The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1912-06-15
N1 na1s al, Telephone Cor

National al. Telephone Cor
This lIth day Of June. lsf2. came the
the Court to require the Receivers 20
ampify the Information concerning the
}; X. Vercoe proposition. reported by
1914.
And the Court being OF opinion tore
ouire all pertinent Information on the
| matter OF the attitude OF the interested
parties concerning the proposed re-
organization. doth adjudge. order and
c. sherr the said Receiyers' shall report
/ 70 this Court at as early a date as they
can the following matters:
i. The source OF the information con-
corning the percentage OF security hold
ers and creditors favoring the accept
enee OF the proposition made by J. II.
Nercoe; the evidence that they do favor
such acceptance and all papers pertain
Ing thereto which came into the hands
OF the Receivers.
poration favoring such acceptance and
the amount OF stock. bonds or debts held
ey each of them. showing the class and
kind OF stock. bonds OF debts and how
such debts are secured.
8. The names OF all OF the stockhold-
ers. bondhoiders ana creditors OF the Ma
/ tional Telephone Corporation ana each
4 OF the subsidiary companies not included
in the list OF those favOring such ae-
/ ceptance.
4th. We charged In our amended
bin that while w. c. Handlan was re-
ceiver he had so voted the stock OF
the several companies as to make
himself and s. w. Harper the control
ling officers OF substantially all Of
the companies. and that they are by
that means using the corporate power
OF the companies in the furtherance
OF their scheme to defraud the secur-
ity holders. On this point no formal
I
Judge gave the receivers explicit In
structions 10 accept the resignation
OF both Handlan and Harper from
their respective positions as officers
In every company ia which they hold
any once.
5th. T. 8. Riley, who was formally
the complainantB' attorney and now
Is attorney in the case for the opposi.
ton TO the complainant, had on the
20th day OF April. 1912. procured by
irregular and improper methods an
order permitting the transfer OF the
stock 20 the trustee. and Handlan and
Harper had promptly made the trans
fer. upon our motion that order was
suspended. and at the hearing at the
Wheeling term the Court intimated
from the bench as being OF opinion
TO vacate that part OF the order per.
hitting the transfer OF the stock.
whereupon T. s. -iley begged the
Court not 10 then enter such an order
and procured the Courts consent 90
defer the matter by promising %
bring about a modification OF the Yer.
coe proposition thar would meet the
objections Of the stockholders. and
evidently relying upon that promise,
the Court announced from the bench
az Wheeling that all orders would be
held up pending the promised effort
20 compromise. BY that means Mr.
Riley escaped the entering Of the va
eating order at the Wheeling term
Yesterday ~ Parkcrsburg the Judge
announced that since the stock had
been transferred ana the Court could
By a proper order retain absolute con
troll ~ u. the stock would be allowed
- remain In the name Of the trustee
but entirely subject % the control o.
the court. and exacted Of Mr.. Riley {
promise 20 have the trustee execut,
n proxy 10 the receivers % vote thi
stock az all % the meetings
All Of these things wero not ~
cluded IN the formal written order en-
tered. but were agreed 20 and defn
itchy Understood.
I am sending a copy Of this state
mcnt 20 the Judge before whom ~
proceedings we're had. and stand re
sponaible 20 him for re accuracy.
Ny reason for publishing this state
ment o. that the misleading report
Of The proceedings published IN M
: morning papers might discourag
: some Of you and result IN your agree
Ing 20 accept the Vercoo proposition
and Suffering the loss which I bellev
can b avoided BY n firm adheranc
70 your faith IN the just final luda
ment % the court
JOHN A. HOWARD.
- Wheelina. W Va. June ~. 1912