The daily morning journal and courier., 1905-01-13
FEW ENGLAND DAIRY GO.
UNSECURED CREDITORS ADOPT
 PLANPRESENTED

At the Creditors Meeting Held Yester-
 day AfternOOn-NamesO of Committee
 Appointed to Enquire and Report as
 to the COmpany's Condition.
 The unsecured creditors of the New England Dairy company met at No. 1S9 Orange street yesterday afternoon. President Charles G. Morris, of the company, addressed them regarding the financial condition of the company. About fifty were present at the meet ing and it is stated they represented claims amounting to $50,000.
 President Morris stated that he had had charge of the companys business few months, but in that time had ac- complished considerable in the way of cutting down expenses. He said that when he succeeded General E. D. Brad ley as president the company's affairs were not in a very flourishing condition. In fact, radical changes had to be made, and made quickly, if the concern was to be saved from 8 receivers hands. The object of the meeting, he stated, was to avoid any receivership proceed ings just now, as the company has made rapid gains during the past few months in getting new business, and showed that it was paying expenses, for the first time in it's history, in a winter month. -.
 President Morris was very frank in his talk to the unsecured creditors who focked to the meeting. He stated that he had closed the Commerce street plant of the company, had discharged a superintendent and an engineer, had cut down the coal supply and had sav- cd something like $4,000 year in those few items alone. The company, he said, has made as high as S3,000 during the summer, and lost as much during the winter.
 He asked the meeting to name a com- mittee of three unsecured creditors to investigate the, affairs of the company for the benefit of creditors and to con- trol the company's future action, the committee to have power to call for a receiver, if necessary, f.5.t- ~. .-.
 President Morris stated that, in his opinion, the company would shortly be able to pay something pro rata to each creditor. If, however, at any time the committee of creditors thought the company would not be in a position to do so he would not stand in the way of the appointment of a receiver for the company. He stated he made that suggestion and offered that plan with the appI obation of the board of direc- tors of the company. ...-.-..
 The G, editors present seemed to be favorably impressed with MT. Morris outline Of the company's affairs. 5....
 President Morris said that for. some time after President Bradley resigned the company aswithout head. Vice. President Beecher acted as president for the time being. $ gs.--s5.s. ---
 A plan of procedure was submitted by the company. It provided that the creditors should forbear bringing suits or in any other way attempt to collect their debts, and the unsecured creditors for large amounts shall be a committee ] 70 examine all accounts of the company to sec that only proper payr11erls are made. This committee shall see that all current bills are promptly paid from current income; that all profits. are re- served until such time as they can be "pared for dividends on unsecured claims; shall have power to declare a pro rata dividend from excess earnings, but shall not prefer any one, and may at any time, when it believes such acl ton will benefit the unsecured credit ors, require said corporation to apply for a receiver.
 If not less than 10 per cent of all un. secured claims shall be paid by October 10, 1905, so long as the committee shall control the action of the corporation creditors will 'forbear to press claims for other than pro rata payment There are about 150 creditors. [-
 The plan met the approval of the creditors and was adopted. The fol- lowing committee was appointed to in- vestigate the affairs of the company and report: F. K. Post of Hebron, W, F. Beaney, of Hartford, Walter. Glider sleeve, of Portland, George W. Cook, of Wallingford, and Wilson H. Lee, of this city. .9 ..
 Among those who took part in the