Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1910-08-26
TO BUY OUT PROCTOR
kerWantedto BorroW$50, 900
at Peoples Bank
Declined offer Of 100000 for His stock
and Told II. r. Brown Proctor's Hold
lnas Would Not Be Worth Much.


That James f. Hooker, William II. Cor
ser and Charles ID. Whitaker former
members of the Hooker, Corser & Mitch
| ell company of this town and now pro-
| prietors of the Mohawk overall business
! in Schenectady, ~ Y, intended to start
! the Schenectady business as a branch of
! the Brattleboro plant and not as an in
| dependent concern was shown in testi-
mony Tuesday, in the opinion of the
members of the Hooker, Corser d Mitch
| ell company, who have brought an aC-
| ton in chancery against the three for
| mer members mentioned to recover what
| ever benefits have accrued from the es-
| Establishment of the business in Schen-
ectady The testimony was taken in
| Brattleboro in the Office of G. G. Fits,
| of the orator company's counsel. before
| Special Master NJ. c. Weber of Rutland.
Highly interesting testimony was
! given by MILFORD II. Bracket, cashier
of the Peoples National bank. Mr.. Brack-
EFT told of what took place Saturday,
May %. 1909. That was some time after
arrangements had been completed for
starting the Schenectady business and
also was after the hearing i'm Rutland.
when the defendants gave w. II. Proctor.
then their remaining partner and now
president of the orator COMPANY the
option of selling his stock to them or Of
buying their stock at a stated price MIR.
Bracket testified that on that date
" r..
Hooker crossed the street and said to
him, i'm substance: 1--WE will be down
this afternoon, Mr.. Bracket We want
to borrow $4,000 Mr.. Bracket asked
why, and the reply was, Ito pay Proc
| tor. Mr.. Bracket questioned Mr.
| Hooker as to the outcome of the Rutland
hearing the day before and was told that
| a give or take offer had been made, where
upon Mr.. Bracket made the remark:
Then you have the option" to which
Mr.. Hooker replied: mo, Proctor has
that Inquiry then was made by Mr.
Bracket as to what price was placed on
the stock and Mr. Hooker told him the
price was set at $175 a share. IF YOU
have done that" said Mr.. Bracket
you will not need the money. for YOU
| have sold your business" Mr. Hooker
secuted the idea that Mr.. Proctor would
| raise money to buy the business but
later in the day he went to Mr.. Bracket
and asked what he meant and If he had
heard anything. Mr.. Bracket said he
had not but he was satisfied that MIR
Proctor would not fail TO buy at the price
named. 1t will be remembered that I'm a
lew days Mr.. Proctor came forward with
the cash, bought the stock of his three
partners and reoi ganzod the company
with some new partners
Another important witness was Henry
X. Brown, of the present Brattlohoro
company He testified that after having
April, 1909, he made an appointment to
meet Mr. Hooker in the latter's office
and attempted to negotiate for the pur-
chase of Mr.. Hooker's stock i'm the
Hooker, Corser & Mitchell company
which had par value of S35 900 He
| testified that he offered Mr. Hooker
100000 for it, but that Mr. Hooker de-
clined the offer and said he would not
sell It for half a million dollars Mr.
Brown testified that MIR Hooker advised
him not to buy Mr.. Proctor's stock as II
would not be worth much" In two
months Mr.. Hooker sold his stock for
SOL 900. or $4,000 less than Mr.. Brown
offered
There were two other witnesses John
b. Dunton and Mrs. Anna Endlich. In
an earlier hearing Mr. Corser testified
that the company had stored some cloth
in the jelly building subsequent to Jan
10, 1909. Mr.. Dunton, who has charge Of
the building, testified that no cloth was
stored in the building during the time in
| question. The orator company claims
| that the cloth was converted hv the
| Mohawk Overall company to its own use
| In deposition taken i'm Schenectady A
| r. Hobart, a foreman for the Mohawk
| company and formerly with the BrattIe-
boro company. said he wrote Mrs End
| Itch. who was employed by the Hooker.
| Corser & Mitchell company when he was
| here, to come to Schenectady and that
| she could have the same line Of work
| with more pay. He said he had reason
| to believe that she had left the employ
| OF the Hooker, Corscr & Mitchell com
! pany Mrs. Eudch testified that she
| had never left the employ Of the compan,.
| and never thought Of leaving. ono Of
the contentious of the orator company is
| that the defendants have hired away and
attempted to hire away employees of the
Brattleboro company.