Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-11-15
Cushn0c Paper Co.
Continued from Page One)


Cushnoc interests as If he were
trustee for that one alone and not
in the position of constantly being
! required to adjust matters with HIM
| self in so many capacities.
Judge Peters in his summary of
his findings declared the case pre-
scented to him an entirely different
aspect than it would have had it
been taken up prior to the appoint
ment of the three men as trustees.
At that time he explained it was
known by all concerned that Mr..
Wyman had other business asso-
Citations. According to the evidence
presented here it has been shown that
whenever matters involving both
| companies came up, Mr.. Wyman be-
cause of his interest in the kenne-
bee Paper Co. has taken no part in
the settlement but left it to the 9TH
er two, the judge declared.
He further said there had been
no evidence to show that the three
men were other than experienced
and efficient business men and he
felt that they had conducted their
affairs as trustees successfully. He
declared that he had no doubt that
at some future time the financial
relations OF the two companies would
have to be adjusted and in that event
all data exists IN record form and
proper request would result in hear
NJ nd ttrtf v,rn ont Of ha
He could see no reason under present
conditions for the control of the two
companies under separate boards of
trustees.
r. H. Jackson, bookkeeper and
accountant at the Office Of the Cush-
noe Paper Co., before the reverses
accumulated and now In charge OF
this department In both the Cushnoc
and Kennebec Companies was the
first witness called this afternoon.
He was queired in regard to power
bill that the Cushnoc had obliged
itself to pay. amounting to $4,000.
The deal was made by an agreement
and sigrcd by Walter S. Wyman as
president of the Cushnoc company
after the annual meeting December
%.
There was also long list of items
representing transfer of accounts re-
ceivable by the Cushnoc to Augusta
Trust Co., and the Irving National
Bank of New York and other banks
to secure them fol- lo.lns to the Cush-
noe.
&c la
concerns were called TO the stand and
gave testimony tending to show the
absolute dependence upon the Cush-
noe Co. of the Kennebec. figures were
introduced showing the impracti-
cablty of running the two plants
separately.
Walter S. Wyman in the course
of his tc-timnny declared it was not
impossible but was irpracticable to
run the two mills separately.
Edwin NJ. Frye questioned as to
the earnings of the two companies
last year stated that the amount was
divided slightly in favor of the Cush-
noe Co. He stated that he was
creditor of the Cushnoc Co. to the
extent of $4,000, but was not inter-
ested in the Kennebec Co. Mr.. Frye
also assuI ed Mr.. Carter the Kennebec
Co. would not be worth a "hoot"
without the Cushnoc.
Frederick B. Bagley, formerly ma,i
ager OF the Cushnoc Co., and nov
manager of the two companies under
the trustees, acceded with the others
as to the imporaticabily Of running
the companies separately. In his opin-
ion the Kennebec was dependable
upon the Cushnoc for it's financial
eXistance.
Attorney Carter then submitted HE
arguments in which he declared thu
situation 10 be such that the Cush.
noe Paper Co. deserved trustees wht
were 100 per cent Cushnoc. There
was no intimation of questionable
acts on the part Of the trustees COL
lectively or individually.
Judge Peters then gave his de-
cision.
Miss Maude McInnis, Rumford.
wbo offoroptod IN fako ber our. lifs