The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1889-11-30
The Financial Condition of the Agricul-

The Financial Condition of the Agricul-
tural Society.
Dear .Sir:-In reply to your inquiry as to
what in my Judgment is the best course for
the new Management of the Fair to pursue
in the adjustment of the finances of the AS
ISOLATION | have this to say:
From such cursory view of its affairs as l
have been ena bled to make think there is
little cause for any panicy feeling as to the
ability of the Managers to tide over the
present difficulties and probably less for fu-
ture success provided the Fair can be' einstd
ted in the con dence and favor Of the people,
If the old enthusiasm for the annual fairs
can be revived, and have strong faith that
it can be, think there is little apprehension
of permanent and beneffcent success
That is the difficult task before the gentle
men who will now assume control.
The present Indebtedness is no more than
than it was January 1, 1886, four years
ago. The mortgaged Indebtedness is now,
including unpaid interest, So, 800 in round
figures, it was then S12400. The floating
debt is about 50 200 after payment of the
premiums for which there is money in hand.
1t is my belief that the entire floating debt
was no less at the above date, probably
| more, indeed I think it was considerably
more but 1 have not had time or opportu-
nifty to determine the exact amount at that
| time. In these four years a great many
| hundreds of dollars have been expended on
| 10 70 Of 10
| erty and the property itself has undoubted-
| ~ advanced in value. If it had not been for
| the unfortunate losses of the year 1888 the
| Society would to-day be free of floating debt
and the moItgaged Indebtedness would
| have been materially lessened. AS ii is we
are better off than four years ago and con-
sidering the advanced value of our real
| tate largely so. There is no just cause for
encouragement in that view of the case and
| | believe it is a just statement.
| The adjustment of the mortgages will
| claim the immediate attention of the board
| as there has been no interest paid for two
| years. The annual charge for interest dues
and premiums have exceeded 81, 400 1t will
| therefore be necessary to convert the mort
| gage held by the Mutual Building Associa-
ton into an ordinary six per cent. as the
| annual charges are too heavy. Fortunately
the first lien of 81, 900 has been reduced by
nearly enough to pay the accrued interest
upon the Mitchell mortgage so that we can
make a new start with the original amount
| of permanent Indebtedness, but with large
reduction in the annual charge, namely
about 500.
| But the managers have been hampered
for years with a floating debt which they
have been obliged to carry personally. This
has been a source of great annoyance to
| them individually and loss to the Society.
1t ought to be liquidated, and at once. Ii
this is done the greatest source of empar-
rassment will be removed and the Society
under the restored confidence of the people
will enter on a life the future of which is
guaranteed.
How can this debt be paid? A "horiZon-
tai reduction" of twenty per cent of the I'M
paid bills will yield over S400. There is no
creditor who ought for moment to hesitate
to accept this reduction and few will, but
|
further progress in that direction. The bal
ance of 81, 700 or 81, 800 can only be paid by
popular subscription. 1t would hardly be
Just to enforce similar reduction upon the
premiums because they were scaled down
too closely on the catalogue. Is there liber
ality enough in the county to raise this
sum? l believe it, and am willing to dc
my share in the effort to accomplish it.
There are $40 shares of stock unsold.
would be in favor of giving this stock tc
subscribers at the rate of So per share Fol
the present it is worthless, but if the prop
erty is freed of lncum brepce as it ought to bt
in few years, the investment: Will be
profitable one. There ought to be no serious
difficulty in accomplishing this end and
sincerely hope the new board will under
take it. So long as this stock remains un