The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1907-01-23
TIE MUTUAL ICE COMPANY.
Annual Meeting OF Stockholders Held
Directors and Officers Elected for
1anz Ix.c4 coocon uEaa Pro&fahIo

19O7-First Season Was Profitable.
The annual meeting Of the stock
holders of the Mutual Ice Company
was held in the Offices of the company
at the factory on East Liberty street
at o'clock Wednesday afternoon.
The attendance was not large, but
practically all Of the stockholders
were represented in person or by
proxy.
The annual statement Of Secretary
and Treasurer Walsh was submitted
and was received as Information and
ordered published for the benefit Of
the stockholders not present.
The loan Of $3.50, negotiated by
the directors for the purpose of pay
ing the last instaIlment on the pur-
chase price OF the plant, was APPROX
ed.
A general statement concerning
the business Of the year was made by
General Manager Schwerin, which
showed that the factory had pros
pered beyond expectations the first
season. despite the late start and
other obstacles that had to be over
come.
The next business in order was the
election of directors, and the follow
ing were elected:
J. W. McKiever, J. A. Schwerin, H.
F. Wilson, Barlow Walsh, H. G..
Osteen, I. C. Strauss, w. ". Sibert,
Geo. L. Kicker AID William NJ Moran.
When the meeting of stockholders
adjourned the directors met and Or
ganized by re-electing J. w. McKiever
president, and Barlow Walsh, secre-
tary and treasurer. Mr.. ]. A.
Schwerin was reelected general
manager for another year.
The company was organized with
an authorized capital Of $4,000, Of
which the greater part was sub
scribed before the organization Of
the company was perfected, but when
the subscribers were called upon to
pay in their subscriptions consid-
erable number Of them paid only the
first installment Of so per cent. and
others refused to pay anything. This
action on the part of stockholders
was due to either one Of two things:
Some Of them got cold feet, so to
speak, having become imbued with
the idea that the enterprise was fore
doomed to failure on account Of the
strong competition it would be forced
to combat; others took the selfish
view that, since the establishment Of
the factory was assured by the deter
mination Of certain number Of the
promoters OF the movement to Sec'lre
cheap zee 10 carry it through 20 Sue
cess. there was nc need FOR them 70
risk any of their money IL the scheme,
when they would receive Just as
much benefit from cheap ice as the
stockholders. The result Of all this
was that the directors, after contract
ing for a plant-lot, buildings and
machinery-to cost more than $12,-
600, found it impossible to collect
from the subscribers to stock only a
little more than $500. The situa-
ton at that juncture was a critical
one for the enterprise, cheap ice
being an accomplished fact, the en-
thusiasm had evaporated from the
public at large, and the directors got
little encouragement and less sub
stantial backing when they endeav-
ored to raise the reminder of the
authorized capital stock. Neverthe-
less, having contracted for the plant
in good faith, believing that subscrib-
ers to the stock would make good,
there was nothing left for them to do
but to go ahead as they had planned.
This they did, the factory was built
and was successfully operated
throughout the season just closed.
The factory made money from the
start and at the end of the first sea-
son the company has plant that
cost more than $4,000, and worth
considerably more, and it owes only
$3.50, which was secured from the
Sumter Savings Bank to make the
final payment on the machinery when
by so doing a substantial saving could
be made The factory actually clear
ed over and above operating ex-
penses something more than $4,000
during the season, notwithstanding
that the ice was sold at the low price
agreed upon when the movement to
establish a peoples factory was first
agitated. The factory was never able
to supply the outside demand and
although higher prices were offered
by outside parties than was received
g. .o15 oif the factory