The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-16

ASSETS OF THE C. l. 5. {.
SOLD BY SPEYER & co.
More Trouble for the Big Concern
Which Has Headquarters at
the Canadian $500"
CLERGUE NOT N
Still Has Hopes of Recognizing
the Sadly Embarrassed Con-
cern-Protests Filed.
CLERGUE NOT N

NEW YORK, Dec. 15.-The assets of the
Consolidated Lake Superior Company, held
by Speyer & Co. for a loan of $3.50, 600,
were bought in at public auction by Speyer
& Co. to-day for 100000. Theirs was the
only bid. The sale was held in spite of
several protests by representatives of other
creditors.
Former President Clergue, of the Consol-
idated Lake Superior Company, Director
Hay of the Imperial Bank of Canada, and
Charles F. Orvis of this city, a director
of the Lake Superior Company, were pres
ent. Objections to the sale were SUBJ
mitted by a lawyer representing Frahcis
c.. Dawson of this city. owner of 100 shares
Of Lake Superior common and fifty shares
of preferred. on the ground that the Speyer
loan had been contracted without the
knowledge or consent of the stockholders,
and was therefore Illegal: also by the Stan
ley Electric Company of Pittsfield, Mass,
which recently filed a mechanics lien of
$4,000 for machinery; another by the legal
representative of Receiver J.. c.. Carruth
or Philadelphia, and still another by Foley
Bros, Porter & Whalen of PHILADELPHIA.
who claim to have a lien on the Algoma
and Hudson Bay Company, one of the Lake
Superior's constituent companies. Just be-
fore the auctioneer asked for bids he was
served with a notice that suit had been
begun in the State Supreme Court to set
aside the sale.
Speyer & Co. announce that. having pur-
chased for the participants in the advances
under the agreement OF Dec. %, 1902, Sc
curity for the loan to the Consolidated
Lake Superior Company, which matured
June 80 last, they are requesting authority
from the participants in the loan to admit
the Lake Superior Company stockholders
TO an interest in the liquidation of the Sc
curity or the reorganization of the prop
critics. 1t is anticipated that the stock
noIaers contributions would be about So
per share.
| Counsel for the reorganization
of the company issued a formal statement
saving that strenuous efforts were made in
behalf OF the committee, and of the cred-
itors and stockholders of the company TO
obtain from Speyer K Co. a further adj
journment of the sale of the securities OF
the company for three weeks, and Speyer
q co. were notified that the underwriters
to the Speyer syndicate, to the extent of
S2,SoO,OOO and upwards had agreed to Join
In the reorganization movement. This sum
was In addition. they say, to the fresh sub-
scriptions TO the stock to the amount of
about S2.OO.VO, ard also fresh and outside
underwriting, amounting to about 81. 900 GOO
more, making a total OF over 5000 600
pledged TO the reorganization plan.
Counsel further stated that Speyer & Co.
were notified that If a further extension
of three weeks had been granted the Speyer
syndicate probably would nave been paid
off. and made public a letter addressed ia
Speyer & CO. this morning asking for such
extension. The statement closed as follows.
Notwithstanding the sale. counsel do not
propose to abandon their efforts to bring
about a successful reorganization"