Lower coast gazette., 1913-12-13

cuts in the work, introduced by MIR
Raye, the office force has been cut
down to seven and the selling force
to one-nc My without loss but witt
a distinc ; efficiency. Upwards
Of $2O0,OCI out of operating
expense.
The economic. after the
change of managemeS continued
through the season III ST. that
the worst was at least ov., the
one thing which we hau to
with was bad management. anu.
was behind us, as we were satisfn> ]
from our previous years inventory that
we would at least be able to show an
inventory of oysters as large as the
previous year.
In September, 1912, we arranged for
an inventory with two other experl.
enced oystermen, Arthur Halsey, form.
er manager for Radel, and Capt. F. w,
Rowley, formerly manager Of the Sea.
coast Oyster Company. These men, in
conjunction with Capt. Cole and F. s.
Beardsley, of our own company, went
carefully over the grounds and return.
ed appraisal to us, showing an invent.
DRY OF 100000 bushels of oysters with
a value of only $1,60O,00O. This was a
bolt out of the blue.n
Up to the fall of 1912 we would not
complain of any hard luck, it was all
poor judgment. In the fall of 1912 this
company did have hard luck. We had
only a moderate set Of oysters, ana
that set showed afterwards a yery
heavy death rate. In January, 1918.
came a terrific storm such as old oys.
termen said had not been seen for
twenty years, and this washed the
beds very badly, killed and destroyed
many OF the oysters which we expect
ed to sell in the spring of 1913. The
extent of the storm damage could not
be thoroughly ascertain until the the
early summer of 1913. Heavy storms
often drive oysters into the bottom
from which they emerge in good shape
the coming summer. 1t proved, how
ever, that our oysters had been large.
ly killed or scattered.
At the beginning of the year 1912 it
was clear that we could not take care
OF our property notes as fast as they
matured. The properties had been
paid for partly in cash and the rest in
notes. These notes were secured by
the properties representing the pur-
chase. The notes matured at various
periods, some as late as 1928, and
amounted in round numbers to $780,
600. When the properties were bought
we were laughed at by the oystermen
OF our own company when we raised
the question about the possibility of
the company not being able to take up
these property notes as they became
due.
The recent agitation and publicity
as to the company's affairs had led the
larger creditors of the company to de-
mand payment of the obligations they
hold, and it is not likely that forbear.
ance of creditors can be much longer
relied upon. While the assets of the
company are in excess of it's debts, the
company is, as the facts have now de.
veloped, greatly overcapitalized.
If the creditors take possession of
the company the directors will use
their utmost endeavors to effect a re-
organization that shall satisfy the cred.
itors and save for the stockholders
the equity which l believe is still in
the business.
There have been large losses and
sacrifices, and further loss and sacr,
lice should be prevented.
| would gladly sacrifice all l have in.
vested in the company if / could let
my friends and stockholders out with.
out loss. l have put into the company
much more than I ever expected, as
have all the directors, and / have all
the securities l ever bought in the
company. Every director has suffered
large losses. l shall continue to be
president without salary If that is re-
garded as desirable, much as | wish to
be relieved. Mr. Raye has proven that
he is an extremely able manager ana
your directors are satisfied that he is
the best possible man to manage the
fairs of the company. Without his
worry ohIa =