Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1917-02-10
OFFER $4,000 Cash
TO stockholders
Settlement OF Prudential
Loan Society Troubles on
This Basis Settled
CHANCELLOR TO
CONSIDER CASE

The presence in the Office Of Regis
ter in Chancery Norman p. Crouch,
yesterday. of nearly nine hundred let
ters to be sent out as registered mail.
was explained this morning when it
was learned that the letters just $50
of them-were notices to stockholders
Of the Prudential Loan Society. a Della
ware corporation, ordered sent out by
Chancellor Curtis. informing them Of
a proposal Of settlement made in
suit, and naming Monday. February
%, as the time when they may appear
In the chancery chambers in this city
TO oficr any opposition 70 the accep-
lance of the compromise settlement
proposition,
According to the papers fled In tho
case the Prudential Loan Society was
organized in this State I'm 1909 and
has outstanding capital stock amount
ing to S955,000 owned by $50 stock
holders Business was conducted by
the corporation In the Parkway Build
ing, Philadelphia
BY action OF the stockholders the
corporation was dissolved July 13.
1916 Prior 20 this dissolution the
corporation had entered suit in the
Court OF Common Pleas. Philadelphia,
against Gustave Mayer, Lewis Mayer
Lizzie Barksdale, Administrative Of
Frank ~ Barksdale, James Stewart
Jr., and other directors Of the society,
alleging negligence and mismanage-
ment which had resulted I'm serious
losses and great depreciation of the
capital stock. the aggregate OF the
claims being $3.50 600. After dissolu-
alton was effected. Jas. II Dawes. Rob
ert Lewis and Edwin +. Morse. re
naming directors. continued TO act
as trustees TO wind up the affairs
sof the concern.
An offer on behalf OF the defend
ants TO the suit in the Philadelphia
courts was made TO compromise and
settle the suit for about $4,000 in
cash and the surrender OF $50 500
work OF the stock Of the Pru-
Dental Loan Society After consider
alton and upon the advice Of counsel
the trustees concluded that in view Of
the circumstances. especially the de-
lays consequent upon litigation. TO ac-
cept the compromise offer
But such action could not be ef-
fective without the approval Of the
chancellor OF this State, where the
corporation had its birth so a petit
ton was filed February Z by the in
terested parties asking the chancellor
for instructions. and authority TO ac-
/ cept the compromise Offer. In re-
sponse to this petition, Chancellor
Curtis made an order that the Regs-
ter in Chancery should, within foui
days from February z, send by regis
tered mail TO each OF the person.
named in the petition as stockholders
a notice apprising them that the
4 Chancellor had set Monday. February
&c. at 10 o'clock in the morning as the
/ time to hear anything that they or any
OF them, or the trustees, or any other
persons interested may desire TO pre-
sent TO the Chancellor as cause for
or against the making OF an order
approving the acceptance OF the conf
promise offer and instructlng the truss
tees TO accept the same and carry II
into effect.
As the cards acknowledging re-
CENT OF the notices come in. Mr..
Crouch must verify them with the list
OF stockholders, and some time before
February 20 certify TO the mailing OF
the notices and how many OF them arc
actually received by the parties to
whom they are addressed.