The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-11-21
Especial to ..The Jersey city News..l

loptcidl TO Inc Jersey lily NEWS
NEWARK, Nov. q. 1Sss.-The stock
cultural Society by a resolution to de-
crease it's capital stock from $4,000 to
S22, 500 decided at a special meeting yes
terday to practically wind up the affairs
of the organization. The action was a
ratification Of a resolution Of the Board
of Directors passed on November l, rec
ommending such a course. While the
society will technically remain in exist
ence until steps shall be taken to for
mally dissolve it, it is explained by those
interested that it's energies will be pas
sive. In the words of one OF the largest
stockholders the future is p~roblematical.
What course will be pursued will prob
ably not be decided for sons months.
Tha another State fair will be given I'M
der the auspices of the society is deemed
improbable. The sale to the Essex Coun-
ty Park Commission of the grounds at
Waverly, where for thirty-three years the
annual expositions have been held. makes
necessary the selection of another site
hould it be determined to continue the
fair.
Various opinions are held by s~tockhold-
ers as to the most advantageous policy. It
- - - S0At4C Ina LIZ
braced in the society's franchise shoul be
rented to lei applicants as may be
found. Others hold to the idea that the
wisest plan would be an out and out dis
posal OF the franchise and wha personal
property is owned to parties who have Elk
pressed a desire to combine the enterprise.
AS one officer Of the society puts it, there
is a good deal of young blood" in the
society, and that element, it is said, is
anxious to perpetuate the past custom.
The franchise granted by the Legisla-
ture, it is explained. is the most valuable
possession of the society. It is estimated
to be worth $4,000, and Its value is en-
HANGED by the fact that a similar legal
charter could not be obtained under the
existing laws. In a circular call for the
nesting President Z. B. Gaddis gives the
following explanation of the status of the
society and the object of the meeting
Out of the SIG, 500 derived from the sale
Of the Wayerly tract, s1.5o0 was retained
by the Park Commission as. rental of the
grounds till December 10, when the COM
mission will assume actual possession.
This left $75.O00 cash to the society, and
out of that the stockholders will be paid
the reduction in their holdings. OF that
sum, however. $500 has been expended in
debts, and the balance, $4,000, has been
Invested in interest-bearing loans. These
viii be called in.
The $4,000 was to be kept invested till
after the close of the fair. held last month.
so that the directors mightbe able to de-
eide whether it was better to return this
money to the stockholders or purchase
with it a new location for future fairs.
'sAs this years fair the circular read,
has resulted in a pecuniary loss to the
society, and as last years fair also re-
suited in a loss. the directors decided it
was best not to purchase new grounds,
but to pay out to the stockholders $3.50
Of the money in the treasury and reduce
the capital stock to s22, 500 instead of
$4,000"
This will leave the par value Of the
stock 1925 a share.
Mr., Gaddis presided at the meeting yes
terday. Out of the $500 shares of stock
of the society, $500, or 200 more than the
necessary t~wo-thirds, were represented.
A resolution to ratify the directors ac-
ton provoked but little discussion. Two
heavy stockholders, who had previously
signifed their intention to oppose the
project, explained that they had not I'M
derstood the plan. They declared that
they were now in favor of it.
The society was organized in 1916, but
it was not until 1854 that 1t was incor-
.porated. With the exception of two years
during the Civil War it has held fairs
annually. Prior to 1865 the fairs were held
in Camden. Trenton, Paterson and other
places throughout the State. One year it
was held in this city on the "Hill." Until
1895 the society received financial support
from the State, but in that year the $4,000
in premiums offered by the State were
abolished.