Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-21
SAY M|TTEN RULE
IS FULLY ASSURED
Supporters Of p. r. T. Chief
Declare 'nsurgent Action
Is Futile
TRANSFER PERIOD ENDS

Confidence that Thomas F.. Mitten.
president Of the p. II. T., and his sup
porting directors will have gathered in
the most proxies for the annual meet.
ing Of stockholders March 10. was ex-
pressed today by those who favor con-
tinuance OF Mitten management.
Although the insurgent directors Of
the board won a sk!rmish at yesterdays
meeting which ratified resolution op-
posing receipt Of stockholders proxies
BY Mr.. Mitten, supporters Of the COM
pany's president say the action is not
indicative Of the sentiment of share
holders
1t is said Mr.. Mtten has already
garnered enough proxies to assure con-
troll OF the company.
Mayor Explains Meeting
Following the meeting. Mayor Moore
said:
$50 far as remember. the proceed
ings Of the board meeting ran along
about as follows:
Mr.. Montgomery presided At one
end of the table and Mr.. Mitten sat at
the other. The minutes OF the January
.23 regular meeting were read by Secre-
tary Joyce and approved. The minutes
, Of the disputed February 10 special
meeting We're read informally. along
with an opinion from Attorney Ballard
indicating that not sufficient notice OF
the special meeting had been given to
the members OF the board 70 make Il
lawful The Mayor was present at
that special meeting. but the other city
members. Messrs. TriSg and Potter.
were not, both explaining, however,
that they desired to be present.
There was some discussion over the
question whether the minutes should be
, approved. during which Mr.. Montson-
cry called attention TO notice OF q
special meeting authorized June ! +.
1920, which he said established precs
dent for the present special meeting.
This notice went out ar the instance Of
/ Mr.. Stotesbury, Mr.. Ellis being secre-
tary at the time.
"a resolution was then offered.
think by Mr.. Buck--it may have bccn
Mr.. Tripple--to ratify the action Of the
special meeting relating to proxies. This
brought test vote. Those voting
Tor the resolution are W. !. Montgom-
cry. W.. Y. Triple. c. J. Matthews,
/ Frank Buck and J. 7. Sullivan. five !:
these against: Il. Z. M.tten. W. G..
dunbar, G. a. Richardson and Colonel
Potter (Councimanic member, four.
Moore Did Not Vote
Mr.. Trisg and tho Mayor declined tJ
vote, treating the resolutions as n stock
holders matter. Chairman Montg3n-
cry declared the motion carried, with
II general feeling around the room tha.
whether the resolution was legal or not.
because only five members voted for IL,
the five members Of any group had 4
right TO ask for proxies anyhow.
An Executive Committee resolution
Of q financially technical nature, relat-
ing 70 the rcpnrchGse Of upward Of So. -
900, 900 Of bonds and the financing Of
the same, was then read, after which
said would like 10 have a copy Of
the resolution for perusa! since IL had
rot previously been submitted TO the
members Of the board. Messrs Mitten
and Montgomery both discussed and ex-
planned the resolution and refundlng
! scheme, which led Mr.. Mitten 10 thank
the Mayor for having brought up the
question SO that unan.mity could be
would be wei! If there could be unanim-
ity upon al points,
Rebel Letter Read
Then there were resolutions offered
| By members OF the group Of five to
prepare for the stockholders election
In March and providing that the chair.
man of the board should be provided
with complete list Of stockholders and
their addresses Mr.. Afitten himself
moved the adoption Of the latter reso
luton and it was upon his motion also
that the letter Of the five to the stock.
holders, evinc!ng their disagreement
with the president Of the company upon
certain points, was spread upon the
minutes.
Today the stock transfer books
close. 1t is contended by Mitten nd.
herents that proxies cannot be changed
after today, although some Of the In.
surgent directors say proxies may be
changed up to the very hour Of the
annual meeting.
Comparisons were drawn by City So
licitor Smyth between the valuation
proceedings of the p. II. r, lines and
the valuation of New York City tram
sit lines.
The valuation bureau Of the New
York Public Service Commission has
recommended that original costs instead
lof wartime prices b used as the basis
| n . sQluation oe ~ New York roads