Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1890-04-15
COMMUNICATED

hero have boon 50 many comments ana lEQul'
ries as to the cause that has brought about my
with irawal from the Potomac Shoe Company after
all my efforts to organize it had proved successful,
beg to make the following explanation:
The causes that seemed to necessitate my with
drawal were not of my own making nor WAS | in
any way responsible for them, but am the suffer-
or thereby.
Through the negligence of a court officer of an.
other city tho custodian Of valuable papers, an
important paper has been misplaced or stolen.
The absence of said paper placed in doubt the title
to piece of property had ordered to be cold Tor
the purpose of reinvcsting in this city, part OF
which would have been applied to the payment OF
stock in the Potomac Shoe Company. he dissp-
pcarance of these papers was the occasion CT my
hurried trip TO Richmond last Tuesday ard my
detention there for several days; hence my ab-
sence from the meeting of stakeholder; last We'd.
nesday night. Knowing that delay in realizing
from the sale would greatly embarrass mo in
meeting the payments on tho large amount OF
stock to which l had subscribed, stated my case
to the board of directors, hoping that they could
suggest some remedy.
The only remedy suggested (and that By the
counsel for the company WAS to SOL my stock.
objected to putting my stock on tho market, be-
cause believed it would iniure the prospects OF
the company. Nothing definite was done in the
matter by the board at that meeting, but within
two hours thereafter was approached by Mr.. j..
NJ. johnson with proposition to relieve me OF my
stock stating that he had found purchaser for it
if would resign my positions rs seci ctary, treas
urer and director. asked him for the name OF
the proposed purchaser. He replied; "One who
is able to pay for it," l took the matter under
consideration with the promise to give an answer,
which be requested should he done that evening.
| had strong hope strengthened By the efforts
of my attorney at Richmond TO remedy the defect
in tho title that the approaching train from
Richmond would bring to me the necessary papers
that would relieve my embarras meDt. In this
l was disappointed, and at the O'clock meeting
OF the board that evening, had to submit to the
unrelenting will of i'll luck. Ny resi- 4nation was
rendered and accepted. Then / WIS requested to
make transfer OF my stock at which moment
the name of tho purchaser was made known to
ma, and he was at once elected to fill the positions
1 had resigned. Four hours latter received the
papers that would have relieved me from my en-
barrassment, ana tho modification that feel in
having to surrender enterprise, to organize
which had devoted my whole time and energies
for the past three months.
The package of papers, which WAS properly
marked to nay address here, had been taken TO
Washington. the discovery CT which | made
through the express agent here. My son went TO
Washington, got the papers and returned about
$50 p. M, but too late to undo what had been
done.
1t is duo to my associates on tho boad of d.
rectory to say that our meetings were character
istic of harmony and unanimity in cur efforts to
promote the best interests Of the company, and if
there existed in our ranks An undercurrent of
dissatisfaction or dsseneon with any one of them.
1t was so far below the su face that d d not de-
tect it. l may have shown signs of i'm patience
and perhaps annoyance at the slowness with which
we were progressing, bat when we rec Ii the fact,
that as the originator of the enterprise bearing
with my sons about one-fourth of the risk, and
having been made secretary and treasurer OF the
company there was preponderence of response
blity resting mo to make the f4ctory success.
For three months my undivided time and atten-
tion have been given 10 this oije t. All OF my CO.
laborcrs 10 the effort to organize the company had
other business to diviie their tine but let it be
said to their credit and praise, that at much in
convenience, and doubtless at some sacrifice OF
personal interest, they rendered valuab e assist
ance in obtaining subscriptions to the stock.
NV experience and connection with Wholesale
houses and manufacturing companies for many
years enabled me to that valuable time was
Slipping by, and unless We could get the factory
in operation in time TO secure portion Of the
fall orders our showing for the first year would
not be encouraging, and the blame would be put
upon nv shoulders. This much in behalf of any
i,npatience that l may have manifested which
ELECTED the unchartabe comments from some
quarter that my active efforts were governed only
liz a desire to create a business for myself
poWFTr