The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-02

, fighting spirit was aroused. Then he
set to work to see II there was any
way out of the tangle of debt and en-
barraasment with which the company
was beset. There was merit, undoubt-
! ed merit. in the company's product and
! there was money to be made If the
business was conducted honestly and
| economically but next to a genius for
borrowing money Dover had a faculty
for spending 1t. or all the money he
had obtained in the several years Of
! the corporations existence there was
| little to show. Harris, who was Dow
! ers hrother-in-law, was little better
than Dover. Crowell. who had the con-
tract for selling the goods, owned some
/ stock, held some more of Dover's as
| security for loan. and had lent a
good deal to Dover without security.
Lempitt, the superintendent of the fac
tory. had been put in charge there be-
cause something had TO be done for
him by Dover after getting all his
! money. It was the same story with
slight variation with others. Peters.
the Vice president, had the Job because
he had advanced $4,000 to Dover
Peters and Lamar had little stool,
and felt the company owed them liv-
Ing.
| Pierson called the stockholders to-.
gether and laid the facts before them.
He had no hesitancy in exposing his
own wounds.
fGentlemen" he said toward the
| close. this company has been drained
dry by Mr.. Dover. What he has done
with the money he alone can tell.
am going to run this concern from this
time forward. How long II lasts is a
problem. To-day II is bankrupt 1
suppose IL bankruptcy proceedings were
| begun Mr.. Dover would land in Jail.
Some OF you related TO him. Some of
| you are old-time friends. 1t Is not
your desire. no more than 1t is mine.
/, to make him suffer the laws penalty
| for his acts.
IF we are to go on or. rather, try to
| go on, there will have to be a new deal
Some of you gentlemen have contracts
| that are not fair TO the company. They
| must be cancelled Expenses must be
reduced AS a starter I am going to
reduce my own salary one half. / shall
| endeavoy to continue the relations each
| and all of you have held with the com
| pany, but II 1 do not find that you Mt
| into the new plan of work / am in
| Producing shall have no hesitlncy In
| getting rid of you. AS for Mr.. Dover,
| although he is recorded as the largest
!
have no voice or influence hereafter IN
I the management.
The company is going to be hamper
ed greatly by It's lack OF money in hand
| and its poor credit. We owe a lot of
money TO some banks 1t is possible
we may succeed in borrowing more
Banks occasionally lend money In the
| forlone hope of recovering some that
seems almost lost. That is our chance.
nil ,;.k
me. say So II you are not, let US
wind UP, the concerns affairs as quickly
as possible. 1t probably would save
me great deal of time and worry to
shut up the shop now. for I am hearth
ly sick OF the deception practiced, but
hate to acknowledge defeat while
there is the slightest prospect of work
ing out success. and there is just one
Slimmer of chance in this affair"
Mr. Dover. who had listened with deep
emotion to Mr. Persons address. beg
ged the gentlemen to agree to his
proposition. II any one could save the
company. he was certain Mr.. Pierson
was the man. He was sorry to have
caused SO much unhappines and dis
tress. and 1t. had been his misfortune
to visit this trouble on those for whom
he had the most sincere feeling, but
he would make amends in any way
with sob, that he had spent wildly
and foolishly money that belonged to
the company. but ho had not dollar
left in tho world, and his only prospect
for the future was that the company
| would be saved through Mr.. Pierson's
efforts, and the shares, now almost
worthless, would be made valuable. He
closed with a eulogy of Mr.. Pierson
which that gentleman by no means
relished
The various gentlemen signifed their
pleasure in letting Mr.. Pierson take
upon himself tine burden of rescuing
the company. One or two expressed
themselves vigorously regarding Ar.
Dover but Mr. Dover was so weak and
his expressive eyes had so much of
sadness in them that they rather wished
they had not been so harsh.
Mr.. Pierson proved himself a glut-
\ ton for work. From the day he first
began to suspect Dover he had given
so much of his time as he could spare
from his regular duties to getting TO
the bottom of each and every bit of
! crookedness he discovered. Now he
started to reorganize the working of
the whole company. or the selling
organization he took personal charge.
using Crowell as assistant sales man.
ager. Harris, who had the contract
for supplies. was mado purchasing
agent. The factory needed overhaul
plain OF there that he served notice
on Lompitt that IL there was not a
radical change he would be discharged.
In Office and factory salaries were
cut and the force reduced as much as
consistent with reasonable service.
From A. NJ until 8 or 9 P. NJ. Pier
son was at work unT1l he mastered