The times., 1901-03-22

regard to stock, they told me 10 send
them my stock. and they would send me
STOCK IN thelr company IN return. lei1
thdt the putting of my stock INTO thelt
hands would be a risky proceeding. so
nave done nothing about II. ! understand
thaI tite same proposition has 3eeh haus
10 an the Washington stockholders ana
that the stock is being turned over 10 the
Secretary. Mr.. Cockey. who has not how
ever Yet turned it into the Baltimore
firm.
Mr.. Cockey declares that there is no
! cropkedness in the transaction whatever
We have been doing our best 10 sag
some money for these Washington snare
holders. he said. The truth of the mat
ter IS that the whole affair proved a great
| loss, as much to the Baltimore tirln as
20 the Washington people. II we haa a. a.
lowed the company to be declared pahh
| rupt, as II certainly was, the hopes OF
the Nashingtonians to obtain ahNt
on their investment would have NailiShtp
into thin air. The corporation IS Sun IN
| existence, and by making this proposed
! exchange of stock four for one, which
| the Baltimore firm offers, the NaShlhs-
| tonians will get out about as much as
! they put in. The loss Will fall upon the
| Baltimore firm -
Mr.. COckey added that he had not made
| the exchange of stocks in his hands be-
| cause he had been requested to make II
| in person and had not felt inclined as yet
| TO eNpend the money necessary iof the
| trip to Baltimore.
| Mr.. Lansburgh declared that from the
| first he had felt the business could not
| succeed because he said it was carried
| on in slipshod manner, and because he
| did not believe. in the salability oil the
! shoe offered.
According to the view held by Mr.. Saun-
| ders. the Intentions of the parent com
| pany were at first honorable in every
/ respect, though perhaps orders had ho'
! been carried out in Washington by rep
reSentatives. in the proper way.
The only thing to criticise about the
| management of the business, said Mr..
Saunders, was the enormous plan upon
| which it was started. 1t was launched
too eXpensiveiy, and il could not bear
the burden. ] firmly believe that, on a
moderate scale, the Washington Electrus
Shoe Company might carry on business
here quite profitably. l was not always
| in accord with the policy OF the manage
| ment, and in fact, though ] was presl-
dent, had but little to say in what was to
dend just after starting the business, but
was overruled. / thought 1t would prove
questionable and liable TO misinterpr@ta-
ton So it has.
Il am at a loss to explain why | was
not consulted when IL was determined tC
remove the shoes from the warehouse.
was surprised that any attempt at such
action should he taken without the great
est publicity. Now however. We have the
stockholders properly safeguarded. and
hope the exchange will go on. | am told
that the Electus Glove Button Shoe Com
pany stock sells at slightly above %
which. eXCh1pging four to one, ought tC
give the Washington stockholders little
more than their shares are worth.
Until the matter develops further nC
legal action is expected. As the exchange
of stock will mean the extinction of the
! Washington company. 1t may be resisted
| by some of the more radical