The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-09-06

| At the same time he said that he dlu no'
keep track of the details of the ninn"
ment and much that he had learnea i"'o
ly had been surprise to him.
| He had expected that the coinpaA'
would succeed and had hoped un"o ~
would be profitable, as he had puV 'o,-o :,
thing into it and as 1t stood now ne naa
lost his money.
When it was seen that success hau IVY
been attained. he endeavored to lnueres'
DR.. Comins in 1t, expecting that MS ~
f1nence and experience would rescue Dne
company and help the stockholders. no
supposed that DR.. Comins had been top'
of the conditions of the company and was
surprised that he had not been 50 IL
formed.
Later successful business men OF LoWeil
had been interested in it and the pi'aiO
moved to that city in the hope thai pusi-
ness would be conducted at pront. II
order to assist the company the Rocklahd
men surrendered their stock 10 MI
Hooper and Mr. Felt, to be sold under an
arrangement that would pay all the oepts
and place $25, 600 in the treasury.
This Mr.. Littlefield was informed couio
be done but it was not successful.
Then an agreement was made with Mr.
Ranlett whereby the $500 shares were
given to the treasurer to be sold, and tne
entire receipts given to the company, the
Rockland men to lose all that they mad
put in. For this they were relieved OF all
liability.
Then, when the stock was not being
sold, Mr.. Littlefield said four of the Rock
land men endorsed the company's notes
for SIS, 600 in order to give Mr.. Ran,ett a
chance to demonstrate his ability to
manage the company at profit. A
month later, April 20, when he again
came to them, the Rockland men allowed
the directors to mortgage the property Tor
$40, 900 in the face of the fact that they
had not Endorsed the company's notes and
for the payment of which the Rockland
| men were liable.
About June 1, when Mr.. Ranlett came
again, MIR. Littlefield says he was given
statement Of the accounts receivable and
the amount of the sales for April and
May. He stated that the statement
showed on April bills receivable for
some $4,000. but on adding the value Of
goods sold during April and May, 1897,
and subtracting the sum collected there
was discrepancy of $500 between this
total and the amount of the bill re-
ceivable on June 1.
! IL. l11A ho ~4oI
for and has not been yet. 1t was further
shown, said Mr.. Littlefield, that during
| these two months the company lost $1,000
a month
Upon that showing he said the Rock
land people refused to put any more
ment had not demonstrated its ability to
run the plant successfully.
He says he advised an assignment, and
he still believes it to have been the proper
course to pursue.
| Mr.. Pattangall asked why Mr.. Ranett
had not put in the 500 shares which he
held by assignment from the Rockland
men, SO that quorum could have been
obtained. Mr.. Dyer said that Mr.. Ranlett
did not fell as if he could vote on those
| shares
How did You expect to get quorum
when you called the meeting?" asked Mr..
Chaplin.
"You issued the call for proxies and in
stead of their rolling into you they rolled
into Mr.. Carlow. If you received the
proxies you intended to vote that $500
shares of stock, and you came here to
wind up the company. How did you ex-
pect to wind up the company if you did
not put in those $500 shares? What else
did you have when you came here today?
You did not have any proxies, for the
| Lowell men sent theirs down by their
own representative.
Mr. Dyer-But Mr. Chaplin, you said if
we attempted to vote those shares you
would fight it tooth and nail
Mr.. Chaplin-Well, what difference does
what | say make? Why do you care what
| say ?Why did you not try and vote them
SO as to make quorum?
The stockholders had been listening for
| four hours to the discussion. There was
| nothing to do SO they decided to take
| their grips, go home and figure where
| they were at.
L y