The Providence news. (Providence [R.I.]) 1891-1906, 1899-04-12
TWO NAMED
FOR RECEIVER.
Smith-NeWeII Granite Co. S Case
Before the Court.
|. M. COOKS NAME PRESENTED
BY ihe Smith Interests and That Of D. G.
Newell by Newell Interests.
LAWYER VINCENT FAVORED Mr.. COOK.
Attorney Crafts Urged Appointment Of Mr. Newell,
Who Is Practical Man In QuauJlng and Cut
ting OF Granite Court Took Papers.
By the Smith Interests and That Of D. G.
Newell by Newell Interests.
LAWYER VINCENT FAVORED Mr. COOK.

Judge Tillinghast this morning heard
arguments on the appointment of re-
oeiyer for the Smith-Newell Grant,,
company. His Honor decided a few
days ago that a receiver should be APP
pointed The Smith and Newell inter.
ests both had a candidate for receiver,
the former wanting Lorin Nj. Cook and
the latter David Gee Newell. Walter
B. Vincent urged the claims of Mr.
Cook and \. Il. Craft and Augustus >.
Miller of Miller & Carroll argued for
the selection of Mr.. Newell
Mr.. Vincent opened the discussion TO-
day, saying that he represented 30 per
cent. of the stock, $4,000, of the inter
ests OF the creditors and had a pap"r
signed by 30 or 40 business men who
recognizing the great detriment 10 the
town by the stopping OF the WORKS
urged the selection of Mr.. Cook.
Mr.. Miller did not see what the busi-
ness men who were not parties had 10
do with the bill. Accordingly the feel
ings of the business men VINO signed
the paper were not further urged.
Mr. Crafts said that the two quarriea
did business of $500, 900 year ana IL
was a very important matter whether
the business made $4,000 year or not
If ii made $4,000 dividend or 10 per
cent. on bonds amounting to S2OO,0oS
could be paid and the affairs OF tho
corporation be put in good and healthy
condition. Therefore the necessity Tor
the appointment OF man VINO undef-
stood the business was great and ho
therefore urged the appointment Oh
David Gee Newell. The corporation,
said counsel was not sailing on sum
f,a he
stormy time before ii and needed an
experienced manager. No matter how
great might be Mr.. Cooks ability and
integrity, and they would not be Tor
moment doubted. the position required
a practical man. Mr.. Newell had
worked IL years in his fathers quarry
i'm Scotland, which was one Of the larg-
est i'm Great Britain. Affidavits were
ready to show that the last three years
of his management of the Newell
Granite company had made 10 per cent
on $4,000. while the management OF
the old Smith Granite company lost
$36, 900 on a big quarry. Affidavits were
i'm the possession OF the Newells ~
show that while Mr.. Orlando r. Smith
was a young man whom all had kindly
feelings towards. but did not believe
capable of the management of such
business.
Mr.. Crafts further urged that thu
business required some one 10 be at the
quarry 10 hours a day. one who would
go 10 bed with his business, wake up
with il. have his heart in IL and also be
financially interested. man whit
went TO Westerly only two or three
times a week could not attend to the
affairs Of the corporation.
Counsel said that Mr.. Champlain,
who had one of the biggest quarries in
Ia
cept the position of receiver. said that
for nothing under the skies would he
accept such a herculean task as trying
TO draw the concern out OF the hole IL
was i'm. 1t was urged that other par
ties than the banks had interests in the
successful management Of the corpo-
ration, which was not insoivent, and
Mr.. Crafts said that the Smith Gran
company was a hollow shell, and
what was really To be done was the
appointment Of n receiver for the New
ell Granite company. Mr.. Cook, IL is
said. had told Mr.. Martin, formerly sec
retary OF the Smith Granite company,
he would appoint him as manager. This
statement was denied by Mr.. Vincent
later.
Mr.. Miller argued that great care
should be taken in the appointment OF
a receiver. There were other interests
than those or the banks 10 ne cOnSld-
cred. particularly those OF the Newells.
and that unless a Westerly man was
appointed, he and his associates could see
only irretrievable ruin for his clients.
Mr.. Miller read a letter from Taylor,
Symonds q Co. asking for the appoint
ment of Mr.. Newell as associate re
ceiver. one from Whtford. Aldrich *
Co. asking for Mr.. Newells appoint
ment. and one from the Pawcatuck
National bank OF Westerly 60 the same
effect. II the court thought some out
slider must be appointed, Mr. Miller
said he would ask FOR the appointment
of william Toler. who was formerly an
attorney I'm New York. but now assist
ant manager OF the clark Thread mill
I'm Westerly. kilograms from Hon.
Foster NJ. Voorhees,. governor OF New
Jersey. and from Hon William j. Nc
Gee. chief justice OF the supreme court
OF New Jersey. were read strongly rec
ommending Mr.. Toler.
Mr.. Vincent made brief argument
..I Ia NrVrF lftaev