Evening journal., 1891-01-15
wilmington FAIR IN pERr.
To Bond the Indebtedness and Increase
the Capital Stock


The Wilmington Fair Association is
$25, 900 in debt, and is taking heroic
steps TO ext-icate itself from it's financial
embarrassment.
To do this It proposes to bond $l5 600
of the debt and issue 1000 additional
shares Of stock at $5 per share to make
good the remaining $4,000.
The organization is now three years
old and has about 900 stockholders. g.,
g. Lobdell is its presidents Preston Lea,
vice. president; and I ID. Brown, secre.
tary and treasurer. The following men
constitute its board Of directors: @ G.
Lobdell. Franklin B. Cotton, T. S. Rob
inson, NJ F Hayden, H H. McMullip,
Thomas @. Wilcox, William DUPONT,
Daniel Taylor and William Lawton.
The annual meeting of the stockhold
ers to elect officers for the ensuing year
will be held January "a. In addition to
the election of cfiicers the reports
of the officers are received
and acted upon, the business OF
the preceding year settled up, and plans
mapped out for the exhibition of the en-
suing fall.
In antici patton OF this meeting and
with full knowledge OF the financial
straits In which the association finds
itself, special meeting Of she stockhold-
ers was held In the Board OF TRADE
rooms, No 605 Market street. yesterday
afternoon to discuss the situation and
provide means to overcome the danger OF
having to make an assignment
President q. u. Lobdell was not
present. and George A. Elliott was called
upon to preside over the fifty or sixty
shareholders who we're assembled. T. d.
Brown, secretary of the association, war
made secretary
MIR. Brown presented financial state
ment OF the standing Of the organization
His statement was in effect that the asso
citation was $25, 600 in debt. That the
receipts from the last fair amounted Ia
about $24. 900, all but $500 OF which was
eaten up by expenses After making
some making some other interesting
statements he said
Tilt Between Brown and Plunkstt.
NOW, gentlemen, am ready to
answer any questions yen may ask
In an instant Philip Plunkett was en-
his feet He said
well, / would like to ask why 1t IL
that this association which claims to be
conducted for the benefit of the farmers
Of New Castle county, bought all Of its
hay and grair, with which TO feed the
stock during the last fair, from farmers
In Chester county. Pal
This was q question Mr. Brown could
not satisfactorily answer. Following
this up, Mr. Plunkett said that he, as
one of the stockholders, would like to
have an itemized statement OF all re-
cepts and expenditures since the fair was
begun, 80 that the stockholders could see
how the money had been expended, and
made a molten to tLat effect.
MIR Brown was nettled by this motion
and said 1t would be $500 job for him
to do such thing, and he would not
attempt 1t for less.
Mr. Plunkett said he did not mean an
itemizsd statement but detailed one.
One Of the stockholders explained that
Professor Reynolds, an expert account
ant, had audited the accounts for The
preceding year aud would do the same
thing this year This assurance was
satisfactory TO Mr. Plunkett, and he
withdrew his motion
This disposed Of, the matter OF adjust
ing the $25, 900 Indebtedness was taken
w ~ W&o AAAhtA 0NrA ~ AfHENu anu
be bonding Of $i50Q0 worth OF new
stock was agreed upon
OF this 10000, about $4,000 was
already subscribed $1,000 had been
subscribed by the Wilmington and North
ern Railroad, 81. 900 by g. g. Lobdell and
smaller sums by other parties 1t was
expected that the Pennsylvania Railroad
would take ST. 600 worth OF stock, as It
got 81, 600 in freight tolls alone last year,
but up to this time 1t had nos done 30.
Jason Davis and W. h. McMull'n were
appointed a cem nittee to solicit sub
scriptions In the meeting. which they did
Co some effect. The condition that II the
full $4,000 was not subscribed, they
were not to be held to their subscriptions.
The following committee was appointed
TO formulate plan to meet the indebted
ness: w. II. Foulk, r. Lewis Armstrong,
Francis H. Hoffecker, Willard bali
Porter and Calvin Crossen This co
mittee will make its report at the regular
annual meeting, January "a.
The plant of the association is very
complete. Last year much material was
added and many improvements were made.
The success of the fair was unprece-
dented.