The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-09-17
ANNUAL MEETING
OF BONITA COMPANY
Stockholders Pass Resolution to Raise
Money TO Start the Plant.
1T WILL REQUIRE ABOUT $4,000
Seven Eishths Of Capital Stock
Represented at the Meeting..New
Board of Directors Elected Ofwhich
City Solicitor J. II. TOrrey is Presi.
dent. Hope to Start the
Plant in a Short Time.

| holders of the Bonita Plate Glass COM
pany was held at it's office, 107 Lacka-
wanna avenue, yesterday afternoon.
About seventy persons We're present
and they represented seven-eighths of
| the capital stock Of the company. A
resolution was passed authorizing the
board of directors to devise ways and
means to Immediately raise money to
start the plant in operation, if neccs-
sary To raise 100000.
| The company was first chartered
with a capital stock of $l,500OoO, and it
was increased later to $2,O0O,OoO All of
| this has been sold. except 5000 shares,
which are at present in the treasury.
One of the ways of obtaining money to
start the plant in operation is 10 place
| this unSold stock on the market: an
| other way Is to float bonds, and the
third is to have the stockholders them
| selves subscribe To the treasury stock
aud increase their holdings. letter
was sent out to the stockholders TO
prepare them for yesterdays meeting.
1t gives statement Of the affairs of
the company and is as follows:
STATEMENT or AFFAIRS.
Scranton, Pa, Sept. 3, iS9'.
To the Stockholders OF the Eonta Plate
| Glass company:
| Preliminary to the annual meeting of
! the stockholders of this company. 10 ne
! held Sept, IT, the undersigned board of d.
rcctors invite the attention Of the stock
holders to the following statement:
ASSETS.
All patents for rolling embossed plate
\ completed plant at Moosic which can
| commence the manufacture oil goods on u
weeks notice, and which. Including ma
| Chinery, has cost over $lIoVW. several sam =
| pies OF manufactured plates, which dem
! onstrate the practicability and utility OF
the process.
LIABILITIES.
| Nothing except the capital stock.
| II must be apparent to the dulleSt mind.
| from this statement, that nothing is want
| ing to start the company upon an active.
| producing career except working capital.
| The directors estimate that about 3OWW
will be necessary for this purpose. WIN
this it can DE speedily demonstrated
| whether the expectations OF the promoters
of the enterprise as to the utility and m ar
| Reliability of the product, and the gen
ero,is profits from its sale, are Justified.
| Without it the plant might lie idle I'll
doOmsday, monument to the spirit when.
having begun, was not able to iinlsh.'
| Both custom and statute law place upon
| the stockholders the ultimate responsible
| ity of regulating the disposition of the
| stock and the mourning of Indebtedness.
| 1t is not. therefore. with Il desire to shi"k
| responsibility that the directors look TO the
stockholders in the coming annual meet
| ing 10 settle upon some method for raising
| the necessary capital. We-Carncsuy urge
| upon YOU the Importance of coming to the
| meeting prepared To suggest some such
| method or 10 give substantial support 10
any plan which may be adopted. Three
| plans have been suggested, as follows:
| l'irst-rhe issue of bonds secured by a
| mort gage upon the company's property.
Second-The increase Of their holdings.
| hy the present stockholders, by subScrip-
| tions to treasury stock.
LOCKING UP A STOCK.
Third--The locking up Of all stock now
| issued. in order that treasury stock may
| be sold in the market.
The first named plan is the most simple.
| ana would be recommended by the board
if the money market Were in Il better con
| dition. II individual stockholders can
| themselves take or place among their
| friends the requisite quantity OF bonds.
| the problem would be at once solved. Ger
talnly the valuable unincumbcred prop
| crty of the company. rs above stated,
| ought easily to secure Il loan of one-fth
| of its actual cost. Stockholders are there
| fore urged to inform the board, either in
| person or by letter. what amount of such
| bonds they can take or place, if the actual
loan Is limited to $3D, QO1.
| Briefly, the situation is as follows: Tie
| money which you paid for your stock has
| purchased all patents demonstrated their
| practicability and erected q complete
manufacturing plant. If We can now put
the plant IN operation and successfully
open and I'LL q market for the product,
! your stock will promptly become worth
| much more than you paid for it. If the
| plant Is permitted to lie idle and fall into
decay. your stock will never be worth
| anything.
In conclusion, We would state that the
! undersigned were recently elected dircr-
| tors by agreement of previously conflict
! ing and antagonistic elements We have
succeeded in entirely settling all dissen-
| slons, have secured entire control of all
| the companyS property. settled all out
| standing ella inns, and have placed the prop
| erty in such position that it can be inn
mediately operated for the sole benefit of
the owners Having accomplished This
| much. We confidently Look to the sto *
holders to make provision for the means
To put the property to valuable and re-
| munerative use.
| If you cannot be present in person at the
annual meeting please execute the inrlosei
proxy in blank ana send ii to any on,. of
| the directors, or, If you prefer, MI il Out
in tn" name of any stockholdcr not a di-
| rector. directors cannot act as proxies
Very respectfully yours,
| j. II. Torrey
Luther Keller
| e. ID. Wegman
| John b. Ienuig,
Benjamin H.Throo9.
| j. ". Bonita,
W. |. Hibbs.
George W. Finn,
George q. Tiloison.
NUMBER OF STOCKHOLDERS
Bonita stock is held by about go
persons, who are principally residents
| of this city. Quite q. number living In
the wyoming Valley are owners also,
and there are. probably, % persons in
Philadelphia and New York. At the
outset j. w. Bonita. the inventor of
the new process Of manufacturing
plate glass, proceeded to build the
| pIn Mt and dpm0nstrute its uIiIit, a., :, ,