Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-02-01
CHARGE PARTNERS
MANAGE BUSINESS
FOR OWN BENEFIT
Minority interests Je~opardized,
Say Stockholders, Who
Seek Injunction.

BY the institution of a suit in Cham
Gerry court an interesting fight for the
control of the American Steel and Cop
per Plate Company. a New Jersey cor
poration, with Offices at ZIG Nassau
street, New York. is divulged. with u
number of interesting details that lead
up to the suit.
The original stockholders and the
number of hares they held are: wal
ter G.. Pitman. los shares; Minnie r..
Pltman, his wife, 123 shares; james M.
Pitman, l share; Mary A. Pitman, lot
shares; Percy II. Brundage, / share, ana
Alfred l.. Cooper, 81 shares. The cor
poration was organized at $5O.00Q, the
shares being worth $lO0 each. Ihe oni-
GERS were: Walter c. Pitman, presi-
dent, and Alfred l.. Cooper. secretary
and treasurer.
The outstanding twenty-nine shares
of stock were held in the name OF the
corporation by Cooper, as trustee, the
certificate being kept in the saie Oh ire
home office on Nassau street.
B%rundage and Cooper allege their IN
terests are now in jeopardy by the
actions of the Pitmans, who seek TO
control the affairs of the company ana
run them in such Il way That their
+, irAerests alone are benefited.
1t Is also alleged by Brundage anu
'Cooper that in October, 1903, waiter
sPitman came to them and suggesleu
that they combine with the purpose OF
having Pitman's salary raised iroia
1900 to $6,500. and Cooper's from ~
500 to $3.50. Both protested against
this, claiming the interests or the CON-
pany would suffer. and that the ma
jority Of stockholders did not wish inc
move. Then Pitman offered to pur-
chase the twenty-nine shares standing
in the name of the company, so tnat
he could say the majority did WISH IL
This was also rejected. In conjunction
with the raise in salary offer Pitman
suggested. it is ayerred, that 1t should
date from the list of January, 1909.
Matters progressed in this way. vita
many disputes coming up in the board
of directors. composed of Pitman ana
his wife and Cooper. until January u
last. when Cooper came to the offices
of the concern and found Pitman ana
his wife already there with the safe
open and the stock book with the Ger
utiicate for the twenty-nine shares IN
ktheir possession.
Pitmar. it is alleged, renewed his Of
fer TO buy the stock. and asked that
the shares be %transferre ! to George IT,
Matthies. who is an officer in the Sey-
mour Manufacturing Company, OF Sey-
mour. Conn, which firm supplies the
American Steel and Copper Plate Com
pany with its raw material. Cooper re-
iterated his refusal, whereupon Pitnan
said a meeting SHOULD be held right
away. Over Cooper's protest a motion
was made that the transfer be carried
out, and before Cooper's words of angry
affection could he uttered Pitman an
rounced the motion carried. Then he
requested Cooner to assign the certfl'
rate. and on his further refusal a mo
tion was made and carried that Cooper
he deposed as secretary and treasurer
ard Mrs. Minnie X. Pitman elected IL
his place. Then the assignment was
mnde.
Now II is alleged bv Cooper that the
twenty-nine shares will he voted at
tfle annual meeting in February to
Gust him. and he seeks relief In the
8Chancery Court.
Sommer. Colby Il Within" appear as
counsel for Rrundage and Cooner. and
the matter will come up on Tuesday
next on return Of a rule 10 show cause
whv an Injunction restraining these
moves and ordering the replacement OF
the twenty-nine shares. should not be
decreed.