Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-10-23
want RECEIVER
For the Lawson Pink
Label Canning Co.
Hearing to be Held at Port
land, Thursday, Oct. 26.
About $4,000 Worth Of Stock Owned
by Augusta People.

matter in which quite n number
Of Augusta people are Interested is
the petition for a receiver for the
Roger |. sherman Manufacturing ca.
otherwise known as the Lawson Pink
Label Co, Il hearing on which has
been ordered before Associate Justice.
Strou1, of the supreme judicial court,
at Portland, Thursday. oct. 20.
The amount Of stock Of this com
paEy which is owned in Augusta IS
between $1,000 and $l4,OOU and is
divided up among 70 or 30 stocIIhnlJprs
in blocks ranging from 500 Ia $4,000.
Among the Stockholders are some of
the WealthicSt men Of the civ. ana
also some who can i'll afford tu lose
what money they put into the scheme
but who We're lurcd by glittering in
duccncntS to make the investment.
1t is not expected that the Stockholders
will receive Il dollar ON their invest
mcntS, save from the few dividends
which We're at first paid by the COM
pany. The Portland Press, Saturday
morning, in Speaking Of the matter
contained the following:
"a hearing upon the petition for the
appointment Of Il receiver for the
Roger |. Sherman Manufacturing CO.,
known also 10y the name Of the Law
son Pink Label CO., has been ordered
before Judge Strout for oct &c in this
city.
This step is taken to force the
company into bankruptcy.
There is said to be no hope that
any stakeholder will receive a dollar
Of the money he has invested in this
scheme.
The stock in this concern was lib
orally subscribed to throughout New
England and in Maine and it is said
that Biddeford ANA Saco were bitten
to the tune of $4,000. distributed
among 80 stockholders.
with the name Of the Roger I.
Sherman Manufacturing Co. and the
right to use the much advertised Law
son Pink Label, this company was
organized under the Favorable Maine
laws i'll 1899 with Il capital stock Of
$25O,000 ana Roger |. Sherman was the
president.
Tile business Of the company was
to sell canned goods. 1t had two can
ming factories, one at Littleton and
the other at Concord. There very
pretty tin cans were made and the
Lawson Pink label put upon the out
side of the can anaI the product of
other canning factories sealed up in
side the cans. The Lawson Pink
goods wer" very neatly put up and it
WAS ;."' tl:rouGh amy inferiority of the
60, !: :l:.st The scheme failed.
'Ih" s-.,".pn0 in stock was sold
t;,rnu.;hnut New England 1t was
SURF, to pay a dividend Of 10 per cent
Those who sold the stock. the par
value of which was $40, got a commits
sion of 10 per cent. so that the stock
was handicapped at the outset by Il
20 per cent. load.
Up To 1908 the 10 per cent dividend
was forthcoming when $4,000 worth
of extra stock was put on the mar
krt ana disposed Of 50 that the com
pany now has 100000 worth Of stock
out.
But after the 1902 dividends there
We're no returns.
"One explanation ana another was
given. At one time an extra $15,0o0
WAS raised by those who had faith In
the scheme to tide over difficulties
There We're obligations to thu, amount
Of $4,000 which had to be taken care
of and the most loyal of the stock
holders rallied to the rescue and gave
their notes secured by collateral to
take up this amount.
Nov with 4 petition for a receiver
filed. with the stockholders enjoined
from taking any action or disposing of
the company's property, with no ac-
cnllnt made nf the S1Uu 0Ou u-h ich ha
stockholders have paid in, the COM
pany owes i'm notes. pledges and mort
cages $4,000. At a liberal estimate
its actual assets may amount to $40
900
'Of the total capital stock 100000 |
was sold to Maine people"