Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-02-07
OAKLAND WOOLEN &C.
May Sell Its Water Right to the Mes
salcnskse Electric Co.


Saturday noon, after a hearing lasting
several hours. granted an amendment
to the injunction restraining the Oak
land Wooden Co. from disposing of the
wooden mill property at Oakland. 50 as
to give the company the right to sell
to tnc Messa'onskee Electric Co. it's
water rights and hydraulic machinery
Harvey d. Eaton and William T..
Haires of Waterville appeared in favor
OF the motion to amend the injunction
and Robert r. Whtchouse and Hon.
William H. Looney of Portland, rep
resentinG certain minority stockhold-
eTs OF the Oakland Wooden Co. in OPP
position. George W. Field of Oakland
was pre- sent in the interests of the p
McGraW Wool CO., OF Pittsburg, Pa,
one If the creditors of the Oak
lane WOODEN Co, which has placed
an attachment on the plant. John E.
Nelson was present with Mr.. Haines to
look after the Hanes interest in the
controversy and the following of the
minority stockholders from Oakland
We're also present at the hearing
Charles A. Ridley, Daniel NJ Marshall.
b. A. Marshall, A. G.. Kicker and c.
Jesse Blake.
Attorney Eaton explained to the
court the proposed contract with the
Oakland Wooden Co. by which the con-
Germ was to sell to the MeSsalonskec
Electric Co. its water power and by
draulic machinery upon the consider
alton that the Messalonsllee Electric
Co. should furnish sufficient power to
operate the mill as an eightset mill
and should light the mill. Mr.. Eaton
explained that the Messalonskee Elec-
trio Co. had lately changed its name
to the Central Maine Power Co. and
that rights on this dam were essential
to the contemplated development of his
company.
Mr. Haines informed the court that
the majority of the stockholders of the
Oakland Wooden Co. had already voted
to dispose of the water rights and by
draulic machinery in the manner asked
for in the motion. He explained that he
had been obliged to run it and said
that he believed that The proposed sale
of water power would be of great ad-
vantage to himself if he ever came
into entire possession of the mill or to
any purchaser. He stated that the va
ter power on the dam of itself was not
sufficient to run the mill alone and
that auxiliary power was necessary at
times.
Hon. Robert r. Whitehouse in speak
ing for the minority stockholders, said
that if the water privilege was thus
disposed of the company would he
stripped of very valuable asset for
which thn cpinnritv CtOnlyh
would receive no adequate comrensa-
ton. He did not think that the Oak
land Wooden Co. was adequately pro
tected by the contract even if ther"
was no other objection to the disposal
of the water power. He contended that
no action should be taken in regard
to this contract until after the hear
ing upon the permanent injunction.
which would be held in q short time.
Charles A. Ridley Of Oakland was
called by the remonstrants He stated
that he had a general knowledge of the
dam extending over 20 years. He did
ont feel that the minority stockhold-
ers would be properly protected in the
proposed sale of the water power. {.
jesse Blake of Oakland another mi
norlty stockholder. said that the mill
would be of more value in case of
sale as 1t now stood than with the wa
ter privilege disposed of.
Attorney George w. Field testified
that the attachment placed upon the
Oakland Wooden Co. by the concern
which he represented would mature
Feb. %. The ad damnum named was
$4,000 and the claim of the p. McGraw
Wool Co. $3.50. He had rather see the
property put through bankruptcy with
the title clear than with this contract
attached and believed that it would be
of greater advantage to the stockhold-
erS.
Attorney Eaton pointed out that if
bankruptcy proceedings were COM
menced before this contract was made
ii might never be made and said that
he asked for this immediate action in
the matter because certain rights on
this dam appeared to be absolutely es-
sential to the future development of
the Messalonskee Electric Co. and the
plans proposed by the capital which
had become interested in the concern.
Attorney Eaton in response to in
auirv stated thak the Messalonskee Co.
before its change of name represent
ed about 100000 of common stock and
$685. 900 of preferred stock, and that the
Capitalization of the Central Maine
Power Co. was s2.500,Co0
Justice Cornish in granting the deei-
sion giving the right to the Oakland
WOODEN Co to disnose of IT'S water
rights said that the weight of evidence
in the hearing seemed to be that 1t
would be an ADVANTAGE to the COM
pany to thus dispose of it's water pow
er and that the mill would certainly
be worth more with a continuous pow
er rs propesed than with fuctuatings
water power. he ordered that the com
tract he executed as soon as certain
amendments to he determined by the