Norwich bulletin., 1918-12-10
BELT co. PRESIDENT
 ASKS FOR INJUNCTION

NOANS OTS-INJ CNA JUN
 In a suit just brought in the snper- for court, H, H. Gallup, president of the Norwich Belt Manufacturing Co. Inc, is seeking an injunction against Robert W. Perkins of this city, Joe seph T. Meader of Wollboro, N. H., and Clement F. Googan of Pittsfeld, a finance committee appointed by the company.
 After reeiting the plan of adjust nent of the finances of the company i'll 1911, when the company became fi- naneiaily embarrassed, the complaint goes on to say that "the said defend ants secretly and without the knewl- edge or consent of the plaintiff and the other stockholders of the said manufacturing company have entered into some sort of agreement and con- spiracy, the details of which are not fully known to the plaintiff, to ap- ffopriate, divert and turn over the stock, RFonerty and assets of the said
 Norwich Belt Manufacturing Co, ,<Inf.. to said the Norwich Betting Co, and
 to themselves as individuals, by is suing preferred stock of said Betting
 Co, to be paid for at par by the pres ent indebtedness of said manGfao-
 tAA4hS S0HlpdAJ- luSetHeF WILL 1C- erued interest, to secure an exchange
 or the present indebtedness Of said
 manufacturing company for preferred stock of said Betting Co, and to fur tier issue common stock of said Belt ing Co. for obligations Of said Man ufaeturing Ge.. and for the further purpose of permitting said defendants as said finance committee, to issue te themselves, stecll of said Manufaetur- ing Co, to compensate them for pre- tended claim for eight years services as members of said committee, as the!1 may desire, and to further manipu- late and involve the stock and asset s of said Manufacturing Co.,, so that the defendants as officers in control and | management of said Betting Go, may direct manage and conduct the af- fairs and business policies of the said Manufacturing Cor
 It is claimed also that the defend ants have sent out notices. asking for proxies from the stockholders. which have deceived many of the stockhoid- CTS who have aeceded to the request,
 and further that the defendants are attempting to acquire more of the bonds, notes and stocks of the Manu featuring Co. by representing to the owners of same that they are of little value
 Mir. Gallup asks an injunction to re- strain the defendants from proceed . ing with their aNaged plan, and also asks for a court order directing the defendants to re-transfer the shares ef stock. common and preferred of the Norwich Belt Mfg. Co. 1nerAeld by the defendants, in which the plain tiff has an equitable and beneficial in 1 ierest.
 It is set out in the complaint that the Norwich Belt Manufacturing company was orkanized in December 1901, with 5000 shares of capital stack at $fOQ per share, of which half was
 common and half preferred. Of the I common stock 1250 shares were is- l sued amounting to S125,0D0, fully naid and 699 shares of preferred stock were
 issued fully paid,
 l n 1911 the company had an in i debtedness of $25Q.009 which was nut l in the form of notes. of which s40,NJ
 had been paid off by November, 1913
 Because of the failure of two banks that went iFSe the hands of receir. CTS and because of business depres- sion another readiustment of the fl. nanclal affairs of the company was
 made, by which there was substitutef | Apt lH5 AitACptSA1lCSo lt1c SQlu OI S9U,- seo in twenty year bonds and notes for ss1.aoo payable in equal install. Haents for the next six years. Up tt the present time the company ha. pald five installments of these notes with interest, The last iHstallmenl I will be due on Nov. 15, 1919,
 | The company has 3. surplus of as
 Der cent, of it's capital on hand. l Tn July, 1911, The Norwich Belt ting company with s1,O90 capital, al
 owned by the defendants, was form,
 d as hooding company for some . tthe capital stock of the Norwich Bel Manufacturing Company, Inc.
 | On July IS. a, committee of creditaY ieennassd of Robert ". ". Perkins Joseph T. Meader. Clement F. Ceogan U: c. Rsichard and Oliver T. Mat
 theYs wers appointed and wsrg knog.