The daily morning journal and courier., 1903-09-10
LAST PURCHASE AGREEMENT
COUNSEL FOR LAKE SUPERIOR
 co. MAKE STATEMENT.
Where Certain Millions yvent-sta,e- ment from Officials Promised To-day
 One from Minority Stockholders Issusd-wnI Make Application Tor .
Receiver in onnecticuf. [.


 Issued-wiii Make Application Tor a
 Receiver in Connections.
 Philadelphia. Sept. s.--oficials of the Consolidated Lake Superior company
 say they are to-day preparing state ment covering all the phases of the dif- ficulty between the company and cer- tain stockholders. The statement will
 be made public tomorrow. Pres
 ident sanborn to-day stated that coun- sel for the protesting stockholders had received the information they desired. Counsel for the company declared that the attorney for the stockholders, when he visited the office yesterday to exam inc the books, was given all the facts
 he wanted. He asserted also that the from this city to Canada four months ago, when the general offices of the | company were transferred from Phila- deiphia to Sault Ste. Marie, and two months before the stockholders de- manded an investigation of the ac-. counts
 Counsel for the stockholders, on the other hand, asserts that he was inform- ed that the books had been removed af-. ter the first demand.
 The statement to be issued by the company, it is said will be made in am ticipation of a move looking to the ap-.
 pointment of a receiver. The officials claim that one-h half of the money which. stockholders are trying to recover from the Consolidated Lake Superior Under
 writing Syndicate" is represented by parties who are not considered finan-
 cially responsible at the present time. Counsel for the corporation to-day made public copy of what is. termed the Hast purchase agreement. {" It is as. follows: s8
 The last purchase agreement includ- ed the purchase of stock in the Consoli- dated Lake Superior company from the
 Algoma Steel company (limited), }, amounting to $6O00O0. Preferred stock to the amount of s1,97S. 700 was paid for. leaving balance Of 4,O21, 300 due and payable in installments as follows: April I, July and October 1, 1s03,5 and January i, April i, July I and Octo-5 Der I, 1904. The two payments due on April 1 and July 1, 1903, would not az gregate more than $500, ,o1O. At least one-half of this amount is represented by parties who are not considered financially responsible at the present time B3 Minority stockholders of the Consoli- dated Lake Superior company, headed by E. c. Miller 6 Go, w. w. Kurtz & Go. and Brice, Monges & Co, bankers. have started a movement with view of asking for the appoil tn1ent of 8, re- ceiver for that concern, They sent out a statement to the stockholders of the company to-day, in which they say:
 The management of the Gonsolidat-. ed Lake Superior company having re. fused our just demands made upon them through counsel for the names of. subscribers to the $11,08S, 400 contract of subscription to preferred stock of the company, upon which the company's re- port of June 30. 1902. admits that ball. ance of $9,239, 100 was then due and un- paid. and in having failed also to give any reason whatsoever for not having enforced the payment of said subscrip- | ton, it is important that immediate stens should be taken for the protection of our rights as stockholders.
 As the best means of accomplishing
 the desired result 1t is proposed to ap- ply for the appointment of a receiver or receivers for the corporation, this being regarded, under the advice of counsel, as the most effective course to pursue" The statement asks all stockholders, "who are determined to assert their rights to ascertain the true financial status of the company before accepting blindIy any proposed scheme of reor-5 ganization," to join in the movement for the receiver. The banking concerns
 mentioned above represent $5,0O0,000 of the stock of the company. The Lake Superior company is a Connecticut cor poration, and the application for a re ceiyer will have to be made in that state The laws of the state require that not less than one-tenth total capi- talization of the capital must be sent with the application before the court can receive it. The Lake Superior com pany is capitalized at s102,000, 900. < ce-President Sanborn, of the Con- solidated Lake Superior company, made a long statement to-day in which, among other things, is set forth the contention that the books of the com- pany were not spirited away to Canada He justifies the removal on the ground that it was President Shields first step along the line of an economical policy, and says the removal was made. in April last, when the principal office of the company was transferred to Sault Ste. Marie, Canada. s .ss.