The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-09-05
INJUNCTION SUIT
BRINGS IN BIG MEN
Temporary Restraining Order
Against Continental Life In
surance & Investment Co.

Suit was filed yesterday In the Third
district court by Edward L. Burton
against Fl. P, Clark, the Continental Life
Insurance & Investment company and all
Of the directors of that concern excepting
I, r. Cutler, charging that Mr.. Clark
and FIVE OF the directors had conspired
TO secure the control of the corporation.
Mr.. Burton also sought an order of the
court restraining tho directors from hold :
Ing meeting yesterday afternoon to
ratify an alleged agreement with Mr.,
Clark for the purchase Of 100000 worth
OF the treasury stock OF the concern.
Judge NJ. L. Ritchie issued temporary
restraining order and an order for the
defendants to appear in court TO show
cause why the restraining order should
not be made permanent.
Besides Mr.. Clark and the insurance
company the defendants in the suit arc
John Dern. r. J. IIagenbarth. FL C. Ed
wards. W. v. Rice, w. s. Mccormick. II.
NJ Mayo, w. r. Cunningham. C. N. Sire
veil. j. E. Frick. w j. Haloran, W. F.,
Albert, w. +. Kasiska. w. r, l.. Camp
bell, Charles Carpy, y. A. Bergerot
James p. Murray. A. L. Stone. A H
wethey. A L. Babcock and John Gillie.
Basis Of Complaint.
After rccitlng that the capital stock Of
the company consists of 5000 shares OF
a. par value OF $75 each, of which 27s5
shares have been issued, the complaint
alleges that the control OF the stock lies
With Mr.. Burton and other stockholders
who are unnamed.
MT Burton alleges that the annual
meeting Of tho stockholders Is scheduled
to be held next January and that at that
time he and other stockholders desire to
effect q change in the personnel OF the
directorate and the officers OF the COM
psny.
Messrs Edwards, Cunningham, Dorm.
Mccormick and Mayo are alleged 10 be
opposed to the proposed changes, The
complaint charges that in order to ex-
stockholders Of the said corporation CO.
operating with tho plaintiff from partic-
pating in the active management of the
apirsd q 70 consro the corporation Ty a by
themselves and others cooperating with
them" That they have made pre-
tended agreement to sell the said Clark
the said corporation."
Burton Would Buy.
The complaint further recites that Mr..
Clark IL not now a. stockholder in the
corporation. and that the treasury stock
Is not TO be sold unless the company
should be in need OF money with which
to meet Its obligations and that no such
condition now exists II Is charged that
others who are stockholders are ready
to buy the treasury stock and that Mr.,
Burton will himself buy the 100000
worth Of stock at the market price or at
any price offered by Mr.. Clark
II is alleged that the agreement was
''rnads elandestinely and is unknown to
a large body OF the stockholders"
The complaint AYERS that special
meeting of the stockholders was to have
been held yesterday afternoon for the
purpose OF ratlfytng the sale OF the treas
ury stock TO Mr.. Clark that the con-
troll OF the company would be changed
and the plaintiff be prevented from hav.
ing any majority voice at The annual
~, oc tI,r stor<holHpra In 1pDunry.