The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-09-08
Recent Stock Reducing Sale
Realized Nearly $1O5,0OO.
NOT ON ACCOUNT OF HEALTH
w. w. Mills Retired for Other
Reasons, 1t Is Stated.
Broad Business Policy Assumed
by New Managers.

Stockholders in the Mills Dry Goods
company will get thirty cents on the
dollar for their old stock. Under the
reorganization plan, original share
holders may turn in their old stock
and receive preferred stock in the
new Mills Stores company for an
amount equal to thirty per cent of
their original holdings.
Details of the reorganization made
public today show that the new COM
pany will take over the heavy obliga-
tions of the old corporation and pay
in stock thirty cents on the dollar of
the original issue. Liabilities aggregat-
ing 100000 are to be assumed by the
new company. Assets of the old COM
pany are listed at figures ranging
from $2S5,000 to $2S7,000. This
showing will mean a seventy per cent
loss to the original stock investors.
Recently financial statement was
prepared by the Mills Dry Goods com
pany and a few copies were given the
heavier stockholders. None of these
statements was available today or sub
ject to inspection for publication.
Sale Was a Success.
Recently the Mills company con-
Quoted an extensive stock reducing
sale from which nearly $1O5,0OO was
realized. This money was used. it is
asserted, to meet the company's out
standing accounts. AS a result of the
sale, the stock on shelves was reduced
to about $175,000.
Creditors of the company are to be
paid dollar for dollar on their claims
under the reorganization it was stated
today. In order to meet this pay
ment, the stockholders will accept a
seventy per cent loss and agree to the
payment of the additional thirty per
cent in stock of the new corporation.
Salaries of Old Officers.
One statement today was to the ef-
feet that the annual salary to w. w.
Mills, president of the company. had
been $40, 900 a year. while the salary
to A. NJ. Mills, former sales manager.
was $4,000. These salaries, another
authority stated, had been reduced
within the last year.
In the statement recently prepared
by the retiring company, the stock.
fixtures and assets of the company
were listed at from $2S5,0o0 to $2S7.-
900. From this amount was charged
notes, store accounts and amounts due
for merchandise in the sum of $751;
900. A miscellaneous account against
the company amounted to $4,000, IL
was stated. The details of these ac-
counts were not made public.
More than $50 men and women will
be affected by the reorga nization plan.
These shareholders are residents of
nineteen states and foreign countries.
Not on Account of Health.
OF the stockholders, w. w. Mills OF
IOpeKa ana president OF the original
company, was the heaviest investor.
The annual report of the company, on
file in the office of the secretary of
state shows issue to him of 800
shares of stock of 500 each. That
Mr.. Mills will retire from active par
in the company was positive
ly stated from the Mills home today.
"Mr. Mills's retirement is not caused
by ill health" said member of the
Mills household IN contradiction of
the report that the president of the
company would retire on account of
his physical condition. 1t was an
nounced that Mr.. Mills would shortly
make a statement concerning the
company and his plans.
Building Company Continues
The Mills store building, consisting
of seven floors above basement, will
continue under the management or
the Mills Building company, a cor
poration Independent of the dry goods
company. This company is capitalized
at $500. 900. Under an agreement the
old company leased the entire eight
seventh floors for office purposes
A new agreement, between the
building company and the Mills
Stores company, Will give to the new
retail store control of the five floors
and basement used for store purposes.
Included in this space will be the
rooms OF the Mills tea rooms, which
will continue 10 be operated under
the new management The office space
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