Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1900-05-31

NotWllHslaHulHp lnaI Tue accUmu'
lation from year to year was shown
at each stockholders meeting and that
it was part Of the assets of the com.
pany as shown by the investment Of
the company in the plant which cost
Ss,5225S, supplies necessary for the
conducting Of the business and out
standing accounts. Since the total
amount Of paid up stock was only
$4,000 and their business required a
capital Of from 1000 to $1,000, under
these conditions it became necessary
to raise the capital stock Of the COM
pany or carry small balances monthly
into the surplus fund in order not to
impair the credit OF the business and
to sustain the reputation Of the COM
pany. The managers chose the latter
method since the investors were
averse to increasing the capital stock.
Weary Of the abuses and the conten-
ton, an agreement was reached by
sale of the plant which cost the Acme
Creamery company 1892 for $4,000
to the Acme association, thereby sus-
tanning loss of 1922. Upon which
the Acme Creamery company agreed
to wind up its business and cease to
exist as a company, all settlements to
be effected in 80 days from sale.
All accounts due the Acme Cream.
cry company and unpaid were dis
posed of on May 8, 1900, at loss of
SS02,92. The managers Of the Acme
Creamery company suggested to the
Acme Creamery association that few
days longer be given, believing that
nearly all of this would be collected
(Which subsequent events proved cor
rect) and thereby increase the amount
to be distributed To this the cream
cry association demurred and de-
manded the strict conformity to the
articles of agreement.
The funds being all in and surplus
distributed, the managers retire to
the peaceful avoeation Of their farms,
resting assured that no managers of
any corporation can sustain a peace
full life and faithfully discharge their
duties and furnish their own straw to
burn their brick.
1t is only fair to the Acme Cream
cry company managers to state that
the farmers Oh or before the Goth day
of each month received a check for
their tutterfat at the rate of to 9
cents per pound more than other
creameres paid and the stockholders
received their dividend of 10 per cent
on their investments.
Also that the officers of the COM
pany received no further compensa-
ton for their services than the stip-
ulated pay, to-wit. The treasurer
50 per month, the buttermaker $50
per month and the manager part of
the time $50 per month and part of
time s65 per month; except a small
allowance granted by the board for
clerk hire during the period the sec
rotary was paid $50 per month. The
secretary was required to conduct the
business, furnish and keep his own
team, haul butter to and supplies to
and from Abilene, I miles, and keep
the books of the company or pay for
the same out OF his own salary which
said duties have been carefully and
faithfully performed according to the
stipulatons.
Much i'll feeling has been engen-
dered against the managers of the
company and their actions miscon-
strued by the unjust and untrue rep
RESERVATIONS and this is all the emol-
uments derived from their offices.
j, S. ENGLE, President,
4. S. ENGLE, Secretary,
JOIN l.. ENGLE, Treasurer.