The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-07-22
Virginia Carolina Chem :
icaI Still in Shadow.
POWERS SHY PROBE
Pertinent Resolutions Introduced by
Messrs Edward Scott and r. T. Gray
for Minority Client. Given Short
ShrIft by Majority Stockhold-
ers---History Of Big Trust.
Especial to News and Observer.)

Especial to News and Observer.)
New York, July 20.-The Virginia.
Carolina Chemical Companys meet
ing today in Jersey City was interest
ing and protracted and in the control
of the management, who had gathered
proxies.
The old board of directors were
elected with the exception of Carr,
Travers, Crenshaw and Ellerson, who,
as Samuel Spencer stated, were left
off because they were holding salaried
offices.
The new members of the board are
T. G. Williams, Jr., of Richmond; X.
j. Reynolds. of Winston; j. N. Boyd
and John b. Dennis, of New York.
Edward Scott. of Richmond, offered
u resolution to postpone the election
of directors until the report of COM
mittee of stockholders, which he ask
ed to be appointed to investigate the
affairs of the company and the trans
s'ctions of the directors. This was
ted down, when Mr.. r. T. Gray, of
Raleigh, offered series of resolu-
tions as follows:
Resolved:
Il
company be and they are hereby di-
rected to Immediately cause a report
or statement to be prepared and
made to the stockholders of this
company of the cost Tin excess of
$25,000), separately and not in the
aggregate, of all properties, including
the stocks and bonds of other COM
panies, now or heretofore controlled
or owned by this company or by any
- ~
names of the parties from whom such
properties, stocks. bonds. &C., were ac-
quired, in what manner the conSidera-
ton was paid, whether in cash. shares
of stock, bonds, or other obligations
of this company: the amount of the
commissions or bonus. if any. paid or
agreed to be paid or allowed in each
case to any person or persons in con-
nection with the transaction or trans
actions, and the name or names of
such persons receiving such COM
mission or bonus; also the number,
names, duties and compensation of
the officers and agents of this COM
pany, and whether any director of
this company holds any other office
or employment in the Company, and,
if SO, what compensation he derives
therefrom, and what is the nature and
scope of such emplOyment-Such re-
port to be fled with the secretary and
treasurer for inspection by any stock
holder desiring to examine the same.
Second. That the secretary
treasurer, auditor and other officers of
the company be and they are hereby
directed and commanded to exhibit
to any stakeholder of this company,
upon request, the books, contracts,
documents and papers of the company
relating to the purchase and sale of
properties, including stocks and bonds
of other companies now or heretofore
owned or controlled by this company
or any trustee or trustees for it, and
to the issue of shares of the capital
stock and bonds of this company, in
Guiding the subscription lists or other
papers or documents containing
agreements or contracts or proposals
for the subscription to or purchase of
shares of stock or bonds of this COM
pany, and such officer or officers shall
afford all proper facilities for the ex-
animation of such books, papers, ETC.,
by such inquiring stakeholder, his
attorney or agent; provided that this
resolution shall not compel such Off
Ger to furnish information concern
ing the current dealings of the COM
pany in the sale of it's products to it's
customers
Third. That the directors are
hereby requested to inform the stock
holders of this company, Immediately
If possible, or if not. then SO soon as
may be, whether any, and what
amount OF the capital stock of this
company, preferred or common, has
been issued or sold to any person or
persons. corporation or corporations,
for a less sum than the par value
thereof, or at a less price than it was
offered to all the stockholders of this
company without preference, and If
SO, to what person or persons. COR
poration or corporations, and at what
price it was so sold and when.
Fourth. That the directors are
hereby directed to investigate and as
certain whether any director or officer
of this company has received any
profit of any sort, or derived any
benefit, from any transaction of this
company, in the purchase, lease or
sale of any of it's lands, mines, mining
privileges, manufacturing plants,
stocks or bonds of other companies or
in the purchase or sale of the stocks
of this company. which profit or
benefit he as such director or officer,
ought not in good conscience, to have
received, and in case any such profit
or benefit has been received, to sue
such director or officer in the name
of the company to recover such profits
for its own use and benefit
Resolutions Killed.
After long discussion and a state
ment by Samuel Spencer that the
Finance Committee is engaged
through experts in making an ex-
animation into the affairs of the COM
pany, the result of which would in
some shape be made known to the
stockholders, the resolutions were
voted down.
PierpOnt's Little Commission.
For loan of five and half million
dollars negotiated last August with
J. p. Morgan e. Co., the company paid
one million and sixty thousand dollars
and six per cent interest. OF the six
million preferred stock issued to take
UP the loan. the stockholders took
nine hundred thousand at par, and
Blair & Co.. the balance at ninety-five
per cent of face alue.
The Finance committee is composed
of Samuel Spencer, president of the
Southern Railway: Harry Walters,
president of the Atlantic Coast Line
railroad, and L. T. SALISBURY, who