The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1914-03-14


void. The opposition sought TO sting
Mr. Holding by asking him If the
minutes AS recorded were not written
by himself or some of his firm, the i'm
plication being that Mr. Holding was
at that time attorney for the McDon-
aid Co. and serving the Youngs fac
tion Mr.. Holding looked the minutes
over and stated that the writing was
not bis. Mr.. Looney took the matter
under advisement.
LAWYER AGAINST LAWYER
Just as the was about TO be clos
ed MIR. Dixon presented a bill for $500
for legal services rendered the com
pany in the absence of Mr.. Watson,
the regular attorney for the company.
There was some real interesting. heart
to- heart talks then for II got 10 point
where one attorney had to object 10
another attorneys bill. To those or
the side line the clash was amusing.
Mr.. Holding. while the duty was dis
tasteful to him, stuck to his guns and
finally the referee had TO fix the COM
pensation of Mr.. Dixon at $3.50.
Mr.. Dixon stated several times that
there was no money TO pay any of the
claims and, TO the uninitiated, the
contest over such trifie was puzzling.
but the puzzle was solved when the
Huron hearing came up later in the
day.
The appraisal of the Macdonald
property shows that there is about
sufficient property at the mine TO pay
the preferred claims. the labor and
royalty, 30 that the unsecured creditors
will nave to whistle for any money.
McGRAW GETS INTO ACTION
Immediately after dinner the hearing
in the Huron came mp. IL was then
that NV, McGraw pricked up his ears
and got busy, he having no interest in
the Macdonald hearing. Some minor
claims were preented by the attorney
for the trustee which he wished 10
fused Among the claims refused was
that of the township treasurer of Iron
River township for taxes upon the
Barnett and Ratajack properties. held
under lease by the Huron Iron Mining
Go. It developed that the lease upon
those two properties are still in force
and minimum royalty has been paid
excepting the last quarter Mr. Tracy
gave notice that the leases would be
surrendered at once.
THE BONE OF CONTENTION
Then came a claim OF w. ID. Mckee
fiery a. Go of Latonia Ohio for ore
purchased as substitute for Huron
ore contracted for but not delivered.
Mr. McGraw objected TO the claim and
when asked for his reasons stated
among others that IL is currently un-
derstood that w. ID. McKeeffery owns
large block of stock in the Huron
Iron Mining Co.. that he certainly is a
stockholder of record for one share and
IL is the belief that he is the actual
owner of some shares held in another
mans name, that there is a possibility
of stock liability and that il is the
contention that stockholders should
not participate In any dividend until
the other claims have been paid Mr..
Mctiraw made other objections TO the
claim among them being the fact that
substitute ore was bought by the Lake
Erie Ore Co. 10 fill the order which
the Huron couldn't ship that the con-
tract price of the Huron ore was 81. rs
on 80 80 iron basis while the price
of the substitute ore was So 33 but that
it was better ore and the difference
In price due to that fact had not been
established
STOCK LIABILITY CLAIMED
There was lot hidden under that
statement OF Mr. McGraw about
"stock liability and we must digress
from the story Of the hearing TO ex.
plain the common understanding Of
what is in the air in thes' "Youngs
interests tangle" other than the mere
apportionIng Of the property found at
the different properties among the
creditors.
IL is limited that there is under
stood to be stock liability due TO
the fact that the face value of the
stocks has not been paid In. IL is
stated that Mr., McGraw. VINO repre-
sents one lot of stock holders. GLAZING
that his clients nave paid in more on
their stock than the clients of Mr..
Holding and that IL Is the determine
tion TO make the Holding people come
scross with their share At any rate,
all stock holders paid in but small
proportion of the face value of their
stock and the big law suit that we
spoke OF in tie head lines is the battle
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