The free lance. (Fredericksburg, Va.) 1885-1926, 1910-09-24
AGREEMENT REACHED
Committee Satisfied With PROPOSE.
tion Of Messrs. Melville ane
Duvai.
ALL AGREE TO SUBSCRIBE TO BOND
Citizens Will Be Asked To Subscribe.

When the committee on the Melville
Duval proposition reconvened at
O'Clock Wednesday afternoon, Messrs.
Melville and Duval were present by re-
quest.
In answer to the proposition which
the committee had made to Messrs,
Melville and Duval for them to take all
of the $40, 600 of preferred stock. Mr..
/ Duval suggested that no subscriptions
be asked for any of the preferred stock.
He submitted a proposition by which
he and Mr.. Melville would take So, SOC
in cash of preferred stock and the bal
ance up to SIT, 900, for which they will
deed to the company two two-double
dwellings near the pants factory; the
boiler and bricks left from the fire and
the site of the old wooden mills, with
water power privileges. etc, leaving a
balance of SO, 600 of the preferred stock
in the treasury to be sold if deemed ad-
visable. A mortgage on all OF the real
estate and assets of the new company
will then be given as security for the
$50, 600, Of which $35, 500 the Freder-
icksburg citizens will be asked to take
and balance of $l4, 800 having been TAX
en- by New York parties.
Messrs. Melville and Duval then re-
tired and the committee continued its
deliberations.
Mr.. Warden asked what the assets
of the company would be under the
new proposition, and Secretary Could
man stated $50, 900. Mr.. Willis sug-
gested that it was desirable that the
bonds be limited to ten years instead Of
twenty years and he was appointed a
committee to confer with Messrs. Mel
vile and Duval on that proposition. he
returned in a few minutes and stated
that they were willing to compromise
by making them fifteen years.
Messrs. NJ. G. Willis, Col. +. d. Cole,
David Hirsh and others expressed
themselves as satisfied with the propo-
sition. On motion of Mr.. c. W. Jones,
seconded by Mr.. David Hirsh, the
proposition was accepted as satisfacto-
~ to the committee and the committee
recommended it TO the public as an In
vestment. This was unanimously adopt
ed. Mr.. Willis then moved that Col.
Cole, Messrs. Warden and s. &. Wal
lace be appointed subcommittee to
call on lIt CliisCllc anu SWIM NhSh SUI
scriptions TO the bonds.
The proposition concisely stated is as
follows:
The Washington Wooden Mills Co,
Inc, will have a cash capital OF Sl1,-
600. an earned surplus of $l5, 900, max
ing a total of $32, 600 capital and sur
plus. and will issue a first mortgage
bonds issue of $50, 600. said bonds TO
run Is years and bear six per cent in
terest. said interest payable every six
months through the Farmers and Mer-
chants State Bank of Fredericksburg,
Va. who will act as trustees. The
bonds will be secured on all the assets
of the company.
The new company will take over all
the property of the Melville Wooden
Co., which will include all the water
power rights owned by the Melville
Wooden Co, and as soon as the
bonds have been taken the new COM
pany will begin to erect building
larger than the one now occupied by
the pants factory.
The following members of the com
mittee were present: Col. Z. d. Cole,
Messrs. NJ. G. Willis, P. V. d. Con-
way. w. S. Chesley, H. Warden, c. W.
Jones. S. C. Wallace. David Hirsh, II.
F. Crismond, j. F. Gouldman, Jr., A.
P. Rowe. All pledged themselves to
subscribe for bonds.
If citizens who are also bond holders
subscribe to any of the preferred stock
it will entitle the bond holders TO two
members Of the board of five directors
of the company.