Alma record. (Alma, Mich.) 1878-1928, 1922-12-07
TELLS ABOUT
CONDITIONS
At REPUBLIC
EFFORTS TO BRING ABOUT A
REORGANIZATION AT PLANT
MENTIONED IN LETTER.
Hopes Re-Findncing
May Yet BE Possible

w IH Ct DC OSStOtC
Just how the affairs Of the Repub-
lie Motor Truck Co. Inc, are shaping
the great difficulties that are being
met with in the efforts TO achieve
the reorganization because of the
many interests involved, the attitude
of the receiver for the business in
his city with the receiver located in
Detroit, are set forth in the follow
ing letter received by the Alma
Chamber of Commerce from Colonel
Frank f. Smith, late president and
general manager of the company.
1t undoubtedly covers the matter bet
ter and more fully than could be set
forth in any other way. Col. Smiths
letter follows.
Alma, Mich.
December 2, 1922
Chamber of Commerce,
Alma, Michigan.
Gentlemen
For many months | have diligent-
ly labored to effect some sort of
organization of Republic, that
would protect the equities Of the
several groups in interests, and
which at the same time, would as
sure the Company's financial future
on a sound working basis.
The complications involved, due to
the variety of interests and the need
for keeping the business as "going
concern" meantime, have been many,
and the task most intricate and try
ing, and altho on several occasions,
the successful consummation Of our
efforts has seemed assured, yet each
time something has transpired to de-
feat our plans.
The Receiver, perhaps quite natur-
ally, from the position which he oc-
cupies, insists that the property be
brought to a speedy sale, regardless
cf reorganization, and the trust
liquidated and cleaned up, and to
that end, has ordered drastic reduc-
tion in personnel, and in some cases
the complete wiping out of entire de-
partments.
On top of this, the Banker part
ners in the proposed underwriting,
have become involved in a dispute
over certain arrangements to be
made with me in reorganization,
with resultant embarrassment both
to themselves and to me, and all of
which must necessarily prove det-
rimental to the working out of Re-
public's rehabilitation.
AS nothing constructive can re-
suit if matters continue in their
present impasse, and as my chief de-
sire is to see Republic put on its
feet and the greatest possible
amount realized for those financially
! Interested, | have decided TO elimi-
nate myself from any futher active
part in the proceedings, in the hope
that by my withdrawal from the
picture, the rift between the Invest
ment Bankers can be patched up and
deal put through.
am fully aware Of what the con-
tinuance Of Republic means in a fin
ancial way TO both Alma and St.
Louis, and | sincerely trust that the
business may be preserved and con-
tinued, and that both communities
may reap the benefit.
My family will continue residence
for the winter at st. Louis, and |
I shall be there occasionally, but
meantime, am returning to New
York to resume once more the work
! dropped to attempt the resuscita-
tion of Republic, and will hereafter
be reachable in care Of my office,
Room 7O3 at 512 Fifth Avenue.
In closing, want to say that in
spite Of the many months of hard
work that ! have put in since COM
ing to your community, and which
have in great measure, prevented
my taking an active part in civic af-
fairs, have enjoyed, and am the bet
ter for, the contact with your good
people, and shall leave with the
hope that the feeling is reciprocated.
Appreciating your cordial cooper
alton, and hoping that / may be
able from the Outside" to serve you,
as | have always tried to do while
on the "inside," and trusting that
whenever you are in New York, you
will avail yourself Of the privileges
of my office, / remain
Faithfully yours,