Salt Lake Tribune | 1908-10-15 | Page 8 | Calumet and Hecla Decision Was Surprise

CALUMET AND HECLA DECISION WAS SURPRISE James A. Pollock & Co., bankers and brokers, 0 West Second South street, furnish fur-nish the following, received over their private wire yesterday afternoon: Boston News Bureau says: The sweeping sweep-ing decision of Judge Knappen In the A. S. BIgelow vs. Calumet & Hecla case, and which so vigorously and so comprehensively comprehen-sively confirmed every Important contention conten-tion advanced by the Calumet & Hecla company, came as a great surprise to both parties in the case. Judge Knappen's previous conduct of the case was such as to lead the Calumet people to fear an adverse decision on the main points at issue, and they were restlessly awaiting the time when he would render his verdict and an appeal could be taken if necessary to a higher court. They were quite unprepared un-prepared for such a victory. The Hecla peoplo will go to Thursday's meeting of Osceola stockholders with considerably more than un actual stock control of the company. They have bought no stock since the 22,671 shares were acquired in 1906-07 and they have no knowledgo that any additional stock has since been bought by others in this interest. It is quite probable that at the meeting tho Calumet people will' hr.ve proxies tor tulJy 75 per cent of the stock Uicetv to be represented rep-resented at the meeting. In their original circular to Osceola stockholders, the Calumet Calu-met people made no charges of misconduct miscon-duct of mismanagement on the part of the Osceola. . They merely stated their willingness to receive and vote proxies for a' new board of directors, should a sufficient suffi-cient number of proxies be received. Combined Com-bined with their own holdings, Calumet & Hecla controls the 06,150 shares of Osceola Os-ceola company today, but by legal Intervention Inter-vention on the part of Blgelow the Os-. ceola stockholders are still restrained from putting Into office directors of their own choosing. The present management of the Osceola company has refused to recognize the right of the majority to rule and has alleged that the Calumet &, Hecla company was seeking to establish an Illegal monopoly monop-oly in lake copper, an allegation that was very rudely shattered by Judge Knappen. President Bgelow of the Osceola and those who were working for him and with him in this matter can be depended upon, however, to exhaust every legal strategy at their command to perpetuate their management. They have already procured pro-cured a temporary stay In the proceedings at Grand Rapids, and have requested Judge Knappen to withhold his decision decreeing dissolved tho Injunction until the court of appeals has passed upon the case.