The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-17

The Officers were elected by the
board of directors, who were named py
the stockholders Immediately after the
meeting had been called to order. The
stockholders also voted to increase the
number of directors from 20 to ~, put
also voted that II directors would con
stitute quorum. The increase was
made particularly to increase repre-
sentaton of cattle raisers VINO live IN
territory tributary to Memphis Many
OF them already have bought stock in
the corporation, Only % were selected
by the stockholders for service on tue
board They are;
Joseph Newburger, j.. X. Salisbury
s. M. Williamson, Frank Hayden q. f.
Hill, Phil NJ Canale, j. j. Carrtgan
Thornton Newsum, W. l.. Huntley, Jr.
rs. Steinberg, j. B. Edgar w n. Tay-
lor, John r Walsh, }. I. Thomas. b
a. Rolfe. DR.. j. Il. Givhan, Travis Tay-
lor, H. H. McAdams, w. G. Walker, G
s. Blackburn, w. w. Fisher, l.. II
Boiling
Reasons Explained.
Mr.. Newburger, who made the mo-
tion for doubling of the capital stock
:. said the corporation now had nearly
4 S400 900 in the bank and would have
$l,000,000 on deposit within the nex'
60 days, but that great deal Of money
would be necessary to carry on the
Z business and because of the increasing
price of material. He also said the cor
poration would erect refrigerator
plant which would be unusually expen'
siye.
The question of the amount of ad'
ditional stock to- be issued was left t(
the discretion of the board of directors
Ii is probable that only half the amoun
win be needed. Mr.. Newburger eX-
planned, however, that he wanted th'
firm TO have. sufficient operating capi
tai when it was opened for business
and that most small packing plants
that had failed had done SO becaus'
they had been started on too small
financial basis. IN
Concerning the success of small pack
ing houses he referred to successful
ssplants In Atlanta, Nashyille, Blrniing
ham and StsAouis. He said the placini
" 81 additional stock on the marke
would afford opportunity for Memphi
#capital to become more deeply interest
ed in the corporation,
Stock raisers and farmers through
out Memphis territory have Responded
more literally than the people of Mem
phis," he said. "We want to ge
them into the plant. There can be n,
doubt OF its success. Enough hogs ar
raised in Memphis territory to keep
packing plant that has a capacity of 2,
n 400 hogs per day busy the year round.
m 1t was announced that the corpora
Nion owned $4,000 site at Trigg ave
nue. and Riverside and had $500
worth of material on the ground. OF
ficials claimed the site and materia
now were worth much more as botl
material and site were bought on lowe
markets.
Gives Luncheon.
Following the meeting Mf. New
burger entertained the stakeholder
with luncheon at the Hotel Gayos
cat which the needs of a packing hous
in Memphis were discussed by severa
speakers Among them was w. II
FitzHugf, president of the Chamber 0
Commerce. The stockholders then weT
taken on an automobile ride to the sit
of the plant.
statement of the financial condi
tion of the corporation was read dur
ing the meeting. 1t was stated tina
the stockholders had $4,000 on de
post and all but $4,000 of the amour
was drawing interest, The stockholder
also own the site Of the plant con
siderable material and more funds ar
being Received daily from purchasers Q
stock. The first million dollars wort
Of stock already has been sold and j
was announced that buyers for an
other 500, 600 worth of stock wer
4 sh In ttcr