Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1922-06-29
MATTERS PERTAINING TO THE
COCHRAN & PINKERTON co

For several weeks there has been
much discussion in reference to ir-
regularities in connection with the
Cochran & Pinkerton Wholesale
grocery business of this place. Dur
ing this period we have published
nothing in reference to the matter,
preferring to wait until we had
something definite. After careful
investigation we submit the follow
ing:
For some time certain directors
have felt that there were irregulari-
ties in connection with the business,
and Ernest & Ernest, certified ex
pert accountants, were engaged to
come here and audit the business.
Their audit which consumed several
weeks, showed that there was def
(icit of about $4,000. AS soon as
this shortage was known to the di-
rectors, they asked Mr. A. p.
Pinkerton. the general manager, and
OBSERVATION-DISCLOSURES of the concern,
! to resign. It is stated that before
the audit was made, he knew of
deficit running as high as $72, 900.
| Mr.. Pinkerton asked for time in
which he felt that he might get the
financial matter Strengthened ont.
He went to Toledo to consult with
wealthy relatives. who he thought
might make good the deficit. How
ever, he returned with nothing tan
eible to offer. Another meeting of
the directors was called, and the
again taken up, but Mr. Pinker-
/ srlo L.; ni
tions. At this meeting charges of mis-
management of the business of the
company were made against him.
He demanded time in which to pre-
pare for hearing. This was grant
ed and the time fixed was June 10.
At this meeting of the directors Mr..
Pinkerton failed to put in his ap-
pearance. After considering evil
dence submitted, a motion was car
ried that he be removed as secre-
tary-treasurer and general manager
of the company. to take effect i'm
mediately. Following this action
Mr.. E. D. Shafer was temporarily
appointed manager, with authority
to draw checks until such time as a
permanent manager could be secur-
ed. A committee was also named
by the directors to report on the
advisability looking to the criminal
prosecution of the former manager
and secretary-treasurer.
Monday night of this week a
meeting of the stockholders of the
concern, was held, which was well
represented. At this meeting plans
were discussed for the re-fnancine
and the future of the business. At
ter considerable discussion a COM
mittee was selected from the stock
holders, which was made up of F
M. Beckett, A. A. Coulson and Drs
Humphrey. Northrup and Mercer
and Mr.. Chas. L. Johnson This
committee is to cooperate with the
board of directors to work out a
plan for the future in the matter OF
financing and carrying on the bust
ness. Whatever pians they may
formulate will of course be sub
mitted to the stockholders, for Their
acceptance or rejection.
The Cochran e Pinkerton Com
pany is one of the best established
businesses in this locality. 1t has a
capital stock outstanding of $780,
900 preferred stock and SAL 500
common. The concern has been do
ing an annual business of from
100000 to 100000.
There should be no occasion for
those financially interested in the
business to get scared Or panicky
The business can and should be con-
tinued, and with proper manage
ment in few years will overcome
the present condition. Those in
authority to speak have reason to
believe that there should be no diff
ficulty experienced in re-fnancine
the business. The matter is now in
the hands of the board of directors
and committee of stockholders
They are giving the situation their
very best attention. Don't bother
or crowd them, but let them have
time enough to work out plan that
will be profitable. To attempt tc
force them into quick action might
be the means of a loss that would
be heavy.
In this connection we have been
authorized to state that every
icreditor of the mpany-past, pres
ent or future, will get every dollar
due them. They have ample funds
with which to meet their debts, and
obligations, and there is no ques
ton as to a possibility of losses, ex
cept to the stockholders. From now
on the company will have ample
cash on hands to pay for their mer-
chandise, in time to discount their
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