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Show Newspaper mews. In our Inst issue we spoke at some length of our recent business busi-ness complications. While we lo not wish to bore our renders rend-ers with matters in which they may not be particularly interested, interest-ed, yet wo feel that they should know just why ithe suit was brought against Turner and Maughnn by Win. IT. Thnin. It is well known that N. R. Moore and V. Turner held a lease on the Logan Kepublicnn plant which is still valid for over a year and n half. They also owned a large amount of stock in the Logan Xewspnpur Oo. Nearly three months ago Mr. Moore expressed ex-pressed a desire to sell his interest inter-est in he lease and his, stock in the company. 11. Bullen, Jr., and Jos. Odell had the first opportunity opportun-ity to buy out his interests, but after haggling for over. three weeks finally gave it up, leaving Mr. Mloore to sell out finallyfi a gain of 50 per cent overyfheir offer. Refore this, howofer, Mr. Moore had decidedXTo buy a tmntyp' nid JlfWi ihn boys to a finish, as he felt that he was being be-ing dealt with unfairly. Offer to Hendrickson and Others. About this time he called on J. A. Hendrickson, explained matters mat-ters to him, and made him the same offer. With Judge Maughan, Attorney A. A. Law, and County Clerk J. S. Larson, he investigat ed matters and concluded by offering of-fering MV. Mloore the fair price which he accepted. They then bought his interest in tho lenso for the benefit of the paper and the, people, seeing that it was a good business venture and believing be-lieving that it would be conducive condu-cive to harmony in the party. With Mr. Turner, at the present time, they own over one-half of tho issued, outstanding, capital stock of the company. Why They Bought. Before ever a deal was made it was understood that the paper should maintain its past up-to-date btandard of always standing stand-ing for the right politically, socially so-cially and religiously. It would work for the interest of Logan and Cache county, for its schools and institutions, and for its Republican Re-publican voters. Every effort wns to be made to increase ' its circulation and Its influence for good. Our Assets. The assets of the above named gentlemen are represented by real estate, accounts, stock on hand, and eapital stock, valued at not less than $9,000. $1200 represents nil that is owned by parties, outside of F. Turner, V. W. Miiughan, A. A. Law, J. S. Larsen and J. A. Hendrickson. It follows therefore that the above ineutioend own approximately approxi-mately nine tenths of the estimated esti-mated value of the plant, lease, mul stock Directorate. The following five are the present pres-ent directors of the company: Congressman Howell, J. C. Walters, Wal-ters, J. A1. Hendrickson, Jos. Odell and 11'. Hullen, Jr. Out of those who own nine tenths of Ihe equity Mr. ' Hendrickson is the only director,1' while for those who own hut one tenth ',of the equity, there are four direetojrs. Seeing this, condition theT majority major-ity holders felt it would only he in lino with business ethics, (for ' them to hnvo a. better riprescq-tation riprescq-tation on tho board. MF.'Tiu5ie,r, (' and MV. Mnuglian, wliose$R'e jj cstjjjro between "'P'ia ; thousand dollars. thdugMABwyM fair that they ikou'ld iMMBW'F son tod on the amrdfciigJWMpwri: and hence sentthMjBHKp ter to Mr. Bullen, who hns but f.'JO in the company and to Mr. Odell who hns but $120 interest in the company, asking them to "TTSHukind its to resign in favor ciirrOiiunl on page 8 jContlnned from page 4. '6? the majority holders and this they flatly tefused to do. Had they done so they would hove noided4much unsavory publicity. The Letter. Dear Sir: You are doubtless aware of the fact that the undersigned own the majority of the issued and outstanding capihal stock of, the Logan Newspaper Co. and that in addition to the stock wo have considerable other means invested invest-ed in the business. It is our Intention In-tention to make diligent effort to extend the circulation and influence in-fluence of ihe paper And for tli.itf purpose iind in line with usual business ethics the mojorU of the stock should be reynTsented' by i.i majority of 'tiic Boardof Directors. TJiafstntutes pnwide .JiuiLrthcnoldcrs of the mjority of the stock nre entitled tb make Changes in the board of directors t any time by calling In stockholders stock-holders meeting pursuant to notice no-tice stating the object thereof. It heems to us, however, that it would be best for nil dpneerned to have changes take "plnec without with-out any unnecessary delay or appearance of hostility bVween interests, and we therefor re quest that you tender your resignation resig-nation as a director. This request is not intended as an unfriendly act and wc hope it will not be so construed by you, as wo merely desire a proper representation on the board. Yours truly, Special Meeting1. As these small stockholders refused re-fused to resign, n special stockholders stock-holders meeting was called for June 15, "for the purpose of removing re-moving the directors and all officers of this said corporation." The reason for removing them all was to avoid any personal feeling and there was no intention other than to retain Congressman IEowell, J. C. Walters and J. A. lleudrickson, and 'to add to the board, F. Turner and W. ' W. Mnughan. Before the time had arrived for the holding of the above meeting, Win. II. Thain butted in wnd enjoined P. Turner and W. W. JDuigluui against voting 383 shares of stock and at the same time sued Jos. Odell, II. Bullen, Jr., and J. C. Walters for issuing the above stock to Moore and Turner about two years previous, in payment for $383 cash outlay to the company. com-pany. Wo will leave it to our readers to decide what set of men inspired and induced Wm. Thain to enjoin the voting of the nbove stock and to sue the above directors di-rectors of the company for issuing issu-ing the same. Rumors Afloat. The nbove directors at once called a director's meeting, (the first held since January 1, 1907), to be held June 1G, '08. According Accord-ing to rumors circulated by their friends, it was for the purpose pur-pose of issuing some additional stock and thus getting control of the outstanding stock. On this information the majority holders J mode n request to Judge Morse ,J who issued restraining order, enjoining onjAissuc in stock until such a time asj it should be legally legal-ly right to (Iff so, nnd here is where the mltter now stands. Mr. Tl.nin'tt Injoinder is set for hearing on Jaly 2. The restraining restrain-ing order aainst the old direc-tois direc-tois for issing new stock is set for July .yiind n new meeting of the jtoclinlders is called for JhIj-'g. |
