New-York tribune., 1910-05-24
COPPER SUIT DENOUNCED
Secretary Of Greene Company
Makes Charge of Malice.
Nh LARGE SALARIES VOTED
nenial Includes Other Allega
tions in Action of Two Mi
nority Stockholders.

referring Il the suit brought by two of
80 minority stock holders OF the Greene
consolidated copper Company against John
:, Pvau. Thomas +. Cole and other officers
= 5ireetors of the Greene-cansnea Cop
- COMPANY and its constituents. asking
80 un. accounting and charging waste and
.saonssfv in connection with its manage
- ! ". Allen, secretary of the Greene
consolidated Copper Company. said yester-
= hat, tn. allegations OF the complaint
20 without any foundation.
Ise declared further that the statements
- .he complaint were made with ne OBJ
.,-,s intention 10 injure the company as
- as possible by vide publicity through
- ,ress. even before the suit had been
.,,usIlv hled," adding:
..aasssrs. Cole and Ryan and their asso-
-.-+es Al the time Of the merger did not
.-.-ol nor were they interested in the
,--.sne consolidated Copper Company. aud
a. +bs nseotiations they represented the
.-a-srea Central company only. Instead Of
~ rresent officers and directors of the
enc Consolidated company having Toted
,asr,sels ses lzrSe salaries the salaries have
-, greatly reduced. and now are only
.o,,+ one-f7urth as much as they were be
-, tie merger and neither Cole. Rsan
- any officer Of the Greene company, out
- NJ the operating force at Causnsd and
- rrssjdeut and secretary Of the Greene
-,,eolidateI Copper Company. has re
asir.d or= dollar for services Economy in
80 err,ense. as wer as in operation, has
heen the pTsctloe-
AZ 10 the Sierra Nadre Land and LuIn-
,s- company. OF which. according 10 The
,,,,lsfn-. the defendants wrongfully and
,,,,srle-tlv caused 10 be sold to William
- Greene and certain Of his associates 81
- cent Of ITS stock for the sum OF S2.e9a,t19
m deferred payments. payable in install
rents ia three wears, upon which payments
te subsequently defaulted,' and which
,..zrzss further that after such pretended
ssls and in pursuance OF their said con
sr--acy. the defendants, or some Of Tne1ll.
,-rongfu'lv permitted and procured the said
g,sr-s conllary TO make default upon an
outstanding issue Of bonds, and thereupoh
purchased the property at 3 sale iE fore
cazlJre. and now claim to cRn the same.
Mr. Alien ssi1 that the facts we're as fol
lows
Al the tine Of the merger the copper
,onrsrv owned 81 per cent Of the Land and
7Brrre- Company stock which cost the
conner ror7uanv Ss5h.ae0 Cole and Ryan
sornd +hs+ rhe Land and Lumber Company
-ss greatly IN debt and its affairs badly
cpprljcs-e9 II had mortgage bonds out
s.snding - The amount Of s, e0o. 600 and q
floating indehtedness Of more than sl.7ee.oe9
7. YES therefore decided that as Colonet
greene and his friends Eslresdy- held ABOUT
% per cent of the stock 10 sell him The
e. rsr cent owned by the copper company
vhicl vas done. for 100000. He gave his
notes for hat amount and put up - per
eent or the lumber compauy's : stock .
recurit,. end as q condition Of the sale
cole and Ryan secured for the copper com
ram from colonel Greene S1.159, ,as9 IN cash
% rersv Indebtedness Of the lumber COM
psHv TO The copper company.
The lumber company subsequently DE-
isulred on its bonds. and its property was
1l5 under foreclosure 10 al English syIldi-
rsrs headed ~ rr- ?. S. Pearson. Neither
trie nor Rvsn nor any other OF their ASST
GATES IT any way participated in the 7uT"
cssse or is interested IN the present owner
snip.