The morning news., 1897-08-07
WILL CONTINUE BUSINESS.
savannah Steam Bakery Decides Not
10 60 Into Liquidation.

The Savannah Steam Bakery Company
will not go into liquidation as was recent
~ decided 10y the directors and stockhold-
ers but viii continue in business. This
was decided az a meeting Of the stockhold-
crs yesterday at the office Of the president,
Mr. l. c. Hass, at which the action Of the
former meeting was resciuded.
The matter has been discussed at length,
meetings. being held both Thursday and
yesterday afternoons. An arrangement was
entered into by which NJ. Fersts Sons &
Co. will take charge Of and operate the
bakery until Jan. /, after which date it is
expected that some other arrangement
will Doe made for the continuance Of the
enterprise. Messrs. Fersts Sons & Co.
guarantee the stockholders against further
loss during their management, but do not
guarantee a profit
July l6 a meeting Of the directors Of the
bakery was held at which an examination
Of the books OF the concern was made and
it was found that it had run $1,000 behind.
A resolution was adopted that business be
discontinued and the company put into lie
quldation This resolution was submitted
to a meeting of the stockholders July 10,
at which the action Of the directors was
approved. A committee consisting of
Messrs. Haas. Aaron Ferst and James NJ
Dixon was appointed to take charge of
the affairs of the company and carry out
the directions of the meeting.
The committee differed somewhat as to
policy. Mr. Ferst thought the business
could be prodtably continued. while Mr.
Dixon thought it best to so into liquida-
ton at once The result was another
meeting Of the stockholders was called.
Two propositions were submitted at the
meeting. one from Fersts Sons < Co..
proposed TO take charge Of the bakery AND
run it until Jan. ], guaranteeing the
stockholders against loss. The other pro-
position was from G. W. Tiedeman & Bro,
who proposed TO take charge of and con-
duct the liquidation without charge TO the
stockholders thus saving a large amount
In clerk hire, the stock and equipment TO
be closed out gradually and accurate ac-
counts kept of all receipts and disburse-
ments. Messrs Haas and Ferst submit
ted a report in favor of the acceptance Of
the first proposition and Mr.. Dixon a re-
port in favor Of the second proposition
After considera bic discussion the majority
report was adopted. OF the $4,000 of the
stock Of the company $4,000 was repre-
sented az the meeting
The losses of the bakery company are
attributed chiefly to the bitter fight which
has been waged for a long time between
the New York Biscuit Company and the
United States Biscuit Company the two
giants of the fancy bakery business
Of the country, each of
which is endeavoring to dominate the
trade. AS the result of this fight CONNER
cal bakery products have been selling at
the lowest prices ever known and the plain
lines have been on the market for months
at less than cost. As the Savannah bak-
cry only produced plain goods it was at a
great disadvantage in this competition
and the fact that it was on.y small pro-
ducer placed it al a still further dsadvan-
tage. The big companies which had other
lines to rely upon, could affort to sell their
plain goods at loss, but the bakery, with
only plain goods to rely upon was con-
stantly doing business at a loss. This is
the explanation of how it came TO fall be-
hind. If the bakery can be conducted with
out further loss to the stockholders until
there is a new condition of affairs, it may
once more become a profitable producer,