Every evening, Wilmington daily commercial., 1920-01-16
FIGHT FOR CONTROL
Of CORPORA TION
Stockholders Of Commonwealth
Finance of New York in Meet
ing Here to Elect Directors.

A hot fight WAS staged here Yesterday
and IN dav for the control IF the Affairs
Of The Commonwealth Finance Corpora
fion. horne Office at 100 Broa Iway, Now
York City. The stockholders are in
annual meeting. and the contest - Ousf
the present board 0f directors and install
q new set has developed into bitter
struggle.
The corporation il chartered under the
laes of South Dakota, With capital stock
Of sl7.OOOO0O, 0f which SIO000,000 ls
preferred and 81 ,000, 900 common. The
business ii the corporation Is that of
financing the purchase II automobiles
and the sale If automobile insurance.
During the three years since il WAS
chartered, it has developed bag business,
which Is growing with the growth OF the
automobile business, AMI i has control
Of large assets Hence the fight for control.
Under the provisions Of the charter the
corporation Is allowed 20 hold its meetings
IN II llmlngton. II has d large number OF
stockholders in Delaware, It i said. ami
loCai interest also attaches TO the meeting
because Of the fact that Charies g,
Dickson, Of the Delaware Trust Com
pauy. i one Of the present board of
directors. There are about 1900 stock
-
through this list alphabetically, and t,le
yerlhc alton of proxies, Is SLOW work. and
viii, At the rate the meeting progressed
Yesterday, consume week ) time, or
possibly longer.
The meeting VAS begun yesterday II 2
room over the Delaware Trust Company,
st 705 Market street, but owing 70 the
large number interested ard IN Attendance,
II WAS adjourned IN the afternoon 70 4
room on the first floor Of the Hotel VIII
mington. Il WAS IN session there yes ter
day afternoon and also Al night, working
until about 10 O'Clock When adjourn
ment was taken to 10 O'Clock this morn
ing. the secretary had not finished calling
the roll Though the Bs. Tie meetings
today a-c beng held ut the Hotel du PouJ-
The fight 10 Gust the present board q
directors Is led BY Leroy Sargent i
Minneapolis, the promoter .. the COM
p8uy. but whose ot CA connect on "lta
L ceased some time ago OWING It waS
stated by SOME Of the stockholders whe
are here from New York. to some differ
ences of opinion
The stockholders Of the corporation are
sci4tt red Il Is stated all over the country
the greater number, tem9 IN thc east ard
middle west The effort To secure proxies
mas been BoI2 Oh ibE lttOl liN. a40 tt tlt
factions have secured the country for this
purpose.
Attorneys representing the present
board OF directors. and stockholders
from New York, said yesterday that he
present board would be reelected ~ 3
good majority Henry d. Tudor OF New
York Is the president Of the corporation,
aud presided over the mct ting yesterday.
Ormsby McHarg, Of the law firm of
Metiarg Il Aietcalf New York. Is the
secretary, and has charge OF the books
and papers He IS IN attendance. and On
hlm falls the duty Of calling off the alpha
hetical list of the g 900 stockholders. Mr..
MclIarg was formerly Assistant Attorney
General of the United states, and was one
of the managers for Col Theodore Roose-
vet IN one Of his campaigns ioE the
Presidency.
Judga Josiah Marvel and Judge Daniel
O. hastings are local counsel for the
corporation. and are present at the meet
ings representing the present board
Among those here from the OF ces II tie
company at New York are MIR George
aud \ h. Dinkel Francis A Rellley.
associated With McHarg 4 Aletcalf, ls
also here