The Newtown bee., 1905-03-10

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 against the promoters, the Eastern Industrial company of New York, in an effort to evade paying into the pro- noting company the amount of stock su Inscribed by the 100 or more share holders in the new concern, aggregat- ing in all about Sl2,5OO. A special committee was appointed at the meet ing Thursday afternoon to act with the regular building gIcommittee in con- sulting legal opinion in reference to the matter and it was voted to assess i S5 share upon every subscriber for | stock in the local company to consti- tute fund for carrying on concerted | legal fight should the promoters force | matters to an issue by endeavoring to collect in the amount subscribed. Stockholders in the proposed canning factories in Lee and Great Burlington, promoted by the same concern, will be consulted and it is possible that they may interest themselves and take stand similar to that taken by those interested in the local concern. There was much discussion at the meeting, Thursday afternoon, and practically all of it seemed to result in deter imitation on the part of what share holders were present to drop the pro- ject where it now stands and refuse to pay in any of the subscribed stock even if resort to the courts is necessitated. As the concern is not yet incorporated the promoting company, should it de- eide to attempt to force the stock subscribers to pay in the amount sub scribed, will have to institute legal proceedings against each subscriber individually, which would be con- siderable undertaking. MT Sayles of the building committee stated that he had consulted legal authority in refer ence to athe contracts signed by the subscribers individually and had been told that they were binding and that the only way for those interested to avoid carrying out the project and paying in all of the subscribed stock was to organize and fight the matter out collectively when a compromise with the company might possibly be effected. One of those present in. quired how the concern was to be run in case the subscribers were eventua l. ly forced to assume it after a contest of the matter in court, pointing to the fact that there would be only very small surplus in the subscribed stock left over,-a matter of $500 or $1OOO,- after the building, it's equipment and the site had been paid for. In reply MT Sayles said: 'Gentlemen, you might just as we'll come to the conclu- sion now as at any other time that the project is a dead one, and should be buried as soon as possible" At. this time Stockholder evidently embued with the same sentiments yelled out from the back of the hall, "Here is SlO to help bury it.' MT Foote voiced the sentiments of most of those present when he asked who would be willing to act as directors of the concern and assume the reSponsi ibility of borrowing money to operate it were it to eventu- ally come to such pass. The keynote of the whole meeting was embodied in the remark made by John Parker when he said: "I move that there shall be committee appointed to investi- gate the matter and if it be fraud let us stamp it out at once and to the best of our ability" Following the ad-
 journment the joint advisory commit tee repaired to the office of former District Attorney c. B. Hubbard in
 reference to the necessary steps to be
 pursued, and it is evident that no grass will be allowed to grow under their feet in bringing matters to a crisis at once. The outcome is awaited
 with interest not only by the stock. holders in the local concern but in the Lee and Great Burlington factories as | well.