Show F MR TAPPETS STATEMENT Creditors will be Paid and Company will he Reorganized t Mr Tarbet in discussing the matter last night Bald The action taken seems to have been for the best Inter osts of the creditors of the company I foci satisfied that the credItors will receive all the money due them The application for a receiver was immediately immedi-ately brought on by the fact that several sev-eral cheeks had been given In the namo of the power company In payment of obligations due largely overdrawing tho companys bank account In my absence Mr Benham tool up part of tho checks and telegraphed me Inas t much as 1 had advanced directly and dllccLy Indirectly l very large sum of money over he t amount it was reyresenied to I me It would take to complete the plant and in view of the fact that there was still 57000 floating Indebtedness due In the next three or foui months 1 could not SeC my way clear to advance any more money When 1 went Into It the company owed about 3200000 which I paid I I was represented to me that 25000 I more would complete the plant as far as It has been completed up to now This sum I also put up and about 10000 more HO that the company r now owes me in round numbers 235000 The lhe books show an IndobledneBa to Mr Lamson of SCOOOO Reorganization with mortgage bonds no doubt will be the result and enough money will be procured from the sale of the bonds to fully complete the phvni A steam auxiliary und n storage battery will be required ma king It then one of thc most complete > plants 1 In the country At least 5100000 will be required to do this Who do you blame fot the unfor lunato position the company finds itself in waG asked Mr Tarbet ji I am not accusing any Ole All I I have to say Is that I believe the credi I tors will get all their money and I hope J there will be something thlC wi left for the litoekholders The plant will probably be sold by the receiver That however Is a mailer for the curL to decide Mr Lamboti may buy It or somebody else I may I suppose it will be sold to the highest bidder Mr Lamson Is In New York and knew nothinG of the action taken or the appointment of a receiver There are practically only three Hlockholdcrs In the concern Mr Tar bet owns 1581 shares Mr Lamson and j 1 his ham friends S3u shares 15S3 sharea and Mr Ben I |