The comet. (Johnson City, Tenn.) 1884-1916, 1892-12-22
MORE THREE c. NEWS.
The Directors of the Finance
Company Meet.
Plan of Rehabilitation Announced
and Approved.

The Evenins Telegram OF Philadel-
phia says: The Board of Directors OF
the Finance Company of P5unsylva-
MIA convened Wednesday, and in ac-
cordance with the prearranged pro-
gramme, George w. Blabon retired
from the Presidency and was succe ed
ed by George H. Earle, Jr After re
organization of the Board had been
effected, President Earle proceeded
to outline the policy which is to marx
his management OF the Company's af-
fairs. He said:
Gentlemen UpJn assuming the
duties OF the eflice to which you have
elected me, feel thai should satisfy
you that l haye not acted inconsider-
ately.
"That l may do this, it seems we'll
that should submit for your consid.
Grafton my views regarding the plan
under which the property should be
administered and that the success
may follow our efforts, which is never
attained by "a house divided by ITSELF
| ask your earnest, prompt, and friend
ly assistance in my efforts for the wei.
fare of the property.
upon requesting me to accept the
Presidency Of the Company the faith.
full and disinterested gentlemen who
have, with you, been conserving the
property since the Company's troub-
les, handed me their estimate OF the
value of it's assets, with an assurance
OF its careful character, and the state.
ment that it had your approval.
"From your valuation OF the items
with which am familiar, [ am dis.
posed to rely upon that of those OF
which am as yet but slightly inform
ed and, If the assumption be correct
we have an excess OF assets over liza.
bilities of upwards OF 100000 moi
including the value Of the Company's
own stock held in the treasury.
"Of course, therefore, to form cor
rect valuation Of the stock the sum
named is not to be divided by the to-
tai number of shares, but only by the
number now outstanding, so that your
statement is even more favorable thar
it would at first sight appear. Should
the accuracy of the estim tte be con
ceded, it is also established that $2,,
100000 would more than make the
full original capital intact.
"With this condition submitted to
us, am content to neither passively
await success, for have only knowI
it to answer the call OF vigorous effort
nor to sacrifice your present assets tt
secure the capital to achive it.
WORKING CAPITAL.
"Of course no business Of magnitude
can be transacted without w0rkins
capital, and | can not convince mysel
that this necessary element OF success
should be secured by forcing, and 81
sacrificing the reliable interest bearin
securities of the company, for WI
might in that way throw away more
at once than we could replace in
long period. Nor is it Conservative Il
work entirely upon borrowed capital
| have concluded that it would be su
: pine neglect of duty not to fulfill tn
expectation of our stockholders ant
get to work at once and that it woulC
! be equally unwise, at the very thresh
old of the effort to increase our assets
TO instead sacrifice them, especall
as it is but the good interest payin
= securities for which we could hope
find ready market.
"To meet these diff uties there
but one course open to us; but that
= clear and safe one, which | have m.
= self tested
u GAS you know, was some yea
y since the solicit n Of the Pennsylvan
Warehorsing all SAFE Deposit Con
, pany. II had practically no workir
l. capital, large properties that we
largely amp of abe. and only tn
sold 1t y slrrtic". snd II credit so il
oar d thaf stock an which $50 h.
u been lsid had sold y; - per share
Al meet thus cardiflGn, rs counsel
~ ireftel plan Which slightly m9difi'
- l. Uh i | Vouhi eain'stly recnmmel
u i,r in,n-I 't" ndrpInn, eSpeclslN
The original plau has been sanclJ -