The morning call., 1892-01-07
FEMALE FINANCIERS.
Their Management of the CAL
luStrO Company.

Finance is a study in which the majority
Of women are not supposed to make much
progress. aud as spectators they do not
often rank high. The condition Of affairs
in the Callustro Company but serves to il
lustrate the general inefIicieacy Of women
as fnancieTs.
The Calustr0 Company was organized
about three years ago for the purpose oil
placing on the market a certain kind OF
soapy rock used for cleaning purposes
The company got along well in the begin
ming. The land on which the calIustrO was
found near Calistoga, in Yolo County, was
purchased from Mrs Emma I. Eals. Shares
at first sold ior 81, and aiterward brought
as high as 81 The company is now in
state Of embarrassment caused by num-
Der Of pressing debts aGgreGating $4,000.
On Monday afternoon a meeting of the
Directors was held, consisting of the Presi-
dent, Mrs. DR.. Nowlands, Mrs. S. l.. Mills,
Mrs. Clara F. Hamilton, Mrs Rebecca G.
Knox, Mrs. Phoebe T. Watkins, Mrs. Sarah
II. TOmpkius and Mrs. Belle Holmes.
Tie meeting was a very exciting one,
some OF the stockholders using pretty strong
language. Dr. Albert ID. Hitler led the at
/ tack against the present management At
the meeting il was developed that the Board
manager named Mrs. l. Y. LangdOn for the
company at a salary of $4,000 year. There
was proposition placed before the meeting
TO levy an assessment Of p cents a share,
but the idea met with strong opposition.
The upshot OF the meeting was the APP
pOintment of a committee consisting of
MeSsTS. Kellogg, Merritt and y. L. Blum TO
Investigate the books and find out exactly
how things stand
Mrs. Langdon, the business manager with
q $4,000 salary, speaking of the condition
of affairs stated Yesterday that the company
was not embarrassed on account Of her sal
airy, as she had only served a, that salary
for one month, and had not yet been paid.
She said the company started with $4,000
worth Of obligations, OF which $4,000 were
/ for land and $40, eco for a uiil. These debts
had been reduced 10 $4,000, ald II was now
necessary to pay the interest on certain
mortgages
The whole trouble was brought about"
said Mrs. LanCdon, by George II. Proctor,
who claimed TO represent a good deal OF cap
ital in Chicago, aud TO be an agent Of the
Chicago CaluStTO Company. BE negotiated
with US to buy our business for 100000.
He paid 5000. which we afterwaTd learned
he borrowed from man named Page. lie
was to have paid $4,000 three months later
but failed To do 50. Shortly afteTwaTd he
borrowed $1,000 from our then President,
/ Mrs. Eels, saying it was necessary u &C.
ment the contract in Chicago. Mrs EeiS
lost this out OF her own pocket Proctor
afteTward disappeared. The Directors eX-
pec,ed their $4,000 To liquldate their debts,
hut il did not come. Business became poor
/ on account Of having no money with which
/ to advertise. The only way see out of the
| difficulty is by leyyiuE an assessment.
W omen are not supposed 10 do rs well as
/ men in business but 1 think the company
/ did well in reducing their DEBT from $4,000
10 SIS, GEO."
Mrs. >Eels and Mrs. Newlands when seen
made similar statements. They held that
the trouble now existing between the stock
holders is due 10 a desire to freeze them out
by certain cement companies who wish TO
obtain their property at a low price.
Dr.. Hitler aud other stockholders claim
that the financial difficulties have been
caused by the mismanagement Of the lady
/ Directors, and propose 10 examine the books
! in order 10 see where all the money went.