The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-09-06
1T WAS LIVELY.
The Meeting Of the Red Seal Stock.
holders.

Those Who Paid Par Want the Others to
Settle-The Concern Was Started by
Rockland Men.
There was lively meeting of the stock
holders of the Red Seal Remedy company
at Rockland Friday afternoon. Owing
to the fact that majority of the stock
was not voted the meeting was an infor-
NAL one but that did not detract from the
lively nature of the discussion.
The contest hinged upon the attempt to
compel some 81 original stockholders of
Rockland. leading men of the city, to pay
the difference between the amounts which
they paid on stock subscribed for and the
par value of the shares
Heman W. Chaplin of Boston, repre-
senting 406 stockholders in Maine, Massa-
chusetts and Rhode Island, who had paid
the par value of $40 share, insisted that
there was some $500 due from the Rock
land stockholders, and believed that bill
in equity could be brought which would
require these payments to be made.
John G. Burke of Lowell and Isaac w.
Dyer of Portland representing f. M.
Bill president, and Orren r. Ranlett,
treasurer, both Of Lowell, were also in
favor of the Rockland men being obliged
to pay up. But these attorneys did not
believe the Rockland men were liable for
more than limited part of the company's
debts, and they commended that receiver
or trustee was the proper person to press
the collections.
Hon. Charles E. Littlef1eld represented
the Rockland stockholders, among them
such well known men as Charles A.
Crockett, n. L. Sheperd, W. S. White,
William T. Cobb and A. d. Bird. Mr..
Littlefeld outlined the position of his
clients and told the other stockholders
what he and his clients had done for the
company.
Some IS stockholders came from differ
emit parts of New England, representing
altogether more than $4,000 worth of
stock, expecting to attend the first big
shareholders meeting, although the COM
pany has been in existence since 1898, but
they went away without being able to do
anything but listen to the attorneys, all
on account of no quorum of stock.
B. W.. Carlow, manager, and 0. r.
Ranlett, treasurer, had been hustling for
proxies and Mr.. Carlow had won OUT in
that he came down with S57, 900 worth
and was backed by the Providence share
holders, many of whom appeared in per-
son. Treas. Ranlett had, in addition to
his own and those Of several friends, $500
shares which he holds as trustee by the
| act of the Rockland men in surrendering
them to him.
When the list of shares was made up be-
fore organizing the meeting it was found
that only 5000 shares were represented,
not enough for a quorum.
Treas. sRanlett refused to put In the
$1,000 shares he held as trustee, claiming
that he did not feel qualified to vote on
them, and as he retained these remaining
shares necessary to fill out a quorum the
men who had travelled SO far were unable
to vote.
Most of them were satisfied with the in
formation as sufficient compensation for
their journey.
The controversy between the par value
payers and the Rockland men has
probably only just been started, for Mr..
Chaplin and W. r. Pattangall, attorneys
for large percentage of them, state that
bill in equity will be filed in the SUI
preme judicial court of Knox county Mon
day morning.