The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-20
SCRANTON TR1BUNE-MoNDAY MORNING,

unlimited extent, and can also sell the
same at any price they please from 81
or less, to above the par value OF 500.
None of this stock can be assessed FUR
ther, but all of it will share In the
profits This may be good way Tor
the directors to obtain stock, If they so
desired.
The prospectus emphasizes the fact
that "aS this company makes loans 10
shareholders only every individual, firm
or corporation applying for a loan Is
interested and a part owner" Yet this
section states that the directors may
authorize loans to persons not share
holders.
SECTION 3 says: "The directors may
prescribe the terms upon which loans
shall be granted. and such rules and
regulations as shall be made from time
to time governing the granting of loans
and describing the terms upon which
the same shall be made shall be ahera-
BILE by them as necessary occasion In
their opinion arises"
All Powerful Directors.
These all-powerful directors are five
I'm number. and they shall elect from
their number a president and first vice
president. and they shall also elect II
secretary and treasurer and such Of
ficers and agents as the board of di-
rectors shall from time to time deem
necessary. The board of directors shall
have power to define the duties of any
and all officers and agents. to fix their
compensation, and may remove at their
discretion except the president Sd
says Article IL, section 2. Two directors
or the president may call n special meet
ing of the board, and three directors
constitute quorum for the transaction
of business. "All questions shall be de-
cided by voice of the majority Of the
directors present" In other words, two
directors may transact any business
they choose If only three of the five
directors are present. AS three OF the
officers live in Pittsburg that might
not be uncommon.
The charter. under which the In
dustry company claims to be doing
business, was, by proclamation of Gov
ernor Pattison. issued May Z. 1883. de-
clared forfeited. From Philadelphia ii
is reported that money flowed in a con-
stant stream into the central office on
Walnut street for long time. How
much of it was fllched from the poor
Woodworking people of this city 1T Is
impossible to say, but from the num-
ber of callers at the Office in the Raub
building during the week the amount
must be considerable.
Where Harris Figured.
j. Il. Harris, the operating partner OF
Mcintyre. was the agent for the Col
umbia Loan and Investment company
of Washington, ID. c., a concern which
became insolvent last December, and
was placed in the hands of a receiver. At
that time a decree of the court at Wash
ington was made directing that nothing
should be collected on stock on which
loans had not been made. In defiance
of this decree Harris and Mcintyre,
who transacted business for him, con-
tinued to collect the regular monthly
assessments on the stock, and in tha
way made themselves directly amen
able to the law.
Among the host of persons from
whom they received money from month
to month was Christian w. Coleman,
who, in the information on which the
warrant was issued, alleges that he has
been defrauded out of upwards of 500.
An effort has been made to keep the
matter a secret, in the hope that Harris
might be located and arrested.
1t is probable, however, that that en-
terprising gentleman has bid a long
farewell to this region.