The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-06-02
MINES AND MINING, STOCKS
Brokers Gossip

In the injunction case against the c.
X IL. merger, brought i'm the Houghton
county circuit court by +. W. Dem
ton. and the Chadbourne es-
tate, Attorney A. f. Rees. for the Calu-
met 4 Hecla spoke the greater past
of the afternoon yesterday. one of
the strong points made by Mr.. Recs
was the request for justice to the
ether 10000 shareholders OF the yari-
GUS companies.
He pointed out that the Chadbournes
waited until the very last moment IN
commencing their injunction proceed
ings Notwithstanding the fact that
the late Thomas L. Chadbournc eX-
pressed his disapproval OF the merger
plan and his intention to fight it 10
the best of his ability, as far back rs
last January; that if they believed
they were not treated fairly In the
scheme of consolidation they could
have secured an injunction months Uc-
fore they did; that the development
of the various mines interested WAS
held up pending the conclusion OF lit
isation; that every other shareholder
was vitality interested in a permanent
financial loss by reason of further
postponement of the merger; and that
every other shareholder, the owner
Of one share as well as the larger |
shareholders of thousands. was Cntit- |
led To the protection of the courts, 10
the same extent as Mr.. Denton or
the Chadbourne heirs.
Mr. Reos commented on the fact /
that Mr.. Denton charged no fraud, in
his bill of complaint but simply error
in the apportionment Of value and that
me mad every respect for Mr.. Denton's
mining knowledge and ability. on
the other hand w. \. Chad5ournc
charged fraud. but the charge was
based on the Denton allegations which
were largely repeated in NIr. Chad
hourne's bin and that Mr. Chadbourns
had no personal knowledge Of mining
but acted upon belief and second hanI
information
Asserting that temporary injunctions
can be issued only on personal know Il
ledge. Mr. Rees claimed that tho Chad I,
bourne case should not be considered {
seriously He further pointed out that
the injunctions should not be issued
and that the defendants, claiming only
financial losses, had a perfect right 7
to collect such losses, if their claims
could be substantiated in court, by am
to the present proceedings
which action would permit the consoi-
idstion 10 go through and thus re-
lieve tho 10000 other shareholder Of
their present burden and losses.
In a lengthy recital of the facts lead
ing mp 10 the proposal Of the plans for
the merger, last January, Mr.. RccsI
pointed out that II the Calumet &
Heca had any inclination whatsoever
10 DE unfair or unjust they could have Z
called their special meetings, without =
giving out any information whatso -
over concerning the merger plans, Sc
cured the necessary endorsement Of =
he legal requirements and put the
Heal through. on the other hand :hcy
received tho endorsement of - pc
cent Of all the outstanding stock fol- :
lowing complete publicity Of the plans
ana that less tnan one per cont of :,
he voting shareholders opposed the =
plan i'm special meeting. Two ,
months } Glowing injunctions ,
further puDll-.. and many circulars
he Calumet Il Hccla received even
stronger endorsement OF their PLAN