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Topic: Keely Chronology Stack
Section: Everybody For Keely
Table of Contents to this Topic
EVERYBODY FOR KEELY.
STOCKHOLDERS WHO ARE READY TO LET HIM DO AS HE WILL.
PHILADELPHIA, Sept. 8.-Sixty enthusiastic Keely motor stockholders mit in the third-story room at Eighth and Walnut street this afternoon. The inventor had requested that the meeting be held to pass upon the question whether or not the suit begun agains him in July last should be pressed. The suit, which was instigated by the four New-York Directors against the oposition of the three Philadelphia Directors, was so compel Keely to turn over his property to surender patents, and to disclose his secret to some one appointed by them. In his circular to the stockholders recently issued, Keely said he had reason to believe the majority of the stockholders are opposed to the action begun against him, but he wanted to know definitely what they were going to do about it, as his own policy would be thereby shaped. The New-York Directors were not present, nor was President Bellinger. Keely also staid away, but sent a letter which was read to the meeting in which he said:
"I have received a number of replies from stockholders, residents of New-York and elsewhere, all of whom deprecate the revival of the suit against me and express themselves in favor of the preposition of reorganization of the company as submitted by me to the stockholders. I have also been requested, verbally and in writing, by many stockholders to take into my conficende Mr. J. H. Linville and Mr. W. Barnet Le Van in connection with Mr. Boekel, and avail myself of their aid and advice in the matter of applying for my letters patent on my invention, and that I shall exhibit to them from time to time progressive experiments and explain the same to them. I have not conferred with these gentlemen on the subject since such request has been made, and therefore do not know whether or not they would be willing to act in the matter as proposed. But I will at an early time place myself in communication with them, and if it's agreeable to them I will take preasure in complying with the request so preferred to me, in which case a shall expect the stockholders to be governed by their advice, as I myself will be in connection with that of my counsel, as to the proper time for making application for my patents."
The 60 stockholders held proxies for about 150 others, and everybody was for Keely. Only one dissenting vote was heard when themusic was started with a proposition from one stockholder, Mr. Huntley, to recommend the withdrawal of the suit and theireorganization of the motor company. Harrison Snyder presided over the deliberation and John C. Brans kept the minutes. The proposed reorganization provides for the reduction of the par value of shares from $50 to $20, but the number is to be increesed to $250,000, the capital remaining the same. This committtee was appointed to meet the Directors at the company's office nest Tuesday and urge them to withdraw the legal proceedings: Edward H. Greham, W. D. Huntley, William Boekel, and Harnson Snyder. The New-York Directors are expected to be present.