Pacific COM
pany by the keene party a quorum Is
made By a majority Of the capital stock
present In person or by proxy. In other
words, II only one thousand shares was
represented six hundred shares would
constitute q quorum. The Hartman party
maintain however. that their reading of
section Is correct they maintain mat
a majority OF the SlSs,090U00 capital stock
has 70 be present before quorum is
made.
This is the reading Of section Of the
bylaws made in the now famous South
ern Pacific book issued by T. j. Taylor &
Co., which, they say Is a correct tran
script from the charter. as tled In the
state Of Kentucky;
The holders OF a majority IN interest OF
the capital stock present, In person or oy
proxy, shall constitute a quorum
Here. however, Is the way the Harrl-
man party read the same sentence.
The holders Of a majority IN interest or
the capital stock, present IN person or by
proxy. shall constitute a quorum"
I'm the hrst instance the comma ap-
pears after the word present" the sense
being a majority Of the stock present
tence the comma comes before the word
present giving an entirely different
meaning. BY reading section as the
Hartman party reads IL. in order to have
a quorum at least S9S, g23 500 in stock shall
be represented. either in person or by
proxy. That amount represents a mini
mum majority OF the outstanding capital
stock. The total issue Is xl97Si7.7SS.
The Importance Of the location of the
comma depends. OF course upon the sue
cessful termination OF the Injunction suit
10 be heard I'm Tennessee on April ] next.
In that suit ~ j. Taylor a. Co.. acting in
behalf Of the keene pool, as well as a
great many other stockholders. are striV-
ing 90 prevent the Union Pacific from
voting S90O0000O OF the capital Of the
Southern Pacific which IL owns. In case
this stock Is tied up there viii be left al
together 800. sf1,5s According to the
hartman inter IlLeAaLlun OF the D4-ldW1f
practically all Of this will have 10 be Sc
cured and represented at the meeting.
This. it is admitted. VIII be almost an I'M
possibility.
Furthermore. I'm case the Kentucky
court eujOins the Union Pacific from vot-
ing its stock. 1T can be safely assumed
that whatever stock that party In
control of Union Pacific and Southern
Pacific can swing win not be represented
at the meeting III their reading Is cor
rect by such a maneuver II viii be inn
possible TO obtain a quorum, and dead
lock win be precipitated. In this event
the old officers viii be continued and the
old policy carried on.
A representative OF the TaylOr-keene
party said yesterday;
I've are sure that our reading Of the
bylaws Is correct. unless there has Deee
some change IN the last few days. IL any
has been made since the Injunction was
issued of course, such a change will BE-
Illegal and the parties changing the by
laws viii suffer Besides. the state OF
Kentucky regulates the matter iH the
charter privileges which Il issues. We are
correct in OUT Interpretation"
The Hartman party, however, stoutly
maintain that their reading is correct