The Philipsburg mail., 1899-03-03

held by him as security for the debt
he (Durfee) owed to the bank to the
purchaser of same at assignee's SALE
The stock was purchased by Mr.. Nc
Donald for $40, 600, he also being the
purchaser of some of the real estate
situated in the Flint Creek valley.
Mr.. Smith now alleges. and SO testi-
fed recently in court. that he had ar
ranged with Mcdonald to buy this
stock. giving him authority to bid up
to $15, QUO, if necessary. to secure it.
He agreed to pay $500 Of this money
down and the balance within forty
eight hours. That evening Mr.. Nc
Donald informed Mr.. Smith that the
assignee. Mr.. Harper. had made de-
mand on him for the amount of his
bid, and as he (McDonald) could not
put up the money, the stock had been
resold at private sale to Mr.. Howell,
acting for the Thompson Investment
company.
The Thompson Investment company
were now in a position, if not obstruc-
ted by litigation, to elect board of
trustees on January 20 last, and should
tn is newly elected set of officers fail
to raise the money necessary to redeem
the property by July 2. 1899, it would
pass entirely and absolutely to the
Thompson Investment company and
it's associates, and thus become forever
lost to those of the stockholders not so
fortunate as to be III the scheme. 1t
was then within the power of the In
vestment company to create new cor
poration and pro rate it's stock among
the faithful few who would violate
their oaths as trustees, or who had
supplied money and means in the ac-
complishment of the end which had
brought about such successful result.
But Mr.. Durfee protested against such
action of the assignee and entered pro-
ceedings to set aside the sale of his
stock and to remove Mr.. Harper from
his position Of trust.
This case came up before Judge
Brantly in the December term of
court, and SO rigidly were the terms of
the assignment drawn that the judge
decided against his application, where
upon an appeal was taken to the su-
p1eme court Of the state, where the
case is now pending. AS the election
was to occur in the month following,
to prevent the Thompson Investment
company from elect1ng board Of
trustees at stockholders meeting, it
was necessary to restrain it from vot-
| ing the stock. This action was brought
before Judge Napton and the order
was granted, and the old board of
trustees elected January 90, 1898, un-
der the conditions expressed by the by
laws of the company, held over during
another year, as there was not enough
stock represented at the meeting tC
elect a new board.
AS Mr.. G d. Mcclure is the only
stockholder not in the pool who had
the means TO protect himself, 1t de-
pended on him alone to espouse the
minority stockholders. 1t was always
his impression that the Sunrise M. &
M. Co. should be paying and pros
perons concern. He knew the value o1
its ores and the proper method Of
treatment to apply to them, and being
the owner Of nearly e-quarter of the
capital stock of the company, it is
very natural that he should protect
his own interests. That he has ell
deavored to do this is apparent in the
present condition of affairs, and he
alone is to be thanked for bringing
about this exposure and showing how
a great ent erprise can be absolutely
destroyed by the well conceived efforts
of those who control its stock and have
it in charge.
At the meeting of January 20, 1898
Mr.. Frank M. Durfee voted his stocl
with that of Mr.. Mcclure and was sue
cessful in electing majority of th'
board. They thus became possessed O.
the books Of the company and, there
fore. of the information necessary t.
establish the illegality Of the confessed
Judgment. Through other sources
the private correspondence of the syn
dicate was obtained, and this supplied
the last desired link in the chain o
investigation. The present board O
directors have never contributed dol
lar to the debt of the concern, but dur
ing their incumbency have conscien
tiously worked to save the compan!
from paying the illegal debts confessed
by their predecessors, and to endeavo
to place its affairs upon an honest ant
businesslike footing, so that it nigh
again resume business among the work
: ing industries of the county. Thi
they would not have been able to d
had not Mr.. Charles d. Mcclure com
to their aid with the necessary none
to secure counsel and pay expenses in
cident to the necessary investigation.
| Death of william MAYNARD,