The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-01-29
1]1E MUTUAL ICE co.
A'''''aI Meeting Held Friduy-Nat.
tcrs OF Interest Disclissedl-Ct mint.
toe Appointed and Directors Elect
cd.

'i"''e'S VI inc Mutual Ice cCmpany
was held Friday afternoon at 4.3O
o'clock In the directors room of the
fank Of Sumter. The meeting was
largely attended and a large majorirn
OF the stock was represented. MIR. r.
l. Manning acted as chairman Of tho
meeting.
The annual report of Genera Man.
ager j. A. Schwrrin was sub, ,itted.
likewise the annual report and Anan-
c'al statement by Secretary and Treas
urer p. Walsh. The several repurts
showed that the year had been fairly
successful and satisfactory and that
a reasonable profit had been earned
0n the business dc ne.
The matter of most Importance that
was brought up for consideration was
the necessity Of securing additional
subscriptions to the capital stock Of
the company in order that the paid up
capital might be increased tn the
amount originally agreed upon. 1t
IL q fact. perhaps not generally
known, that while the company was
organized on a basis Of $4,000 only
$I100 was paid in. When the move
ment to organize the Mutual Ice com
pany for the purpose Of giving the
people OF Sumter cheap ice was inau.
gurated there was a great deal of en-
thusiaSm and there seemed to be no
difficulty in raising all the money
needed. But as soon as the factors
became certainty and the people
were assured that cheap ice was guar.
antecd the enthusiasm waned. Many
who had promised to take stock be-
gan to mako excuses and others who
had subscribed failed or refused to
make good their subscriptions. rhe
corporators VINO had been elected at
one Of the enthusiastic chear Ice
mass meetings were in a position
where they could not turn back with
out destroying hope Of cheap ice, SO
they went ahead with the bona fidc
subscriptions to, stock that had been
secured and the company was organ
ICED. Even then the troubles Of the
directors who had been elected were
net at an end. Quite number Of
the stockholders who had paid the
first ASSESSMENT failed to pay the
other assessments. Nevertheless the
machinery was purchased and the
factory erected and the people OF
Sumter have been supplied with
cheap ice. To accomplish this it was
necessary, however. for the directors
to borrow $3.50 to make the Anal
payment on the machinery and The
company has been hampered by debl
and y lack of working capital from
the outset. notwithstanding this
handicap. the company has made
money both in 1906 and 1907. The
directors feel, however. that this
condition Of affairs should not con-
tinue. and they do not desire to
shoulder the responsibility Of furnish
ing the people Of Sumter with cheap
Ice for an indefinite period unless the
people who are the beneficiaries of
the enterprise show their appreciation
Of cheap ice by taking up the unsub-
scribed capital stock, thereby freeing
tho company of debt and placing it
on q solid footing.
The Mutual Ice company Is not q
failure and 1t has done what 1t set out
to do-furnish cheap ice-but unless
the people back it up. the directors
who have been carrying the burden
end have pledged their individual
eicdit to make the company Il SUCCESS
the ultimate result is not difficult to
foresec.
The matter was fully discussed at
the meeting and il was the unani-
NOUS opinion OF all present that the
additional stock should be taken ur
and all increased their stock, a ma
iority doubling their holdings.
committee consisting CT w. NJ
Graham, c. c. Brown, J. II. Chandler
and H. c. Haynsworth was appointed
20 lay the matter before the stock
holders and the public generally and
to solicit stock subscriptions to ar
amount sufficient to make the paid up
calital $4,000. This committee will
discharge this duty at once and will
report at an adjourned meeting Of thc
stockholders. AS a business PROPOSE
ton apart from the fact that the Mu-
tu;l Ice company is quasi publ:
enterprise, there should be no dill
Guilty in placing the stock since the
company has property worth at least
S1d 000 ond on "a hIichn5 o~1 oroP