Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1916-03-10
Editors Letter Box
Editor Kennebec Journal:

Editor Kennebec journal:
The report Of the annul meeting OF
the Kennebec Farm and City Teie-
phone Co. in your issue dated March
Is such a mixture Of personality ana
INSTRUMENTATION, that in justice to
myself and the company, true state
ment of facts to your readers must be
made.
The proposed amendments" referred
to were signed by 25 stockholders and
delivered at the Office Of the clerk and
general manager of this company. Feb
10, before noon and the president and
stockholders claim they were present.
ed in due season." as the meeting was
to be held March 3 and according to
the constitution Of the company, 10
days notice is required. The call as
issued from the Office Of the clerk and
general manager, had been given to the
printer that forenoon, much sooner
than usual. The general manager and
the clerk refused to allow these
amendments to be acted upon as part
Of the regular business of the meeting
and the real question now at issue is:
Whether this company shall be CO.
operative with it's stockholders having
some voice in it's management, or, it
become the private property of its
present manager.
The present constitution gotten up
by the general manager in 1908, gave
him absolute control for five years.
After that all contracts, bills, claims,
hiring help and operators, buying sup
plies, orders drawn, location and man
- Ill., IL,
in fact, all the business pertaining to
the company only required the approx
al Of one other director to become bind
ing on the company.
AS Mr.. Frank L. Ames has always
been treasurer, general manager and
director and his wife clerk and direc-
tor, thus being majority of the board,
can it be wondered at that the stock
holders asked for change in the con-
stitution, allowing a larger board of
directors?
The treasurer receives $3.50 per day
for his services, with extra pay for
his team when in use. his wife receives
50 per week as clerk and operator and
they receive pay for fuel, rent. light,
etc, and as these bills are paid in in
oIuSiS StOCh
at 6 per cent. issued to themselves, by
themselves, it looks as if the de
fensive armor" referred to was need
ed by the company but as a means of
defense against some other party
than the Telephone Co. referred to.
The attendance at this meeting was
not sufficient to make any amend
ments to the constitution and for that
reason only no action on them was
taken By actual count only 65 stock
holders were present. Just before noon,
while nearly leo would be needed to
amend the constitution. In sworn
statement made about two weeks ago
to the L. S. revenue department., the
gross income of this company was Civ
en- as S219510. Deducting all running
expenses. sl9.017: interest paid, SOFA:
taxes, State and national 1922, and
allowing $515.75 for depreciation, leaves
net income to the company of s1S657.
One year ago the total liabilities of
the company was given as $SSS1 OF;
this year the same item is $11 1928. o.,
an increase of debt during the year of
S3092O3. How can we account for this?
But l suppose comparisons are obi
GUS"
GEO. w. MANTER,
Pres. Ken. Farm and City Tel. Co.