The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1912-08-16

ed. Mr.. Kirby and Mr.. Mccoy retired
from the Reeves board on their own re.
quest, the board being re-organized by
the election Of Mr.. d. r. Augustine, OF
Buffalo, N. Y, w. A. Warren, of Ro.
chester, N. Y, r. e. Shireman and d.
B. Grubb Of this city. These directors
we're at once qualified and accepted
the resignation Of G. v. CritchAeld al
secretary and treasurer of the Reeves
company, and elected as his successor
G. H. Meltzer. who for several years
past had the actual charge Of the com.
pany's affairs, and who In regarded as
being one Of the best qualified account.
ants in the city. The retiring secretary
and treasurer was instructed to turn
over the entire records Of the COM
pany to q representative Of Barro.
Wade, Guthrie & Co., of Chicago, ILL.,,
certified auditors, who are to make q
thorough investigation Of the entire
matter and also make the transfer to
the new secretary and treasurer at the
time Of making his report. A commit.
tee consisting Of Messrs. Grubb, War.
rem and Shireman was appointed from
the board to have charge Of the audit
and appraisement, and we're directed
to furnish any assistance necessary
for the convenience Of the auditors and
also to arrange for an appraisement
by The American Appraisal Co.. Of
Chicago, ILL.,, Of the entire physical
property of the Reeves company.
A committee consisting of Mr..
Campbell, Mr.. Augustine and Mr..
Shireman was appointed for the pur-
pose Of drafting working agreement
SO as to fully protect every interest
of the few Reeves stockholders. who
have not yet transferred their stock
to the new company. The terms of
this agreement having been heretofore
agreed upon under the working agree.
ment secured by President Shireman
and other citizens of Mt. Vernon.
Perhaps, under no circumstances.
could there have been a more COM
plete caring for any stockholders, how
ever small, who did not care to enter
into the new organization by trans
fer of their stock, 1t having been the
particular care of the citizens In
charge to see that no violation whatso-
ever could at any time come to these
people. The contract will also provide
for the operation Of the Reeves plant
in Mt. Vernon for period of Ave
years.
This agreement which is now being
drafted provides for the taking over
by the Augustine company of the en-.
tire sales proposition Of the Reeves
company, and the Reeves company will
no longer be represented by any sell.
ing organization whatever.
The mechanical end Of the plant re-
mains in the hands Of Mr.. Broughton,
subject to the supervision Of Mr.. Gar
ry v. Mitchell, formerly of the West.
inghouse Co., and the board directed
that Mr.. Mitchell should be notified to
come to Mt. Vernon on Monday next.
and take active charge Of the mechan.
ical matters, 1t being the idea that the
appraisement would be substantially
finished and the working contract filed.
All who are vitality connected, eth.
er as new investors or who have here
tofore been interested in the welfare Of
the Reeves Engineering Co., feel the
utmost confidence that with the
amount Of money now actually pledg-
ed in Mt. Vernon, and that which has
been arranged for outside. that there
will be an amount Of capital availa-
BILE for this job business which will
entirely remove the serious handicap
which has heretofore existed.