Show WHISKY TRUST TROUBLES Sworn Statement of tIle Board of Directors Peoria 111 Feb President Joseph S Greenhut of t2ie rwhisky trust Benj G Greenlmt his son and John S Stevens the attorney for the company left for Chicago tonight after having pent Si day at home Presidsnt GreenQrut was seen this I evening and asked for a statement of i his version erf the receivership trouble H said I the best statement the could make was His sworn affidavit ot he board of directors adopted at the ret re-t > cent meeting In Chicago This statement state-ment he saId cleared away tine charges f charg-es of Tnlsmanagement with wtoitfh toe i has been conironSted ever since the application I i ap-plication for a receiver was made Un I t o this tame toe toad not seen fit to t make a statement as to the iCuture WVd ihe could say nothing I He was asked o to mat steps he would take if ousted buz declined 0 Bay s BaySamuel t Samuel Woolner the Independent do ned this evening that he was in any l uay responsible fo securing Levy 3viayer as counsel G for forming an opposition The sworn statement of the board I of directors is addressed to Judge Grosscup and i signed by all the i members of the board with the exception I excep-tion of President Greenhut himself It Mate at the outset that Holxart I Greene Hennessy ad Greenhut have been directors since the organization of I the company in 1890 and Beggs and Freiburg since 1893 The directors had chosen Greenhut president at each succeeding meeting and he a been unanimously chosen president at each stockholders meting All the business busi-ness management had been in accordance accord-ance with the directors of the board nd it has at all times fixed prices and I given directions to the president as to i the management of the business We further state that all charges of wilful wlul mismanagement or of wasting the assets as-sets are utterly groundless false and untrue All our acts have been according ac-cordIng to our best judgment in the interest in-terest of the company and its stockholders holders and if there has been any error it was an error or judgment on < heart he-art of the board of directors The acts complained of and especially the Issuance of bonds were done as we understand the charges prior to the I annual meeting of 1894 The sale of the bonds if gone into at length and the necessity for the issuance of the same I The board of director found Itself confronted by what Is considered a temporary stringency and regarded I the sale trouble of bonds a the best way out of The present condition of the com panys finances is owing to circumstances I cIrcum-stances wholly unforeseen and beyond the control of the directors In all al things in the management of the business busi-ness we exercised our best judgment At the annual meeting in April i 1S94 of the stockholders at which 31 per cent of the capital stock was rep resented the president made a full report of all that al had been done concerning con-cerning the issue and sale of bonds Including the price at which they had been sold and the application of the p proceeds and a minute and careful t statement of the financial condition of the company All of the acts of the president aud directors were unanimously c unani-mously ratified approved and con I firmed for the stock so represented at said meeting It must be by those who have purchased their stock since then and with full knowledge of all these matters Since the last annual meeting meet-Ing in April 1894 the increased tax and the unsuccessful efforts to forestall the same and the continued general depression de-pression in business and the forced abandonment of the rebate system and active competition are the things which mainly contributed to place the company in its present embarrassed financial Condition All these things without Al tese were any fault as we believe of the board of directors We again that the say management man-agement of the affairs of said company has been by the board of directors and whatever mistakes have been made have been mistakes of judgment alone |