Los Angeles herald., 1907-08-22
TROUBLE BRE WING IN
COMPANY'S AFFAIRS
PRESSED BRICK STOCKHOLDERS
AT DAeeERs' POINTS
Offices In Bradbury Building Guarded
to Prevent Admission of Creditors,
but Difficulty viii Be Settled
Out Of Court

Trouble is again brewing in the affairs
of the Granite Pressed Brick and Crushed
Stone company, which recently occupied
the center of the stage in the superior
court with injunctions, restraining or
ders, etc.
AS before, 1t was yesterday found nee
essary to guard the offices of the COM
pany In the Bradbury building to prevent
the admission of too insistent creditors.
Hostillties opened Tuesday afternoon,
when a majority of the stockholders
called a meeting and deposed the former
board of directors whom they claimed
were not doing the concern justice IN tnelf
conduct of its affairs. A new board was
chosen to fill the vacancies and then the
creditors got dubious about their claims
The first real clash came when Sidney
r. Todd, secretary of the company, had
disa greement with the new directors and
was peremptorily asked to resign, He
complied with the request with unex-
pected alacrity, but the dumbfounded Of
ficials got their wits together and elected
Albert Todd to take his place.
A. c. King who was formerly direc-
tor, but was forced out in the reorganiza-
tion of the concern in June, is working
on the books with auditors representing
the creditors of the company.
Every effort will be made to compro-
mise the differences, and we hope to be
able to tide over this difficulty" said
Mr.. King yesterday There has been no
little carelessness in Inc bookkeeping, and
1t will require lots of extra work to get
things into shape so we can tell just
where we stand.
IF we are not able to meet the demands
of our creditors in this matter, suit will
be brought against the company, and pos
sibly against some of the former officers
who are responsible for the present de-
plorabe state of affairs
Seek Control of Books
For several weeks past there has been
a contest between the old board of direc-
tors and some of the stockholders to
gain control of the books. At our meet
ing on Tuesday a new board was chosen,
and now that we have control every eff
fort will be made to keep the trouble out
of the courts"
A P. Farley, another of the stockhold-
ers, said 1T is outrageous that this COM
pany should be wrecked by the selfish
ness of few of the directors. We ought
to have the strongest company in Los
Angeles, financially speaking, and here it
has been assigned to the Greanleaf-Comp
ton company for paltry indebtedness of
$1,000 less than half of which is due on
the 1st of September.
There will be no foeclosure, though,
if we can help it, for a majority of the
stockholders have the best interests of
the company at heart and will come to it's
rescue with sufficient funds to meet all
claims"
In the matter before the superior court
early in June both factions applied to
Judge Monroe for injunctions restraining
the other side from holding meetings or
in any way carving on the affairs of the
company.
| Before the date set for hearing of the
| case arrived the matter had been settled,
and on the motion of attorneys for both
sides the case was dropped from the cal
| endar. et