Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-12-23
STOCKHOLDERS OF BRITAIN
COOPERATIVE PACKING CON-
PANY ASK FOR RECEIVER.
JUDGE CUMMINGS TO HEAR
APPLICATION ON DEC. 20
Alleaed History Of Promotion Of Com
pany by D. II. Nayior, Jr., and 4. A.
Hall Set Out in Long Petition Filed
by Stockholders to Wind Up Affairs
Of corporation-Many Allegations,

I
the Britain Cooperative Packing
, Company, long threatened TO De
( brought into court for examination
have now reached the preliminar!
! stages of litigation. Twenty-three
subscribers to the stock of the COR
poration have Joined in suit against
the corporation and it's Officers Tor an
accounting of funds of the company
rho Amounting of a receiver. the dis
solution of the corporation, and the re-
] covery of money paid for stock.
! On the allegations of these claims.
Judge B. F. Cummings issued a writ OF
! Injunction late Wednesday against the
! company and officers, ordering that no
money of the corporation be disourseo
! or paid out. Notice of the writ was
| served on the officers early Wednesday
night. Judge Cummings has set Dec.
| IS at 10 o'clock as the time OF nearing
! on application for the appointment OF
receiver.
/ Recites History Of Options.
! The allegation is made in the petition
! that D, H. Naylor. Jr., of Minneapolis
/ and r. A. Hall, of Cedar Rapids, when
| they launched the promotion OF the
iivv-upeTative company, nau aireauy
J procured an option on the plant lot
| s9a. 900. Naylor, the petition says, mad
secured this option from Britain q 20.
| The petition continues by alleging
that Naylor entered into a CONTRACT
with the officer of the cooperative
! company for the new corporation 10
| purchase the Britain & Co., property
| for $4,000. The difference, $4,000.
/ between MAYORS option price and the
/ cooperative company's option price
! the petition affirms. was to be the
| profit Of Naylor and Hall.
| In addition 1t Is averred, the officers
! of the corporation entered into con-
tract with Naylor to sell the co-opera-
tive companys stock, Naylor to re-
ceive 12l. per cent Of the sale money.
| Aiiese Lack Of knowlsdss.
Much lack Of knowledge. both ON the
mart of directors and officers OF the
Britain Cooperative Packing Com
pany and stockholders. is alleged. II Is
| set out in the petition that the direc-
tors. to begin with. did not investigate
to learn whether the packing plant was
worth the $4,000 contracted to pay
for il.
For the stockholders, 1t is affirmed.
they had no knowledge that Naylor
held an option for $4,000. and had IN
effect sold it to the local company 1or
$4,000 or that the directors OF the
new company had agreed to pay Naylor
1921 per cent Of the proceeds OF stock
sold
This stock selling contract, the petit
ton goes OF to relate did not require
that Naylor sell enough stock to make
the CORPORATION a going concern be-
fore paying him any commission, out
that it was agreed to pay him for
whatever he sold. ....a#
All these things the petition relates.
were against the interests Of the cor
poration. and against the interests OF
the individuals who subscribed for
stock. In fact, it is alleged. that all
these details Of Importance to the
stockholders We're concealed from
them.
Stock Sold Totals $751; 900.
According to the petition $4,000
worth OF stock was sold or subscribed
or this amount, $1,000 was advanced
to MAYOR. the petition says. and there
has been paid him 1852 as commits.
sions 1t is averred in addition tha
$4,000 has been paid Britain & Co.
on it's contract, several hundred dollar.
for office expenses and officers salar'
les. and there now remains OF thu
company funds not over $1,000. g.
Says lneIedue Not President.
1t Is averred that o. L. Ingledue
altho pretending to be president OF tn
corporation. is not legally president, a
. he was not eligible for election whel
|, he was placed in office. f. L. Hoag
4 secretary and treasurer, is also al
1 LEGGED not to be legally an officer o
the corporation.
II The board of directors is charge
with dissipating the funds of the com
4 pany, including allowing 1ngledue
salary of $500 a year.
= This action vas taken. il is ayerreG
when 1t was known that the object o
the corporation had failed. that Brit
tain &c Co, claimed NayIor had de
faulted on his contract and that Naylo
had abandoned the project.
1t is alleged that there is no 1onge
l any reason for maintaining an oHic
for the company, that it has failed il
4 its project, and that it should be dis
solved.
III Plaintiffs Are Many.
II 0. L. Ingledue, president; r.
Hoag, secretary and treasurer: and w
z. Leech and II. A. Peterson. directors
are the defendants named in additio
to the corporation. the Britain Co
operative Packing Company.
The subscribers to stock who are tn
= plaintiffs are n II. Schaner, e /.
Goecke w. NJ. Hilleman. Will r
Niedert, Earl Roberts. w. A. Ellis, "
A Goecke, F. w. Yingst, Albert Eg
gers, Henry Frohwein, George "
Bader, Henry r. Hennies, II. L. Plant;
W. C. Hilleman, L. c. Gerke. w. /
Eggers, H. L. Hilleman, w. G. Kaise
August Eggers. August E. Hiaemal
James HiIlard, NJ E. HilIeman, an
John T. Butter. The suit has bee
filed for them by Carney/& Carney.
stockhoIdsrs' Meeting Called.
M. e. HilIeman and w. A. Ellis. I
State Center, thru their attorneys, hay
u called a rneefin1 Of all CO the stock
holders OF the cooperative packin
company to meet in the east cou1