Evening journal., 1903-12-16
sP[YER BOUGHT
LAKE SUPERIOR
Assets for the Company We're
Sold tor $500, ,ooo-Sale
Protested
EFFORT MADE TO SET II ASIDE

New York. Dec 16.--The assets Of
the Consolidated Lake Superior Com
pany, held BY Speyer g. co. for loan
Of SIS .050. 600, were bought in at public
auction by Speyer & Co. for S4,500,0Oe
Theirs was the only bid The sale was
held in spite of several procests by rop-
resentatives Of other creditors.
Objections to the sale we're submitted
BY a lawyer representing Francis c.
Davion, Of this city, owner of los
shares of Lake Superior common and
so shares Of preferred, on the ground
that the Speyer loan had been con-
tracted without the knowledge or cons
sent OF the stockholders and was
therefore Illegal; also BY the Stanley
Electric Company, Of Pittsdeld, Mass.
which recently filed a mechanics lien
for $500, 600 for machinery; another BY
the legal representative Of J. G. Car
ruth, receiver OF Philadelphia, and still
another by Foley Brothers, Porter &
Whalen. Of Philadelphia, who claim to
have lien on the lAlgoma and Hudson
Bay Company, one Of the Lake Superb
or's constituent companies.
lust before the auctioneer asked ion
bids he was served with a notice that
suit had been begun in the State Su.
preme Court to set aside the same
James Speyer declined to say what dis
position the syndicate contemplated
making OF the collateral now owned
outright Replying to further ques-
tions Mr. Speyer and Charles Tweed
said that TO the best OF their KNOWLEDGE
the United States Steel Corporation
would have no interest whatever in
the property.
speyer & 90. announce that, having
purchased for the participants in the
advances under the agreement Decem-
her "a. 1902. the security 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 security on the reorganization Of
the properties. IL Is anticipated that
the stockholders contribution would
be about sS a share.
Counsel for the reorganization com
miftee OF the company issued a formal
statement saying that strenuous efforts
were made IN bbehalf Of the committed
and OF the creditors aud stockholders
Of the company 10 obtain from Speyer
g. Co a further adjournment of the
sale Of the securities of the company
for three weeks and that Speyer a Co.
were notified that the underwriterssto
the Speyer syndicate to the extent Of
s2,sO0 600 and upwards had agreed to
Join In the reorganization movement.
This sum was in addition to the fresh
subscriptions 20 the stock TO The
ampunt OF about sa,o00.0Oo and also
fresh and outside underwriting
amounting to about s2.o0O,o00 more
making total Of over s6,0Oo000 piedg
ed to the reorganization plan.
Counsel further stated that Speyer &
Co. were notified that If further ex-
tension Of three weeks had been
granted the Speyer loan probably would
have been paid of and made public a
letter addressed TO Speyor & Co. ask
ing for such extension.
The statement closed as follows
Notwithstanding the sale counsel do
not propose TO abandon their efforts &c
bring about a successful reorganiza-
ton."