Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1898-03-11

In Justice to Mr.. Pierce it may be said
that he resigns, not because of disagree.
ment with the other members of the board
or from any other motive than a belief
that his resignation would result in ap-
peasng the dlsaffected elements and bring
all the stockholders to a mutual support Of
the store.
The net profits from the block, now all
rented, do not amount to more than five
per cent on the stock invested at a valua-
ton of 40 per cent, which is the amount
offered by the Grange Store association to
the stockholders of the Farmers & Me-
chanics' exchange who do not wish to ioin
in the reorganization plan.
A petition and Injunction were served
Monday and Tuesday upon Messrs. Pierce,
Morse, Goodenough, Whitman and Reed.
Itreviews the history of the corporation.
from its formation in 1888 with a capital
stock of $1,000 which was increased to
$4,000 in 1894. The building lot was
bought on Elliot street and block erected
thereon, all at a cost of 1872 900 the prOp-
erty being mortgaged for $4,000. The
corporation voted II TO :, July 31st, 1897.
to transfer the block and land to certain
of the stockholders, who had Heretofore
pose, the complainants not being included.
The stockholders who took the building
surrendered for cancellation certificates of
stock to the amount of $4,000, and assumed
the mortgage of $4,000. The complain
ants aver that this action was taken against
their protests and without their consent.
The complainants claim the value of the
block and land to be more than $50, 600
The transfer to the Grange Block ass, cia-
ton took place August pa The complain
ants aver that the capital stock had be-
come impaired, and that the net assets did
not equal more than 20 per cent of the
capital stock. The 'complainants claim a
great wrong and injury if the transfer of
the real estate is allowed to stand.
a majority of the stockholders voted
Jan. "a last to sell out the business and
property of the corporation for S7l00,
without the consent and against the pro-
test of the compliments, who aver that
the property is worth more than $4,000,
that the paid up capital stock including
the $4,000 is $40, 600 and excluding the
$4,000 is $1,000. The complainants aver
that the sale of the store for S7l0G will
work them great injury. The loss and
Impairment of the capital in the past three
years is referred to, and the claim is made
that the best interests of the stockholders
require that the business be closed up and
the corporation dissolved. The appointment
of temporary receiver is asked for during
the tendency of the bill under order of the
court. The petition asks that the Grange
Block association be directed to reconvey
the block and land to the exchange, and
that suitable person be appointed to take
charge of the exchange, close up its af-
fairs and divide the assets pro rata among
the stockholders.
The injunction was granted by Russell
A. Taft, chancellor, Tuesday. The mat
ter of temporary receiver will come be-
fore the present March term of court, and
the real matter at issue will come before
the September term.
The complainants, according to the
statement of the directors, do not own one
per cent of the capital stock of the corpo-
ration. Forty cents on the dollar is of
fered to those stockholders who do not
wish to go into the proposed Grange store
association. Some of the large stockhold-
ers state that if receiver is appointed
they will be willing to sell their stock for
~ cents on the dollar. Mr. Hudson and
Mr.. Witt are the only complainants, Mr..
Kirwans name not appearing in the legal
papers.