New-York tribune., 1918-03-20
Aetna Explosives
Meeting Postponed
Court Orders Adjournment
for Week; Opposing Fac
tions in a Row

Antagonism between the two warning
factions in the Etna Explosives Com
pany yesterday approached the break
ing point at the annual meeting at the
headquarters in the Equitable Build
ing. Legal devices and verbal shots
were marshallcd forth by both sides.
The meeting was called for the pur-
pose of electing directors, but before
the business of the day was taken
I'D, Lamar Hardy, former Corporation
Counsel, who was acting as chairman
Of the meeting, was served with an
order issued by Judge julius NJ. Meyer,
Of the Federal District Court, postpon-
ing the meeting until thirty days after
the receivcrship ends. The restraining
order was obtained for the stockhold-
ers dissatisfied with the reorganization
plan by +. II. Prince g. Co., of Boston.
who were represented by Stanchtield
& Levy
After getting the court order, Mr..
Lamar declared the meeting adjourned.
but tho dissenting stockholders and
some of the advocates Of the organi-
zation plan refused to leave. Josiah
Howard, the vice president. then
stepped into tho chair, and Sullivan
Cromwell, counsel for the advocates Of
the new plan. soon brought modlti-
cation Of Judge Mayors order. which
postponed the meeting until next Tues
day. A hearing will be held before
the Judge next Saturday morning at
1920, at which an opportunity to show
cause why permanent restraining
order should not be issued VIII be
given.
The introduction of the legal weapon
in the conflict, led by Prince e. Co.
agail<t the J. {, ". Seligman Company
plan, Nas unexpected. 1t admittedly
delayed >acce ptance OF the new plan, If
nothing else. At the Offices of Stanch-
field & Levy the contention was made
that if a rcstrai inng order goes into
effect until thirty days after the pres
cnt rccevcrshir ends the adoption of
the new financing plan would be made
exceedingly difficult.
Before the meeting was formally
adjourned the issue seemed about 10
be decided by fist fights Former Mayor
James NJ. Curley of Boston. who is
said to hold 500 shares OF the com
mon stock, engaged in a rhetorical
combat with William J. Phillips. s
member of the firm Of j. e. W. Selig
man e. Co., who represent the bond
holders and the holders Of preferred
stock. who some Of the stockholders
believe would be the only beneliciarieS
of the new plan.
Mr.. Curley asked Mr. Phillips who
it was that was behind the first offer.
! ing of German notes in this country
"Was that asked with purpose 2
/ Mr.. Phillips querled.
Eyes. and not an innocent one
To this Mr.. Curley added that he saw
no need of a reorganization at this
time and that a reorganization woulC
be just as harmful to the nations eff
cheney at war as to the company. ir
view OF the vital Importance of the
company's product Such reorganiza
ton as proposed, he said, might resul
in retarding the effectiveness and the
morale of the workingmen employed
by the company.
Following this, Mr.. Prince, head o
the Boston firm, said to S. w. Strauss
of the Seligman firm, II told you
month ago to keep your hands off this
Why haven't you done it?"
Mr.. Strauss replied. 81 don't want t
argue with you"
"If you don't want to argue. why dj,
you start anything? You started TINS
and d-now | am going to see it through
Both factions claimed they con
trolled enough proxies to win the elec
tion of directors. but the reorganiZa
tion advocates asserted that the othe
side resorted to legal obstruction be
cause it saw it was beaten