Waterbury evening Democrat., 1889-08-14
WHO OWNS THE ELEpHANrs
Stockholders of tho s'Republfcan' Claim That MT Morrow Tried t.


 Freeze Them Out
 Arguments upon the motion of Attor ney Terry counsel for the stockholders of the Republican Printing company, to | place the property in the hands of a | sheriff, were heard by Judge of Probate | Phelan this forenoon.
 L. F. Burpee, counsel for J. Henry Morrow, opposed the motion, and in his l arguments intimated that the whole thing was scheme to place Morrow in insolvency. Mir Burpee said that last agreed to transfer the stock to J. Henry Morrow upon condition that he assume all outstanding debts. This he agreed to do. The company was not in a flourish ing condition aud Morrow was not at first successful in raising the necessary funds He finally claims to have got 1 the money and now claimed to be the owner of the stock, under the agree l ment of the stockholders. At recent meeting the directors withdrew their offer, and at tho same meeting there was some talk of deposing Mir Morrow from the position as secretary and treas urer of the company, but no action to | that effect was taken. Monday night at a meeting of the directors it was voted to go into insolvency, by unanimous | vote of the stockholders the directors | having been given power to wind up the compBny's business at any time they | thought advisable. Mir Morrow claims | to own all the stock, and is willing to give a bond to create no liability that ! would fall upon the stockholders. In conclusion Attorney Burpee said that l MT Morrow did not deny the stockholders access to the books, and that it was shame to compel him to go into insol- vency.
 Attorney Terry's arguments in favor of his motion was a red hot arralgn- | ment of MT Morrow. He said:
 In June the concern was bankrupt. Morrow thought he could get assistance from Mir Lyman of Brooklyn and that by cutting down expenses and chang ing to an afternoon paper the paper could manage to live. Then he entered into an agreement with the stockholders to assume the outstanding debts and they agreed in return to transfer all the stock to him. The agreement was drawn up and left in the hands or Attorney N. R. Bronson to give to MT Morrow when he had completed the obligations required: l MT Lyman came to Waterbury, learned the condition of the Republican and de- clined to advance the money to MT Morrow. In the meantime Morrow asked for the paper and received it from Attorney Bronson to show it's terms to
 Mir Lyman, but he could not convince that gentlemen that the investment was
 a good one. Morrow never afterward
 referred to the agreement. Shortly after it was rumored about town that Morrow
 was selling the stock of the company
 that had not been taken up, for the pur-
 pose of freezing out the present stock
 holders. Then it was thought time to
 get back the agreement that had been
 loaned to Morrow by Mir Bronson, but
 Morrow refused to give it up. AS sec
 retary of the company MT Morrow after wards called a meeting of the stock
 holders at which the men he now claims
 are not stockholders were elected as directors. As treasurer of the company Morrow paid S3, 100 which he drew from
 the company's account, to pay theidebts, and then charged the company with the IS3, 100 as if it had been paid from his (priy ate account. Since Saturday night lsome of the books had been altered.
 Monday night it was voted to go into in
 the stockholders and Mir Morrow is now using it for his own personal
 benefit. In the course of his arguments Attorney Terry made some damaging
 accusations against Mir Morrow and
 claimed that he had misrepresented
 matters to the stockholders.
 Lawyer Burpee explained that the books were in his possession and the l only alterations made were some per
 fectly legal transfers.
 After hearing the arguments Judge Phelan ordered a schedule of the com. pany's assests and liabilities to be filed at his office Saturday morning, when he would render his decision.