Keelys Change of Base




NYT - PHILADELPHIA. Dec. 14, 1887- The stockholders of the Keely Motor Company met to-day at Sherer's Hall. Eighth and Walnut streets. It was the first meeting held since 1883, and about 150 stockholders, representing 72,000 shares of stock, expressed their confidence in Mr. Keely's ultimate success. The meeting was harmonious, although it had been given out that there would be a bitter fight between the New York and Philadelphia factions. Mr. Keely was not present, but he was represented by Charles B. Collier. Harrison Snyder? acted as Chairman, and Charles W. Schuellerman? as Secretary. Among the New-York stockholders present were F. G. Green?, George H. Peabody?, Gen. Ballenger, Mr. Hastings, Joseph Potter?, August Stein?, B. L. Ackerman, Mr. Cloney, A. R. Edey?, Mr. Annan, and J. Smith. The Directors' report was unanimously adopted. The report expresses abiding faith in Mr. Keely and apologizes for his numerous failures, but qualifies its statements by saying that all hope must be based on Mr. Keely's report. It called on the stock holders to take some means of replenishing the exhausted treasury and increasing the Secretary's salary.

The Treasurer's report showed a balance in the treasure Dec. 14, 1882, of $58.44. The receipts since then have been $39,756.75, and the expenditures $39,799.78. There is now a balance of $24. The Auditor-General of the State has wiped out $4,700 back tax on account of the inability of the company to pay it, and has given six months' extension on $1,400 bonus now due the State. As the Secretary's salary of $25 per month was much behind the Treasurer suggested that several of the large stockholders loan the company some of the shares, to be returned at a future date, at the current value, in order to raise funds for running expenses.

Lawyer Collier objected, and submitted a subscription list to raise $100 per month for the Secretary's salary and $50 per month for the office expenses.

The Secretary explained that he had been compelled to pay money out of his pocket for postage, and had often worked in the office when he had to wear his ulster to keep warm, there being no money for fuel. After a short discussion over the future value of the shares the suggestion was adopted and $47 subscribed. The Chairman then offered to double his subscriptions, and was followed by the other subscribers, making a total subscriptions of $94. Some little discussion over the proper means of securing the balance was stopped by Gen. Bellinger of New-York, who guaranteed his proxies to furnish the $56 per month.

Charles B. Collier then took the floor and produced a voluminous report from Inventor Keely. In it the inventor review his efforts and experiments as far back as 1882, when he was engaged in the construction of a generator for the purpose of securing a vaporic or etheric force from water and air, but which when completed was found to be impracticable owing to the impossibility of securing graduation. After a succession of interesting but laborious experiments, he produced in March 1885, what he termed a liberator, which could be operated in conjunction with the generator, and was a vast stride in advance of anything accomplished hitherto. Meanwhile phenomena had been unfolded to him, opening a new field of experiment, as the result of which he became possessed of a new and important discovery. Hereafter he shall not, he says, require either the generator or the liberator, and his operations will be conducted without either the vaporic or etheric force which heretofore played such an important part in his exhibitions. What name to give his new form of force he does not know, but the basis of it all, he says, is vibratory sympathy. It may be divided, too, into negative and sympathetic attraction?, these two forms of force being the antithesis of each other. As to the practical outcome of his work - whether there are lions still in the way or whether that way is clear to a successful end, near or remote - Mr. Keely could make no promises. He had no doubt that he would sooner or later be able to produce engines of varying capacity, so small as to run a sewing machine and so large and powerful as to plow the sea as the motive force in great ships. His ultimate success, he still holds, will be greater than even his most sanguine advocates have predicted. Mr. Keely admits that it would have been better perhaps at the time he changed base to have let it be known than to have encouraged a belief that he was still engaged on his etheric and vaporic forces. His motives, however, he declares, were good ones. He was not willing to admit until all doubt had been removed as to whether the new departure was a wise and correct one that he had made the change. "However," he adds, "all's well that ends well."

Among the work yet to be done is the construction of a sympathetic machine? of a very delicate character. While this will be a perfect vibratory structure itself, its functions is to complete the work or graduation or governing of the force, but as to what length of time it will take to complete the work he cannot say. In conclusion Mr. Keely says:

"I would further state that I expect my work of graduation and my theoretical expose to be completed concurrently, and the latter will be then submitted to the proper persons, so that they may fully inform themselves as to the true philosophy pertaining to my researches, to the end of enabling them to reproduce and utilize my inventions."

The report was accepted. The following ticket for Directors was then nominated and elected; John J. Smith?, Joseph Annan?, Charles K. Dutton?, and F. G. Green? of New-York, and George B. Collier?, Lancaster Thomas?, and William Clark? of Philadelphia. A resolution was passed after considerable discussion, preventing any Director being elected to the office of Treasurer or Secretary. This was done to get rid of Mr. Green of New-York, who has been treasurer of the company for 13 years. The resolution was passed on a viva voce vote, which Mr. Green's friends claimed was illegal. The New-York stockholders are all large stockholders and have 62,000 shares. The Philadelphia stockholders are numerous, but not heavy. They hold about 20,000 shares, the remaining 18,000 shares being held in the South and West.

After the meeting the Directors elected Mr. Smith President and Mr. Schuellerman? Secretary, but left the Treasurership open until legal opinion is obtained as to whether of not the shares should have been voted on the resolution.

The must important fact contained in Mr. Keely's report was suppressed. The part that was not read to the meeting informed the stockholders that he had in contemplation the formation of a new company and that he had already, sold a number of obligations for the new issue of stock, in order to raise money to prosecute his experiments. In an interview to-night Mr. Keely said that these obligations called for between 30,000 and 50,000 shares of stock, and that the new capitalization would be on a bases of $15,000,000. He says the old shareholders will receive share for share of the new issue. Mr. Keely himself will retain about 40,000 shares. (The New York Times) 12/15/1887

See Also

Globe Motor
Keely - Historical Documents
Keely Motor
Keely Motor Company
Keelys New Company
The Keely Motor Company

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