The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1915-04-24
TWO FACTIONS
ARE URGED TO
GET TOGETHER
Judge Neterer, i'm Merger Receiver
ship Hearing, Expresses Hope
Of an Agreement
ARGUMENTS FILED FOR
COURTS CONSIDERATION
Affidavits Read Denying Charges
and Showing Mergers Affairs
Were Properly Conducted
Special to the News and Tribune

SEATTLE, April II. - In an
n%ouncing that he would take the
case under ~advisement, Judge Meter
er, yesterday afternoon, suggested
that the parties to the Merger receiv-
ership suit ought to be able to get
together and effect a settlement
which would prove of mutual advan-
tage.
The courts advice thus far has
not been followed and both sides
are standing pat. The cas ended at
D p. m, following extensive argu-
ment by counsel for both sides. The
trial has been in progress since
Wednesday,. Whether the temporary
receivership will be made perma-
nent will not be known for several
weeks.
The court asked counsel for both
sides to file brief arguments, saying
he wished to confirm the impressions
already formed, but only after ma
ture consideration, and at least two
weeks will be required for this legal
work.
Commenting on the case at it's
conclusion, the court was frank in
saying it is a we'll known fact in this
jurisdiction that he has always dis
appears that there is no other urs
to pursue. He declared, in effect,
that the real issue is whether the Of
ficers of the Merger company are
actually conserving their corpora
tons interests or acting as mere
pawns for others and not concerned
in promoting the cOmpany's welfare.
Judge Neterer also said he vas not
disposed to consider the sale of the
Velvet claim, except as it indicated
to the court the good or bad faith of
the defendants in handling the COM
pany's business. He took the same
position in regard to the negotia-
tons of Whittemore in securing con
troll for the Consolidated. Both
sides presented their cases, in the
main, on affidavits, simplifying these
with explanatory comment.
In his closing argument for the
defense, commenting on the law
bearing on the case. Attorney Glib
bons declared that all the defendants
are admittedly solvent and that the
compliments have a plain, speedy
and adequate remedy for any alleged
wrongs in damage suits. He assert
ed hat if the court were to continue
the receivership this action would
furnish the small minority with
sinews with which to fight the big
majority, and that this would be
prejudicing the case when tried
upon it's merits.
Gibbons also urged upon the
court that he was not required to
pass upon the question of whether
deception had been practiced by
Whittemore, or if the Velvet sale
was a good or bad one nor even
whether the operations on the st.
Ives claim We're proper.
He declared the real issue to be
whether the judge will take the
control from the holders of more
than 1000, 900 shares and give it to
the complaining minority, holding
10000 shares, in a solvent going
concern, and at the same time pro-
vide the plaintiffs with the $50, 900
remaining in the Merger treasury, as
capital with which to fight future
suits against the company.
Attorney Hoyt finished reading
the defendants affidavits with a
cfotarpnnt hu Cnnr0n yNinu
field, in which the latter declared
positively that there had been no
plot, as alleged, by which the Con-
solidated would strangle the Mer-
ger.
Wingfield made an impressive de-
NAL of all of the cOmplainant's
charges of fraud and misrepresenta-
ton. declaring that the Mergers
money had been spent for the Mer-
gers benefit exclusively and that
many economies had been made
under the joint control of the Mer-
ger and Consolidated. Wingfield
made an absolute and emphatic de-
NAL of the charge that he or the
Consolidated had secretly or other
wise bought in Jumbo Extension
stock after the sale of the Velvet, or
hat he had ever owned a share of
Jumbo stock.
Wingfield said the ore indica-
tons in the Velvet were not such, at
the time of the sale, as to indicate
the bonanza strike made later, &C
cording to the expert opinions fur
nished him. Speaking of joint con-
troll again he declared that this was
the general policy of the COM
panies in which he is interested, as
it enables an important saving in Of
ficers' and experts salaries and pro-
notes efficiency.
He also asked why Consolidated
should desire to wreck Merger, as al
legged, when it owns the majority of
Merger stOcs.