The Mathews journal. (Mathews C.H. [Court House]) 1903-1937, 1912-02-29
PROPOSED Reoroa-
nf3atfon


that ths Southside Agricultural
Essociation cannot continue 10
Prosper unless it rests npon a
wider base than the interest of a
lew large stockholders. A n d
that unless some steps are taken
to increase public interest or cur
tail the expenses of our Fair, ulti
mate failure is in sight. / there
fore desire to lay before those in
terested plan Of reorganization
which embraces both remedies.
At present our constitution Or o
vides that each stock holder shall
have one vote for every share he
holds, and our stock issued repre-
sents $225o.oo in the hands of 90
stockholders.
propose to take up and distroy
this stock. issuing in place of it 90
certificates viii C h shall entitle
holder to life membership in our
association combined with the fol
lowing privileges.
Ist. One vote at all annual
meetings,
I'd. Free admission to the
FAIRGROUNDS at all exhibitions.
These certificates to be good
only during the life of the party
to whom they are issued and not
transferable.
Bv this means we insure a mem
bership Of fifty people Who receive
as return for their investment Of
$1,000. a ticket for all three days
Of the Fair and An annual sum
mer matinee; in all, four tickets,
worth $I.oo per aunur. or 10
per cent. on the original nvest
ment of $Io. 90 for membership.
This will absorb $500 90 OF
the present debt and leave $3.50.
in the hands of the present hold
ers. which propose to receive in
exchange for us first mortgage
bonds bearing interest at per
cent IedeeIpable at the rate or Z
1onds annually. at the option of
the holders. In addition to tits
l would favor the sale Of life
membership tickets so far as any
demand should appear for same.
the proceeds to be at the discre
ton of the management for the
Improvement Of the Fair Grounds
or any other legitimate purpose
until the membership reached 100
at which it should be limited.
|. In this way the present ex
penss Of 10 per cent. dividend
on $4,000 would be reduced TO
l$I97.5o. and the entire bonded in
debtedness wiped out n Thirty
six years.
/ Tn c small stakeholder who
under the present system gets
nothing. would then have equal
Representations at the meetings
and free admissions to the Fair
Grounds. The large stnck-holder
who now gets nothing, would re-
ceiVe a guarantee Of S per cent
n his investment with the pros
pect of eventually being paid ir
full.
Sv this plan 3 gains are made.
Ist. The small stock holder is
benefited.
End. The large stockholders
is protected.
ard. The Association is relieved
Of AL annual expence of $3.50
In OrGer 10 protect the policy
thus outlined, the constitution
should be amended by taking
from the secretary the powe- Il
draw anv money fI.rm the Treas
urer after the balance on hanC
falls below $4,000. except il
payment of dividends and redemE
ton of bonds. The amount thu
reserved being lessened each yea
by the interest at 5 per cent. oil
$780, 90 or $3.50.
This plan is believe workabl
and will result to the advanta :
Of every on concerned and / shaI
welcome "A free discussion Of
through the paper and at the cor
ing meeting on March 18th. at /
. a. m. at Mathews.
Percivai Picks
Secretary y. A. a.