The Donaldsonville chief., 1922-12-30
FAIR ASSOCIATION
PROPOSES PLANTO
LIQUIDATE DEBTS
Partial Payment of Twenty Per Cent
Offered and Balance to Be
Secured by Notes.

Since the action of the business
mon Of the city, at meeting held
last week, the officers Of the South
louisiana Fair Association have felt
very much encouraged. At that
meeting it was decided to make
thorough canvass of the city to raise
a fund for the association, and min
imuln Of $500 was set by the men
attending A committee consisting
of Lanny Montero and Harvey Trux-
. lilo was appointed to make the cam
], vass. Reports from this committee
#are to the effect that over $500 has
+ already been subscribed, but that oW-
ing to the busy rush of the holiday
season the canvass will be postponed
until after the new year, when the
committee will be augmented by a
few more members and a thorough
canvass will be made.
With the money now in the hands
OF the association, and the money
which will be turned over to it by the
business men of the city, the officers
of the fair have made arrangements
to llquidate a portion of its indebted
ness, and in accordance with this de-
termination the following letter was
sent out this week by President De-
Eussy to each of the creditors:
"Shortly after the close of our
last fair and just previous to the ma
turity of note given you for the 1921
tccount, we wrote that as soon as
he final report of our auditors was
seceived and we were in position to
now definitely how we would dis
rurse among our creditors as large a
'2ayment as possible.
&"The auditors account Is now De-
lore us and up to the time IS was
.,'osed showed net profit from oper-
iiat;ons of $1522.71. This amount has
been reduced somewhat by some ad-
ditional expenses incurred since but
Notwithstanding we are able to offer
you a payment of 20 per cent with
the understanding that you accept a
!. note for the balance payable Decem-
|. Der 1, 1923 by which time we will
ii have had our next fair and been able
to ascertain definitely the result. ~
eve are writing similar letters to
each of our 1921 creditors who are
the only unsecured creditors we have
representing total of $5S43.61 and
in order 30 more fully protect them
Ill Tile luluiS ouI CASAuCifS SoAAAAAiAo
tee has by resolution turned over to
sNE. c.. Hanson of Donaldsonville as
$rustee $500 per cent first mort,
page bonds remaining unsold out OF
: : an issue of $4,000 authorized some
three years ago. These bonds to re
.asssssfs=
Z curity for the balance of the abov'
/. Indebtedness until same is paid.
"With most unfavorable condition
prevailing occasioned by heavy rail
. the first day of the fair and for SOM
two or three days previous our re
ceipts on the first Sunday were large
: w reduced, but still we have mad
progress and increased our perma
. nent investment as well as making
= small net profit.
r: GAS it is necessary that we haV
concurrence of all our creditors w
- .equest that, you viii advise or you
acceptance by return of mall
. From responses already ;recelve
s. to the above letter the officers OF tn
+ fair feel assured that all of the ere
ditors will accept the 20 per cen
payment on account and renew tn
balance with a note as suggested. IN
majority of creditors have alrcad
greed to these terms and the remain
. der will undoubtedly coincide wit
the majority.