St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1898-06-01
SHOE FACTORY MEETING.
A Lively Time and Some Exceedingly Unparlla-
mentary Language Used.

stockholders Of the St. Johnsbury Shoe
Company and several Of the speakers
called each other names and said things
which they were heartily ashamed of the
next day. The meeting adjourned for
two weeks without taking any decided
action. President Cowles presided and
Secretary Smythe read the records of the
last meeting.
Mr.. Cowles said that according to the
peculiar condition of affairs brief ex-
PLANTATION might be OF interest. He said
that according to the bylaws, Mr.
Stocker had complete control of the
factory, that is, he bought the stock,
hired help and placed the goods upon the
market. Mr.. Stocker wished to hire
Mr. Brush Of Boston to sell the goods
and spoke to Mr.. Cowles aboutit and adj
mitted that Mr.. Brush had no financial
standing. Mr.. Cowles objected to hiring
such man, but nevertheless Mr.. Stocker
hired him. Large quantities of goods
were shipped to Boston for him to dis
pose of. Finally Mr.. Stocker became
suspicious and it was discovered that
Brush had sold 5000 worth of the goods
and charged them to himself Mr..
Cowles went to Boston, but as Mr..
Brush had no financial standing nothing
could be secured. A short time ago Mr..
Stocker called Pres. Cowles into the office
and said he was going to leave town.
Mr.. Cowles wanted him to wait and see
the directors, but Mr.. Stocker said, 4
don't want to meet the directors" Mr..
Cowles then asked for Stocker's resigna-
ton, which he has in his possession now,
although nothing has been done with it.
Continuing Mr.. Cowles said a meeting
OF the directors was held the night Mr..
Stocker left and it was discovered that
there were 100 cases of goods under
process of manufacture in the factory. 1t
was decided to run the factory until these
goods were finished, which was done,
and ia cases Of goods have been sold
since Mr. Stocker lett.
The financial standing of the company
was asked for and President Cowles said
that there was approximately $500
worth OF finished goods, $500 worth OF
stock and $1,000 due from goods sold.
E. F. Griswold moved that the institu-
ton go into insolvency and the motion
was seconded. but it was found that this
could not be done on account of the notes
endorsed by the directors who were held
personally liable.
c. A. Calderwood said that at the
time Mr.. Stocker left he tried to sell his
stock and he, Calderwood, offered him
$500 tor it and this offer was accepted.
When the directors discovered this they
sent M. ]. Caldbeck to Boston to try and
buy the stock of Mr.. Stocker, and offered
him $500 for it. Mr.. Calderwood claimed
that the directors did this for their own
personal interest and to beat him.. Mr..
Calderwood said that he went to see
some of the dir ectors and asked them il
all they asked of Mr.. Stocker was to pay
his share of the notes which were en-
dorsed. Some of the directors said that
was all they could ask, but after meet.
ing they decided differently, brought a
suit against Mr.. Stocker and attached
the stock.
Dr. Stiles said that part of Mr.. Calder
woods speech was true, but large part
of it was not. He said that each director
had done his best and they thought il
they could secure this stock they could
keep the factory running until the annual
meeting; that they did not try to buy
the stock to beat Mr.. Calderwood, but
knowing that he was not in sympathy
with the board of directors, they thought
the factory could be run better ii the
stock was held by men on the board.
He said that series of mistakes had
brought the factory to this state oil
affairs, the first of which was placing the
building where it is; the second of hiring
an incompetent manager and third elect.
ing board of directors who knew moth.
ing about the business.
After DR.. Stiles finished speaking Mr.
Calderwood and Mr.. Caldbeck had a
heated argument in which many personal
remarks were made. Mr.. Caldbeck said
that he with other directors had signed
notes with Mr.. Stocker to the amount
of $4,000 and were each held personally
for the amount, and he thought that the
amount should be paid from what was
left of the factory. John Mcdonald, who
was the fifth subscriber, wanted all per
sonal remarks omitted. Let's set
tie this matter as good American cit
izens." He said that there was not 6
stakeholder who would not sacrifice any
thing to keep the factory running.
George H. Cross moved that the di
rectors be asked to make out balance
sheet and present it TO a meeting to b.
held one week from this meeting and the
motion was second,o Mar. Cowles sale
that it was a VOICE. 70 most OF the
stockholders where the money had gone
to. He said that shoes that sold TO!
SIT or $1S case cost the factory $24 6
case to manufacture and when they were
making seven or eight cases day that
it did not take great while to use up q
lot OF money.
The directors thought that one week
was not enough time in which to prepare
balance sheet and Mr.. Cross extended
the time two weeks. The motion was
seconded by Mr.. Calderwood and was
passed unanimously by the stockholders
The motion to adjourn was now made
and carried.
During the meeting DR.. Stiles offered to
give his stock, which amounts to $500
to any one who would come and run the
factory FIVE years. Mr.. Calderwood
offered to give stock to the amount Of
$500 and 5000 in cash to any one who
would run the factory five years and Mr.
Caldbeck offered his stock of $500 and
5000 in cash to any one who would run the
shop. Mr.. Mcleod offered his stock Of