The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-20
FAKIRSAND BON D HOLDERS
LENGTHILY DISCUSSED AT LAST
NIGHTS SESSION.
ALL OFFICERS UNANIMOUSLY ELECTED
Mr.. Charles McNamee, Executive of the Van
derbilt Estate, Elected President Amid
Applause. Mr.. J. {. Pogue and
Capt. benson Reelected.
Capt. benson Re- elected.

The annual meeting of the State Agri
cultural Society in commons hall las
night developed some matters of rath
er engaging nature in connection Will
the management of the society. 1t trans
pired that members held widely dissim
lar views and they expressed them will
a frankness and force worthy of Gin
cinnat1s of old. The two points about
which the talk eddied from $50 to II
O'Clock were:
/. A plan for the reorganization of the
society.
?. The kind of shows that shall be ad.
mitted to the Fair grounds and the re.
sponsibility for the failure of midway
allis year.
As is well known the latter has been
for several years an annually recurring
contention and the acerbity of inter
changes last night showed that the diff
ferences of opinion are sharp and decid-
ed
IliE INPATIENT BONDHOLDERS,
President r. I'll. Battle after calling
the society to order suggested that some
new life memberships be sold in order
to perpetuate the society. He also adj
vised that the Executive committee be
authorized to rewrite the original by
laws and publish them in the proceed
iags of the society.
Col. j. s. Cunningham moved that this
be done.
Mr.. John Nichols took the floor and
said that before the motion was put he
wished to all the attention of the society
to matter that might cause some sur
prise. For wears he said about % men
had carried the society on their shoulders
and had put up the money for it.
As secretary of the bondholders organ
ization he was authorized to say there
was danger of sale of the society s
property; that the interest was in ar
rears and If relief was not giyem the
bondholders would take steps to get it.
Men who had never paid a dollar to
the stock anti who were not even life
members had come in and assumed to
run the affairs of the society and, he
declared with emphasis, the men who
carried the responsibility were getting
mittee be appointed to devise plan to
issue and sell stock and so redeem the
bonds.
are outstanding and what are they
worth? %
MIR. Nichols: 1.-THE amount is $780,
$50, don't know what they are worth. :"
Col Cunningham: Il think they are
~. x1oI I
am right will take them all at that
The society applauded Mr.. Battle said
the price ranged from - to 81 He
year. but approved of the plan to re-
organize.
Mr.. Nichols said that if Col Cunning
ham would make an offer for the bonds
he would submit it to the holders.
Capt benson explained that the debt
had been originally incurred by the ex-
penditure of 100000 for buildings and
grounds for which sum 81 men became
responsible. Finally Is men had paid
the debt. He was of the number but
had no desire to force sale OF the prop
erty; if the fair was success he did
believed those who were so impatient
at a discount.
of the society being pushed and advocat-
ed the issue of $4,000 of new bonds
to refund the debt A reorganization
committee shdNld be appointed.
The society did not lean toward this
proposition and seemed inclined to the
opinion that the impatient bondholders
would think the occasion a suitable one
IL & q 1..<.
Mr. f. H. Busbce took the floor and
sarcastically observed that it might be
cheaper for the society to allow the
bondhoIders to proceed to sell and then
buy the grounds in or purchase new
site The bonds had been bought at 30
or 40 and the purchasers We're after
bargain.
Mr.. Nichols moved to appoint re-or-
ganzation committee of five, but
was shy of second to
Mr. Y. b. Broughton moved that
committee be appointed to receive any
proposition the, bondholders care to
make
This displeased Mr.. Nichols He said
widows and minors who could not
make proposition had some of the
bonds. If the words receive propo-
sition' were stricken out he would vote
for the motion The bondholders might
not make any proposition.
Mr.. Broughton: 1T seems the atti-
tude of the bondholders has changed
somewhat. We thought they were anx-
ious for a settlement" 0aughter).
Mr.. Nichols moved as substitute for
Mr.. Broughtons motion that commit
tee be appointed to consider the whole
matter He said that $4,000 Of the
bonds were in the hands of people who
paid 100 cents in the dollar for them.
Mr.. Nichols: Strike ont the words
receive a proposition and I'll vote for
the motion"
Mr. Broughton: 81 decline to do So"
Mr.. Nichols: Then / object"
There ensued a lively tilt between Mr..
Nichols and Mr.. H. H. Busbee, after
which the former moved to strike out
the Objectionable words. His motion