Daily Kennebec journal., 1917-10-25
NEW HAVEN
Continued from Page on.,
stock subject to approval o. -.
holders.
Protests to Stock Issus

Ahe aleef amendments wers ;. I
cepted 1,20s.463 to 434. Tha &c
item was to ratify vote ~
directors on this subject III
of the vote. which was az WI
siderable length, being distribu,sS
once gave rise to protests. 1t wos II
that stock was to be issued at ns,
redeemed at ITO, and the Other -.
| coincided with the act passed -.
Connecticut Legislature. Mr.
charged that the same policy had ~
followed in calling the special w..
ing as had prevailed in other w.
ings in that stockholders got Httla
formation on the matters thew =
to act upon. He said the OH
amendments were vital ones: th..s{
directors may not have had auth.
to go TO the Legislature to get w..
that legislatures had not the risk.
grant them under the constttm..y
that the amendments might violate !.
right of contract and that there m.
be deprivation of property withou. =
process Of law.
Berenson Pleads DeIsv
Mr.. Eerenson got a ruling from, D..
dent Pearson that stockholders had -,
properly warned and, after having ob..
tions noted, pleaded for delay Of ar,
He referred to the suit OF min.
stockholders committee against fo,.
directors to recover money alleps3
have been wrongly diverted. with
pending in New York City, Mr., Rers,..
being OF counsel for the plaintiffs =,
ward Milligan, a director, objected ~,
Berenson bringing in this matter as
material. President Pearson perr,,. =.
Mr. Berenson to proceed and tho I,,.
then declared that stockholders IN ;s.,
the preferred stock would set the e,rs,
in the road for s45,ooo,0oo He said -,
directors knew they were selling -.
equity at money lenders terms hs,,,.
stockholders would be unable TO bup -
preferred shares. He appealed n ,b..,
present not to vote for the issu. ~
resolution was defeated. 6722 votes hs,,,
cast for it and 1,1S7,S7a against II
Mr.. Berenson put many question, b,
E. G. Buckland chief counsel Of the ,o,.
to which the latter replied that the ;,,n.
had not been underwritten by New va,
bakers and there had not been an e-,,
made to do so. AS to renewal NJ u,
notes, Mr.. Buckland said II was "a,
early to take up that matter.
MIR. Amster of New York had oa.r,,
at the regular meeting a resolution +,
raise a committee Of seven to invest,r,,
the affairs of the company and to rer-
within 60 days its conclusions and N -,
ommend remedies to meet difficulties III.
committee would be raised: One merh.,
each to be named by the governors n
Massachusetts, Connecticut and Rbod,
Island; two by the directors and two \,
the stockholders then in session. Til,
resolution was supported by several me.
and as vigorously opposed by Others. ".
Amster agreed that It's fate should re,
with the stock vote taken In the snecl,
meeting and this resolution was a ,ac,o
in the debate taken part in by Mr.. Nixo-
Mr.. Amster and Clarence II Vener IT.
last named thought that its adopto
would be an insult to the governors ,
the states and II would have meant N
dragging in on politics He was laughs
at when he suggested that II the preser
directors are not doing their work we
they should be changed and one ma
Jumped up and yelled that directors colI
not be changed when they controlled s
many proxies as had been shown In III
annual meeting