Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1899-02-10
The Discussion.


An hours informal discussion followed
upon various points which were raised.
Questions were asked about the "patenta-
bic machinery" mentioned in the report, and
about the ownership or use of other such
machines as might be invented in the fu-
ture. Mr.. Bracket said he understood
that the company had about 25 special
machines, the invention of Chas a. Smith
1t was not the policy of the company to
patent such machines because they were
for the company's private use, and the
company did not wish to make them public
property. 1t was said by others, in a gem
eral way, that il Mr.. Smith should invent
other such machines the inventions would,
doubtless, be his own private property, but
that, beyond question, they would be used,
as in the past, exclusively for the COM
pany's benefit.
With regard to salvage on the engine,
boiler, lumber, and goods, or stock, saved
from the fire, it was stated that none of
these was included in the real estate assets
to be turned in by S. A. Smith & Co. The
lumber on the grounds was probably worth
$4,000. This and the other property
mentioned had a distinct value which was
to be determined by the new company
when it had been formed under the pro-
visions of the laws of Vermont. The man
ner of formation of the company was ex-
planned by Col. Haskins.
The question was raised as 10 whether
individual holdings of stock would be tax
able. 1t was answered that they probably
would be if they had value above the
company's realty, but the question was
hardly worth discussing, since there is no
doubt that the town would vote to exempt
the company from all taxation for a term
of years.
At this point DR.. Holton suggested that
the real purpose in view was to aid and in
duce S. A. Smith * Co. to rebuild. and re-
sumo their business. The facts were be-
fore the meeting and he moved the adop-
ton of the report. The motion was car
ried unanimously.
The only other point discussed was on
the question of giving the original firm of
S. A. Smith * Co. the privilege of buying
the stock subscribed by citizens. Mr..
Bracket had previously said that Smith &
Co. had suggested that it would be agreea-
BILE to them if the citizens stock was taken
with stamp or agreement giving S. n. Smith
& Co. the privilege of redeeming it at par
any time within five years, with interest
at say per cent from Jan /, 1900. Smith
q Co, did not ask this; they had simply in
timated that they might like to have this
done. 5. b. Emerson wanted a standing
vote taken to see if it was the wish of the
subscribers present to make an agreement
of this kind. DR.. Holton, Col Haskins,
and others objected, on the ground that it
was matter for each individual subscriber
to settle between himself and the company
when he took his stock, and that it was not
fair to ask subscribers to make any public
pledge in advance.
w. II. Vinton brought this part of the
discussion to an end by the suggestion,
briefly and pointedly made, that the orig
inal purpose of this movement was to ex-
press sympathy for S. A. Smith & Co. and
TO induce them to continue their business
here. Nobody in Brattleboro wanted to
make dollar out of the firm. All that
was wanted was to have them go on with
their business in the old way, under their
own management.
This declaration was received with
hearty round of applause. A little later
Mr.. Emerson withdrew his motion for an
expression from the stockholders when it
was explained to him that Smith 4 Co. would
not wish to have any public pledge or ex-
preston in the matter of redeeming the
stock.
r. Ii. Thomas asked if further subscrip-
tion to the stock would be received. In
answer the committee said that what
Smith & Co. would like would be an even