The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1900-12-08

of the UniteSy,xeN Fl
was held last SAS a
Baltimore, Carr6S koward
2 counties and neSxplan of rec
proposed and aHrocaed by Presidea
B. Crowther, was approved by pr
unanimous vote
William B. Crowther, Theodore + WilecS
Edward S. KiarAlbert Jo9es'and d James B. d
Couneiln appointed o commune maS he 70
necessfss~Ats accomplish the reorganization,
and Edward n. Rich appointed counsel
to the committee.
The old board of directors of the Associa-
ton resigned, and committee, composed of
! five stockholders from each of the snb-associa-
atoms along the different lines OF railroad over
which milk is shipped, nominated new
board, who were elected, as follows
Philadelphia, Wilmington aud Baltimore
Railroads.. F. Richardson.
Baltimore and Hanover-Jaeob Rupp.
Western Marylend-Geo- L. Gehr, Z. M.
Sheeler.
Northern, central-W. B. Crowther, I, J..
Miller
Baltimore and Lehigh-T. c. Baleman, Al
bert Wilson.
baltimore and Ohio-Albert Jones, Johnnie
Civ and Suburban.. W. Loeber, R. H.
Merrick.
The prospectus of the new plan of reorgan-
ization. which now succeeds the Dolheld plan,
is as follows:
Prospectus Mortgage on plant, $4,000;
first mortgage bonds issue. S2OO,OO0
Liabilites-Amount due on buildings S42, :
claims. S., 900; due Old-Town Bank cores
pondents, 81. $50: Commercial and Farmers
Bank. 10000; Shrewsbury Bank, 5000;
American Ice Company, 81 440; snndry gen
eral creditors amounting to $500 and over,
$50, 600; total, $95, 100.
To be paid in the following way 40 per
cent. cash, SIS, 040; 25sser cent spot, SO
775; 10 per GENT in 40 days, S9,oloi per :,
cent in 90 days. 81, 755, and 60 per cent 40
bonds $57 ,060.
Due farmers. $50, 700; to be paid in the fol-
lowing way % per cent. cash. so, OOOi ia
per cent. spot, SO. 600; l2l per cent. 80 DAYS,
$4,000. and IS per cent. IN bonds, $50 ,Ooo
Due sundry small creditors to be paid IN
bonds $4,000.
Actual cash paid at start, So, $50; amount
TO be paid in 80 days TO farmers, SlOOoO;
amount to be paid in As DAYS to banks, &c,
$3.50: amount to be paid in 80 days TO banks,
&c. S4.755: total cash to be paid. $685.
Cash 10 be raised rs follows Mortgage on
pIant. $50. 900; sale OF 500 bonds AT 500 each.
$50 600: collectibe bank accounts. So. COO
subscription to stock, SO, O0o-total, Sl5O, OoO.
Bond aeeount-Amount Of first mortgage
issue, 500, 900; less amount surrendered to
banks, S57 .O60; to farmers, SOC, ooOi 10 sdndry
small creditors, $4,000; sale OF 600 bonds,
6OO00; balance left for treasury S2'sao-
total, 500, 600.
Under this proposed plan Of reorganization
the new company would have cash working
capital az the start of SOL .450. less amount
due in so days, $40, 600; in As days, Ss,5lo; ~
30 DAYS, 81, 755--total, S24. 265; leaving "A cash
capital over and above the foregoing pay
ments of S43, 1856.
In advocating the adoption Of the plan
President Crowther said that il iacuded no
preferred claims. excepting for the mortgage
and interest and for labor. All she creditors
would be on the same footing, farmers IN
cluded. and would be paid in securities OF the
same value Twenty-hv per cent. would be
paid 10 the farmers IN cash, the value OF their
stock would be unimT aired and they would be
continued IN charge Of the business More
over, the price Of milk, instead Of decreasing,
would be increased, and they would have the
opportunity to reap ali the benefits Of The bus
mess and get back all they had putin.