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They Strike Back

They Strike Back image
Parent Issue
Day
21
Month
March
Year
1889
Copyright
Public Domain
OCR Text

Rev. Mr. Howard of electrio silgar fame is doing missionary work in New York city, and the ret of his crowd are languishing in the Tombs. Circumsiatces have been against them for some time, but last Friday they Btruck back, and it proved an interesting phase of this electric sugar business. A. J. Sawyer returned on Saturday from New York city. When asked to explain the latest move, he said : "After looking the field over I came to the conclusión that there was no way but to institute proceedinga. Mr. Cotterrill had, by virtue of his preaidenoy of the Corporation, a large amount of money which belonged to the stockholders, besides the books of the Corporation showing what had been done with the money thut had a'ready been raised. He was expending that money lavishly not in accordance with the purpose for which the corporation was organized, and in direct violation of the rights of the stockholders. He had formed the design to compel Mrs. Friend to disclose to him for his individual benefit the secret procera for reBning sugar, and with that view proclaimed that there was no process and that the whola conduot ol Mrs. Friend had been frauduleut. ''For Mrs. Friend to disclose that fecret would be to deprive her of all the benefits of it and destroy the purpose for which the Corporation was organized. Every stoekholder has an interest in the preservation of the value of' the stock. The conduct of Cotterrill and Robinaon has already reduced the value of the stock from 300 per cent to 4 or 5 per cent. "I had an interview with the stockholders in New York ci;y, and called attention to the fact that when Cotterrill had squandered all the moneytliey had on hand they would be unable to carry on the business Lor wnich the Corporation was organized and they then miyht as well dissolve They had a right at least to their share o the raoney then on hand - a large amoun of money, and if Mr. Cotterill wanted to lave a lawsnit with the Friends and Howrds, let him fpend his own money acd not the money of the corporatioii in a uselpss litigation. "The bilí was filed and served beforo I eft New Yoik. It will command Cotterill to deliver over the money s, books and apers of the Corporation toa receiver to e appointed by the court, and to account br other money that has como iito his lands, and it enjoins hiña from expending any more of the money of the corporaion or contracting ny debía against the Corporation

Article

Subjects
Old News
Ann Arbor Register