Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-12-12
TIE BOOM,

Statement Of tho Financial Situation-Talk,
That savors of Business Dawson
Proposes to Mako tho Boom Boom-A
Committee Appointed.
In accordance with circular announcement
of tho 1st inst, meeting of the stockholders
of the st. Paul Mississippi Boom company was
held at the chamber of commerce. The meet
Ing had for definite object to devise some
way to extricate it from it's present financial
difficulties and place the corporation upon q
sound basis preparatory to work in the spring.
Preliminary to the proceedings of the meet-
ing, the following statement of the affairs of
the boom is given, to show what is to be RENEE
died: ST. -s.,
Amount subscribed, s22, 900; paid in,
$l4,S 1906. as follows: st. Paul, $l9,095; Min.
neapolis, 1000; Princeton, $40; Elk River,
5000. Still due, $7,695.
TOTAL RECEIPTS.
Pala on STOCK :...........'..... ,SO5 w
Bills receivable. Observation-Disclosures. $500 90
s17,so6 90
EXPENDITURES.
Paid on boom. ....$17, gig a
Interest. ......: 267 80 -. -.
Surveying. ........ S6l oO
Printing, legislation, ac-
count books, stationery ~
and sundries. ......... 343 a.
Total expenditures. $1s,5sS 20
Total receipts. NEUTRALITY-SUSPICIOUS.. 1896 90
Overdrawn. ...................... 1888 26
Bills payable. ACKNOWLEDGEMENTS. $500 90
Due on boom. NEUTRALITY-SUSPICIOUS.. 205S II
Total Indebtedness. .......... 1886 4a
Resources
Due on stock. ..........$ 1906 90
Due from boomage..... $40 81
--- $s,215 81
Surplus. .......... ........ $3.50 SO
The actual business done by the boom 30 far
! is as follows:
Amount of logs driven into the -~-r.--
boom. :..:.................... $780, 600
Amount RATED. .,..............::. 1,423, 040
Amount in river above and near the
boom yet to be driven. ......, $500. coo
Total logs now in boom and in the
river ABOVE. ............:....,.. 5000, 900
Boomage due. .................... $500 81
At o'clock Col. Prince called the meeting to
| order. he said the propositions for discussion
| were, in the event parties could be found to
take the management of the boom. would the
stockholders surrender their stock; or, Sec
ondly, would the stockholders double up their
| subscriptions, and thus ensure success.
MIR. Thomas Cochran thought the time q
proper occasion to give Repression to individ-
uoA sAo"o. lux AAo pdIC uo WAS Wiling TO sur
| render his stock, provided parties could be
found to run the boom in tho interests of st.
Paul, or he'd double his subscription. he was
| authorized to say Jesse G. Ramsey would give
up his stock; W. B. Dean his; Joseph Mckee,
| also. Mr.. McClung conveyed the same infor-
| nation regarding d. w. lngersolrs stock, T.
8. McManus and others. In fact the general
expression was in accordance with the above.
provided responsible parties would undertake
| to run the boom.
THE MINNEAPOLIS PLAN. -
In this connection Mr.. Cochran said if all
the st. Paul stockholders would double up al,
liabilities of the company could be paid off
| and working capital would remain. So far
all st. Paul subscribers had paid up their stock
subscription, but the subscribers in Mime
| apolis had not paid in a cent, though final no.
| tice had been served on all. Mr.. J. P. Wilson.
| to be sure had answered his notice. but claim
ed that the boom owed him for rafting.
Mayor Dawson didn't propose to see the
boom failure. He would surrender or double
his stock. If the stockholders desired to sur
render, he would be one of six or eight to take
hold and make the boom success. He moved
a committee of three to see all the stockEold-
ers, and learn what they wished. --4..
The motion prevailed, and MIR. Prince said he
would appoint P. r. l.. Hardenberg, Geo. K.
Finch and w. b. Dean. He also said three
saw mills We're to be erected here in the spring ;,
and the boom must be made q success this
winter.
After some general talk the meeting ad
journed. =