The comet. (Johnson City, Tenn.) 1884-1916, 1892-06-09

EllzaDethton, IN your issue OF May ZlSt,
is worthy of reply. A clearer peice
of special reading" l have never
seen.
In the words of another, "as to the
justness of my criticism and the value
of Mr.. Porter's reply, l shall allow
your readers to Judge"
The peculiar features of the scheme
and management were brought to the
notice of the stockholders in my
former article, and il they are satisfied
with Mr.. Porter's explanation | am
not, but the outcome is their funeral,
not mine.
In any event, one object has been
accomplish-the stockholders at last
know what has become of a part OF
$4,000 unaccounted for in the annual
statement, but it has been hard work
getting the information.
On April 23d ult. wrote Mr.. A. T.
Britton, treasurer, a polite letter say
ing, that although none was present.
ed at the annual smeeting, had no
doubt but that he had prepared the
usual financial statement showing
specifically the receipts and d'sburse-
ments, and as a stockholder, asked
for copy. TO this letter l received
no reply. On May I'd inst. again
wrote him, calling his attention to my
letter of April 23d and renewed my
request. Under date of May Sd he
wrote that he had answered my letter
of 23d April (never received, }, and that
"full statements of all receipts and
disbursements of money were in the
hands of the President, Mr.. Porter, at
the met ting of the stockholders. "
President Porter having such state
ments, carefully avoided giving them
at the said meeting.
have before me the April copy OF
the Watauga Valley News, the organ
OF the Town Company, with the Presi-
dent as one of the editors. 1t con.
tains the report of the President and
Board to the stockhol lers, and only
the figures are given, as stated in my
former article, and which showed $780,
0l086 as accounted for. 1t is unfor.
tunate and indeed unexplainable, why
President Porter in his article should
not have presented financial state
ment as prepa ed for the annual meet
ing, instead of bringing it up to May
3rd, which necessarily runs it into a
new fiscal year. This action seems tc
strengthen my former charge Of either
business incapacity or intent to con
ceal something
But one thing is made plain to thu
stockholders, that even under thu
statement of May Srd out of cash re
ceipts OF $115,07634, that $25, ,342.99
Or over 20 per cent. have been expend
ed in management, and that OF thi
amount, salaries have absorbed w.
20202 and general expenses (what
ever this may cover $6,5S0.22.
.. There is scarcely a paragraph il
. President Porter't reply that a fou
horse team could not be driver
, through but it is not worth the effort
| still maintain that the Co-opers
6 tive Town Company as constitute
h and managed is gigantic scheme un
= der high sounding and taking nam
q to get money from the many for tn
q benefit Of the few, and is unworthy {
4 the support OF right minded mel
> Apart from its spacious promises, it
attempting'to influence investors, b
!. statements of ownership of valuabl
. properties, which events have prove
! to be false. On the 9th page of i
. highly ornamental and rose colore
prospectus, it is stated, ut owns mil
:, eral and timber lands described fu
ther along OF great value" At I'll
bottom Of the same prge the Cooper
tive Town Company has 5000 acres
n land for city site, and tracts of adj
te cent manganese, granite ard timb
lands.
r. On the 9TH page after speaking
the great Cranberry mines, it say
70 "The COOPERATIVE Company's Ian,
include 500 acres Of this famous lei
70 OF magnetic ore At the bottom
the same page, "there are mountai
vs of granite OF every color and tint I
or on the company's lands"
or Judging from the style OF Preside
Porter's late article, it will be perfect
possible for him to reply that most
re these statements were made by 0
| II = II