The Republican journal., 1896-10-29
The Petit rlanan Bubble Bursts.
A Receiver Asked for. Liabilities Said to exceed
100000.


| Receiver Asked for. Liabilities Said to exceed
100000.
The application for receiver for the Petit
Manan Land and Industrial Company, ex-
clusively announced in The journal of last
week, was hardly surprise, unless possi-
bly, to the few who may still have had
faith in its promoters. The pity of it is
that such schemes always draw in a class
of people who can i'll afford to lose even
the modest sums they are induced to
place at the mercy of SPECTATORS Ru-
NOR had been busy with the affairs of
this company for many months. Contrac-
tors had resorted to the courts to recover
amounts due them, while their laborers were
left unpaid; attachments We're placed on the
property at Petit Manan, and finally it was
said that the September interest on the
bonds was defaulted. How this interest has
been paid is matter of some speculation.
The following despatch to Tuesdays daily
papers gives some interesting details:
AUGUSTA, Oct. 26. The action in equity
brought by the Petit Manan Land Company
against the Petit Manan Land & Industrial
COMPANY, lHFoiNlHS GHe appointment Ol d
receiver for the latter, was heard by Judge
w. P. Whitehouse to-day. The Petit Manan
Land Co. was first organized and sold out
its property and rights to the other COM
pany, taking in return S4O0,0 900 worth of its
stock and a 100000 note. Isaac G. Atkin-
son of Portland has managed the new COM
pany during the past year, having sold ST.
600 or $4,000 worth of land and $4,000 of
stock. The question of who shall be receiv
er is the one contended. Hon. Orville d.
Baker, appearing for Mr. Atkinson asked
that he be appointed, claiming that his
knowledge and experience in the affairs of
the new concern would enable him to more
easily clear off the debts of the company,
other than the note. Mayor Hanson and
DR.. G.. c. Kilgore of Belfast, who are inter
ested in both companies, with their attor-
ney, W. F. P. Fogg, asked that r. W. Dunn
of Waterville be appointed.
The visible property consists of what is ad-
mitted to have been "a sheep pasture" few
months ago-and which will no doubt revert
to its original use-a storehouse, wharf and
storehouse, and cheaply constructed club
house. These, with the construction of sew
eral miles of road, probably represent an
outlay of $4,000. The advertising was
largely contracted for on terms that called
for no cash outlay-the papers agreeing to
take slice of "sheep pasture" in full pay
ment. The Journal was offered lot at
Petit Manan, on these TERMS by the former
managers of the company, but the propo-
sition was promptly declined
A pamphlet issued by the company gives
list of stockholders, with the statement
that "among the following will be found
some of the most conservative investors in
the country" Following are the Belfast
stockholders: G. G. Kilgore, Henry L. Kill
gore, e. F. Hanson, Frank |. Wilson, How
ard Murphy, Percy B. kedman, Viola r.
Mayo, lola A. Thomas, Frank II. Mayo, Il.
f. Dunton and in the county, Augusta T.
Spauding. Frankfort, Priscilla A. Matthews,
Northport, Rose A. Cilley, Brooks, Lizzie
Jackson, East Belmont. Ellery Bowden,
Winterport The list of lot owners includes
the names of G. G. Kilgore and E. F. Han
son of Belfast, and number of Maine news
papers, or newspaper proprietors, who We're
to pay for their lets in advertising. The Of
ticers OF the company We're as follows i.
f. Hanson, president and general manager;
G. G. Kilgore, treasurer and clerk w. f. z.
Fogg, general solicitor Il. F. Dunton audi
tor; directors, Edgar f Hanson, Gustavus
G. Kilgore, Henry L. kilgore, Frank I, Will
son, Belfast; Charles Woouman, Bangor;
Charles W. Waldron, Nassalboro r.. Wes-
ley Dunn, Waterville.
In the pamphlets issued by this company,
and in the newspaper advertising, the Dana
Sarsaparilla company is made conspicuous,
and it is told that before MIR. Hanson be-
came the general manager of that company
in 1851 the stock was worth less than %
cents on the dollar; that soon after stock
holders received a dividend of go share,
year later 100 per cent. dividend, and that
in 1892 the stock was sold at 81 300 per
share. But we have at hand report of
case in the Supreme Judicial Court of Mas
sachusetts which shows that considerable of
this stock was sold at 81 400 per share 1t
is surprising that this should have been
overlooked by the pamphleter of the Petit
Manan Land and Industrial Company, as it
would have made more alluring the bait
held out to prospective investors. There is
much more that might be said on this point,
but it properly belongs to history of the
Dana company, which may be written
later