The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-06-06
COURT PUTS OFF
!. FIRMS ELECTION
Commercials Annual Meet
ing Postponed Thirty Days
by Justice Stafford.
STOCKHOLDERS VICTORY
Receivership Action Also Continued
for Month-"Ulterior Motives"
Is New Cry.
STOCKHOLDERS VICTORY

What Is regarded as complete victor,
for the complaining stockholders OF tn
Commercial Fire Insurance Company wal
| scored yesterday when Justice Stafford
| OF the District Supreme Court handel
| down decision which in effect postpone,
the annual election Of the company
scheduled for next Thursday, for. thirt,
days in order to acauaint all stock
holders with the condition of the com
pany's affairs. Then they will exercise
their choice OF directors.
The next step will be. the appointment
OF a reputable accountant to examine the
company's affairs. On suggestion OF At.
torney James Easby-Smith. representing
some Of the stockholders, Justice Stat.
ford said he would pass an order provid-
Ing for such an examination and sug.
eested that the attorney prepare the
order. Mr.. Easby-Smith said he would
present It to the court Monday or Tues
day.
Copies OF the accountants report will
be mailed TO all stockholders.
Receiver Rule Goes On.
Meanwhile the rule for the appoint
ment OF receiver and an Injunction will
be continued for a full month. during
which time neither side will be permitted
to make any move toward election OF
officers without sanction of the court
The order in the case will be signed by
Justice Stafford this morning, and II is
understood to be in form and substance
entirely satisfactory to the stockholder,
represented in the suits
Other stockholders came In as inter-
yenors through Attorneys Mcneil & Nc
NELL and Ralston & Richardson. Among
them were Robert ]. Wynne, deposed
president of the First National; Fred I.
Dubois. a former vice president of the
concern; and John Lewis Smith, a for
mer director. Attorney Richardson told
the court Of the fruitless efforts of an
Illinois attorney to obtain for his clients
any information regarding the COM
pany's condition. All the cases now in
Will be consolidated and disposed OF to-
gether when the time comes
Denies All Charges.
Denial of all material allegations IN
the two petitions filed on behalf of John
S. Clemence and several New York
stockholders is made in answers filed yes
terday on behalf Of the company.
"Ulterior motives" are imputed TO the
plaintiffs, and II is further charged that
the litigation is the result OF a conspiracy
to ''injure the company and procure a
reduction OF the appraised value of its
realty holdings"
There are between $500 and f.ooo stock
holders in the Commercial, scattered all
over the country. The company's attor-
neys agreed to file a complete list in
court.
Mr.. Wynne found the stockholders
divided over their choice for directors for
the First National Company, as indicated
by the 500 proxies turned over to him
by the postal authorities after Assistant
Attorney General Lamar had awarded
them to him. The proxies had been i'm
by the postmaster owing to the
dispute between Mr.. Wynne and his
colleagues. All will be returned to the
senders with proxies addressed to the
ieposed president and his friends in the
board.