The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1913-04-07
THE %CHAUTAUQUA
Statement of Its Business and
Condition by II. p.
Smith

situation.
In 1890 this association wss iDcorpor-
ated as a stock company, capitalized at
S25. 600. The present grounds were
purchased at &c, 80. There wac ex
pended upon the grounds for plotting,
grading, clearing off brush, planting
trees. fencing. digging wells, etc,
s.. 642, and for buildings S13. 730 and
furniture 81, 800. There were other
expenditures of something over 81. 900
for tents. boats, etc, but these have
been worn out, so we will leave them
out of this count, hut the other items
a bove mentioned are now on the
ground. The buildings and furniture
are CT course somewhat the worse for
wear. but they are in fair condition
and the ground is worth more than
doubls what it was in 1890. So you
will see that we have today property
representing S25, $50. And here l
might say that this property was ap.
praised by a committee of three good
business men and listed at $40, $40,
on the gath of last July.
So much for the property as it stands
today. How about the indebtedness 7
Is it a square deal or is Smith trying
TO steal the property Let's look over
a little of its history. In 1896 the
stockholders at annual meeting were
Informed that the association was in
debt to the amount of about $40, 900
(exact amount $50. POS. 59). A mort
gage of about SI2, 900 was in the hands
of an attorr ey for foreclosure. All the
personal property on the ground was
PIT up as security for other claims
outside this $12. 600 mortgage. As a
matter of business something had to be
done. What was done? The associa-
tion by is board of directors pro-
posed the following plan Of settlement
to the creditors
"All creditors shall surrender all
their securities, collateral or otherwise.
and cancel and satisfy all mortgages
now held on the property of the as
ISOLATION and release all gusrantors
upon any Of the outstanding paper,
and surrender all notes and other OBJ
legations against the association fully
paid.
In consideration for the above the
ass )ciation proposed to turn over to the
creditors about 81. 900 bills receivable,
aud about s., 900 which they had sub
scribed for stock, but unsettled for.
and all its unsold stock. And it also
agreed in case the creditors accepted
the above proposition TO use its ut
most endeavor to assist in the collection
of these notes, and assist in making
sale of stock for the benefit of the
CT editors. And it further agreed to
use its utmost endeavor to keep out
of debt. hold its annual assemblies.
as heretofore, and in case it should
forfeit its corporate existence or cease
to hold its assemblies then all of the
corporate property shall be turned over
TO a trustee to be chosen for the pur-
pose of paying any unpaid balance that
may then be remaining on the claims
now due, or that may then be exist
ing"
The creditors accepted the above
proposition in good faith, and can
celed and turned in their securities.
Then commenced the struggle for ex-
istence. The association failed to sell
any more stock, and the creditors, up
to the present moment, have collected
less than ID cents on the dollar from
the ''bills receivable" which they took
from the association. Meantime, for
five years following this settlement.
someone was obliged to put up money
to pay shortage. ranging in amounts
from a few dollars up to az much as
81. 500 in d year.
This money was put up by one OF
the creditors, with no other purpose
than to establish the credit OF the
association and get it on a paying bas-
is. You were not called on by a beg
ging committee at end of every Assem-
bly,, but somebody had the bills to pay.
These bills in the aggregate amounted
to some Sc, 900, which shows up in the
present mortgage on the property.
The larger items making up this
amount are shortage on assembly re-
ceipts, one year $500; another year
WutD IL IdluCu uCdliJ ofcI1 udf VI
assembly, 81, 500; another item was
some 81, 500 to the c. M. X. r. Co.,
for spur track. The whole cost of this
track was "a, 400 of which the citizens
of Madison subscribed 81, 600. Other
items to make up the 30, 900 were lum-
Der, tents, etc. All bills were care
fully audited and there is no graft in
them.
The fact is that at any time during
the FIVE years after the settlement and
agi cement with creditors. it was the
right of the creditors to take over
the whole property in payment of
! their claims, and to these creditors
| alsne is due the fact that we have
the c%hautauqua today, and that it ia
considered of some value by people
who have never until recently been
interested in its support. No enc has
been more anxious, or sacrificed more
for the success of this institution
than these creditors, and all they
ask lie a reasonable consideration in
any tranfer of the chautauqua prop
erty.
-1o;ot;oo -;l1 fr1cI1