The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1915-09-14
HUFFMAN MADE SECRETARY
BY BOARD OF DIRECTORS
"e" President Is One Of the Most
successful Business Men in This
rart Of MIssissippi-Believes That
Capacity of Plant May Be Doubled.
BOND Issue To Be Placed on Plant.
and Treasury Stock To Be Sold-Di.
rectors Elected.

With the election of P. NJ. Ikeler as
president and general manager and
determination on the part of the
stockholders to provide sufficient ad-
ditional capital to make the operation
of the plant profitable, the affairs of
the Hattiesburg Wood Reduction
Company arc being adjusted in such
way as to indicate that the plant
will be put into permanent operation
again within short time.
A well-attended meeung of the di-
rectors was held in the Office of the
Merchants Grocery Co. yesterday
afternoon, at which Mr.. keller was
elected president and general man.
ager, and Ellis Hickman secretary
and treasurer. AT this meeting also,
Mr.. keller agreed to invest a consid
cradle amount of money in the com
lpanys stock and proposed bonds and
Vother stockholders also agreed to con.
!. tribute to the proposed enlargement
Of the company's capital.
Mr.. lkeler, who is one of the most
successful business men in this Sec
tion of the state, recently closed the
lumber mills which he has been oper-
ating profitably for many years. For
the past month or six weeks he has
devoted considerable portion of his
time to investigating the process and
finances of the Wood Reduction Com
pany.
Must Double Capital.
He told the stockholders of the
company yesterday that in his opin'
ion there is no doubt that the plant
can be operated on a highly profitable
basis if the capacity Of the plant is
doubled The present domestic mar
ket for naval stores is lower than il
has been for many years but even or
J the present market, it was declared
J ne products can be sold at a hand
some profit if the output of the plan
is doubled.
MIR Ikeer said at least $4,000 vii
he REQUIRED to increase the plant tt
= having basis. He recommended
that bond issue be placed on th'
plant and that the necessary portion
of the bonds be sold and the mone'
nlaced in the treasury of the com
papv for enlarging the plant. In maR
ing this suggestion he agreed to tax
considerable portion of the bona
himself.
rho directors then ordered a bon
issue of $4,000, to be placed IN Tn
hands of bonded trustee; they ol
dered that $4,000 of these ponu'
bearing six per cent interest and mt
turing in from six to ten years. .
.ssold and the money invested IN aou
,.tiopal plant equipment; that tne II
ming 100000 of the bonds be hel
NV the trustee subject TO l"rther 5,,.ll u
P,,o,,ors from the board of dire
tors. -
Sell treasury stock.
:. ,,os further ordered mat th
.,aas,,rv stock nov held oy the ccn
juany orps amounting to s2s,'oc be sol
~ % . mar basis an that >lo'ao9 of IN
NJ, Oroceeds 9 Of this gale ol stock be use Sc
:, ,iouidating the>ndebteeneSs on u
n n,.nt tne remaining $1,000 to |
ped p IN the treasury OF the compar
pns pa 70 he used in enlarsng and o
Grating the plant ,,,bo,de
Mr.. keller and o'A, '.,.' "'I,~aI tor = 10
p' .,on Of tbs treasury stock and ., :,
va l1,',,on/s prevalent that south M
Continued on fase