The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1913-04-03
THE CHAUTAUQUA
Plans for Its Reorganization Dis.
cussed at a Meeting
Last Evening

A meeting of directors of the Lake
Madison C~hautauqua association was
held at the office of Farmer q Blewitt
last evening to discuss and formulate
plans for the future of the as sociation.
1t is we'll known that for a dozen
years or more FL. p. Smith has carried
the Indebtedness of the association.
Through a friendly foreclosure proceed
ing had recently the business of the as
ISOLATION is now at a point where q
cutoff is necessary. Mr. Smiths
claim is about s., 600. The property
is worth considerably more for almost
any purpose, and for chautauqua
purposes its value is inestimable.
At last evenings meeting two plans
of procedure were discussed. First, to
abandon the present organization and
reincorporate a new company. After
considerable discussion this plan was
10 q measure abandoned, and a second
plan proposed which met with the
general appreciation of those present
at the meeting. This suggestion was
to issue 1910 bonds of 500 each, to
draw 5 per cen per u interest.
Upon the sale of these bonds a fund of
$12, 900 would be created out of
which Mr.. Smiths claim of So, 600
would be paid, leaving a balance of
"a, 900 for repair of buildings, install
ing an electric light plant, and other
minor improvements needed. In a dis
cussion of this plan it was suggested
that purchasers of bonds would be en-
titled to a lot upon which to erect a
cottage, the title, however, to Iemain
in the association, the b~ondholder to be
provided with a lease, the tenure of
which to be decided upon. As a further
inducement for the sale of bonds, bond
holders would be entitled to the privil-
eyes of the grounds during the chautau-
qua season at half the regular rates of
admission. The bonds would be issued
for a ten year period, the association
reserviDg the right to pay them of
at any time. For instance, should
there be a surplus of an assembly of
any year of. say g., 600, the surplus
could be used that year for taking up
ten bonds.
This in brief is the plan discussed at
length at last evenings meeting, and
Mr.. Farmer is employed today writing
the plan in detail to be submitted to
a committee which has been invited to
Farmer & Blewitt's Office this evening
to further canvass the situation. This
committee consists of J. @. Schultz, J..
W. Walden, T. Z. McAllister, f. C..
Smith, L. t. Love, Z. L. Kingsley,
| NJ. E. Hart, Geo. r. Farmer.
Since the Lake Madison Chautauqua
association is one of Madison's most
prominent institutions. it is not like
ly any difficulty will be experienced in
placing it on "a substantial basis. Al
times for various reasons the assemblies
have not been altogether successful,
during the past dozen or fifteen
years, but recognizing its value to
the community II. p. Smith has car
ried it along until now with increased
population and a greater demand for
summer resort facilities, he is ready
to hand it over to the public at a
time when the prosperous condition OF
the people would enable them to
handle it successfully.
The grounds and the lake were never
more beautiful. There has been fine
fishing at the lake all winter, and
with the planting of fish from the
government hatcheries this feature OF
the lake will be attractive at all sea
sons of the year. The association has
on file thirty applications for sites for
the erection of cottages as soon as the
reorganization is effected, and the time
is ripe for placing the chautauqua firm
ly ON its feet with a new lease of a
successful future.