New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-26
SHORTAGE OF $4,000.
TREASURER WITHDRAWS.
Proposed Sale of WoonsOcket Com
pany May Not BE Disturbed.

Woonsocket r. L. April ga shortage of
about $4,000 Ia the accounts of the Woon-
socket Electric Machine and Power Company
was disclosed to-day by the issuance to the
stockholders of the company of circular letter
announcing that a heavy shortage had been
discovered The letter, which was issued by
order of the directors. further stated that the
resignation of Levi Cook Lincoln, secretary
treasurer and general manager of the company
had been accepted.
John ]. Heffernan counsel for the directors OF
the company said to-day.
4 believe the amount of the shortage is
about $4,000. Mr.. Lincoln has resigned and
has turned over to the company property which
he claims is worth $4,000"
After reading the circular letter Of the direc-
tors and the statement Of Mr.. Heffernan, Mr..
Lincoln said:
81 admit the situation is substantially as
stated. Further than this must decline to be
interviewed. I take this step upon the request
and the advice OF our directors and the pur
chasers"
Recently negotiations have been under way
for the sale of the business TO the firm of Esta-
brook & Co. and the circular says that the al
legged embezzlement win not interfere with this
sale. although the stockholders may be called
upon to make good any deficiency.
The text of the circular letter sent to the
stockholders is follows:
woonsocket R. l.. April %. 19O7.-It has this
day come 10 the knowledge of the board of d.
rectors of the Woonsocket Electric Machine and
Power Company that there hes been embeZ-
element from the company Of n large sum Of
money, and the resignation of Levi Cook Lin
coin. as secretary trea surer and general man
ager OF the company. has been accepted.
We have had E consultation with MaEsrs.
EstabroolS & Co. the proposed purchasers Of the
plant Of the company, and they have offered to
carry out the substance Of the original proposi-
win % aaeia= oil
ready agreed upon. less his or her proportionate
part Of the shortage, this TO be determined by L
joint audit made by auditors chosen by the di-
rectors Of this company and by Estabrook & Co.
So far ascertain at this time the
shortage will not he large as to greatly re-
duce the amount originally agreed upon to be
paid for stock. and in consideration Of that fact
your directors have voted 10 recommend to the
stockholders 10 take advantage of the offer Of
EstabrOOk & co.
We expect in a few days to be able TO make a
definite report to the stockholders.
BY order Of the board Of directors,
GEORGE r. SMITH. secretary
Mr.. Lincoln has been secretary treasurer and
general manager of the company for seventeen
years.
President George Batcheller of the Woon-
socket Electric Machine and Power Company IS
town exposition, and went to jamestown yes
terday. He was informed tonight by tee-
phone Of the resignation Of General Manager
Lincoln and the other developments Of the day,
and Immediately announced his intention Of re-
turning TO Woonsocket at once He is expected
TO reach here tomorrow. Pending his return
Il was said tonight that further action in
relation the situation will be taken.