Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1909-04-29
Reported for the Beacon.

nepOTfeu FOR the beGc0R.
A special meeting of the Direc.
tors Of the Southern Maryland Tele-
phone Company was held at Mech
anicsville, Monday, April 26, instant.
The report OF the special Auditing
Committee-Messrs. L. ]. Sterling,
Geo. w. Joy--recentlY appointed 70
audit the accounts OF the company,
was received and considered.
The report shows, in round fig
ures, that $2G, 900 has been expend-
cd Ia construction work, covering
the line from Ridge. this county, to
Brandywine, Ia Prince George s
county. and to Rock Point in Charles;
stock TO the amount of $I3, 500 has
been issued partly defraying this
expenditure, and the balance of con-
struction work has been paid for
out OF money borrowed and the net
income from receipts. The receipts
for the year ending March /, ultimo.
was, In round numbers, $4,000, and
the current expense and repair bills
were 5000. leaving q net income of
about 90 which is about 8 per
cent. on the capital stock issued.
The Indebtedness OF the company in
81 900. on mortgage; 81. 900 on notes;
and about 81 800 on open account,
about $500 of which is due the C. a.
p. Co. for rental OF instruments.
making total indebtedness OF about
400. There is about 215 miles OF
pole line, now out Of commission on
account Of the blizzard, and about
100 miles OF line wired and In fair
condition. The estimated expense
for repairs now required to put the
entire line in working order is
about 81 800.
AS o means Of meeting this OK.
penditure and thereby enabling the
company to get on its feet and In q
working condition, the following
preamble and resolutions, introduce
cd by Euoch B. Abel, OF the Board
OF Directors, was approved by them
as . suggestion to be presented al
the stockholders meeting TO be held
on Monday, May 3, proximo:
whereas, construction work and
other expense has considerably in
volved the Telephone Company, and
whereas. the recent storm has so
seriously injured the line as TO ne
cessitate an outlay of considerable
amount for repairs In order 70 put
the line in actual working order,
and whereas the financial condition
OF the company is such that ID Is DIFF
fcult 10 borrow sufficient money TO
reestablish the line, which must be-
come complete wreck unless IL is
quickly repaired, and our stock
holders thereby be ut q total loss,
and whereas, the Directorate is soli-
citous OF affordine the stockholders
q chance TO redeem the deprecated
value OF their stock,
Therefore. Be il Resolved, That
we suggest TO the stockholders at
the coming annual meeting. that an
assessment OF from one to two dol,
lars per share. be imposed on each
stockholder, making il optional
with the stakeholder 10 accept the
assessment; that this additional as
sessment, when accepted, be added
70 the face value of existing stock
as held by said shareholder, and q
new certificate Of stock be issued as
preferred stock, and that those not
accepting this assessment shall con-
tinue TO hold their stock as common
stock. and that the limit OF the &C.
ceptance Of this assessment shall be
May 20, proximo, az which time Q
special meeting Of the stockholders
shall be called to consider the re-
suit thereof.