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RarnEsville New s-Gazette.
3
11/to to
f i i M
oarshburn’s
’fe "i 'if
This is good advise given by
|1 people all over Barnesville’s
'w^wrritory.
loot*
Wn y ?
Because you meet with pleasant treatment, hon
est dealings, low prices, good goods, and a large
tasty stock of new up-to-date goods to select
from. With to large, well-lighted rooms added
to the above advantages how can you make a
mistake in trading at the Marshburn Store ?
You will find all departments complete.
Clothing, Shoes, Hats, Gents Furnishing
Goods, Trunks, etc., in one room, and Dress
Goods, Laces, Embroideries, Silks, Velvets,
Gloves, Corstes, Belts, Ribbons and Domestic
Goods in the other.
No Changes
In our old method of doing business except an
effort to increase business by greater efforts to
please the people. Accounts of those who pay
their bills solocited.
Hope our friends and the public generally
will take notice of the position taken by the
Marshburn Store and give us your business
for the year 1902.
Yours truly,
V. O. MARSHBURN,
Manager.
Everybody
is sick at some
time or other
When it comes your time to
send for a doctor, kindly re
member this is the place to get
your
Prescriptions Filled.
We carry nothing but PURE,
FRESH DRUGS.
W. C. Jordan & Bro.
Druggists and Stationers.
We Are
Offering...
prices than ever on
Sterling Silver, China and Art Goods.
ftgg=We want your
J. H. BATE & CO.,
JEWELERS AND OPTICIANS.
THE TWENTIETH CENTURY COUNTRY WEEKLY.
t
BARNESVILLE, GA., THURSDAY, FEBRUARY 6, 1902.
DEPOSITORS AGREE
TO THE PLAN,
The Depositors of the Barnesville Sav*
ings Bank Agree to Accept the Plan
of Reorganization of the
Barnesville Mfg. Cos.
MEETING HELD LAST SATURDAY.
All Depositors Present Agree to Take
One-thirtl of Deposits in Pre
ferret! Factory Stock.
The depositors of the Barnes
ville Savings Bank held a meeting
at the city hall here last Saturday
to discuss the advisability of ac
cepting the plan submitted by the
reorganization committee of-the
Barnesville Manufacturing Com
pany, which proposes to reorgan
ize that company on a basis
whereby it can pay into the
Barnesville Savings Bank $50,000
of the $70,000 it is due the hank,
so that same may be prorated and
paid in cash to the depositors of
the bank, provided that the depos
itors would agree to accept as
much as $20,000 of the remaining
amount due them by the bank in
preferred stock in the Barnesville
Manufacturing Company.
Owing to the inclement weather,
there was not a full meeting of
the depositors, but a majority of
the deposits were represented. Mr.
E. Rumble was made chairman of
the meeting and Dr. A. P. Kemp,
secretary. When the purpose of
the meeting had been stated, Col.
J. F. Redding moved that Col. A.
A. Murphey explain the plan of
reorganization to he discussed.
Col. Murphey stated that he
was at first inclined to disfavor
the proposition made to the de
positors, but that after he had
made a thorough investigation of
the affairs of both the factory and
the bank, he had changed his
mind, and thought the plan the
best solution of the matter. He
then showed the condition of both
institutions and explaineed clear
ly the reorganization plan and
made a strong appeal to all the
depositors to accept it. Cols. Red
ding, Lester and Lambdin and
Mayor W. B. Smith all made
speeches in favor of accepting the
proposition. Chairman Rumble
spoke against accepting the prop
osition.
It was explained to the deposi
tors that by taking $20,000 of the
$90,000 of their deposits in pre
ferred stock in the Barnesville
Manufacturing Company, that in
stitution could be placed on its
feet at once and would begin at
once paying its indebtedness to
the bank.
The stockholders of the factory
would raise among themselves SBO,-
000 in cash which they would at
once pay into the bank and would
also turn over to the bank $20,-
000 of first mortgage bonds, which
could at once be sold and the pro
ceeds turned into the bank, thus
making $50,000, more than half
the amount due the depositors, to
be distributed among them at an
early date. Added to this sum,
the proceeds from the other assets
of the bank which will amount to
about $15,000, according to the
opinion of Receiver Cabaniss,
making $65,000 in cash for the de
positors, which is about 72 per
cent of the amount due them.
. The remaining 28 per cent of
the deposits will consist in the
preferred factory stock above men
tioned. This stock is to be issued
under the amended charter which
provides that this stock shall be
preferred, both as to assets and
dividends of the company, and
guaranteeing the paymant of (5%
non-cumulative dividends to the
holders before any dividends are
paid to the holders of the common
stock. This preferred stock issued
under the charter, as amended,
amounts practically to a first
mortgage on the factory, and
would therefore be valuable under
almost any condition.
By accepting this proposition
from the Barnesville Manufactur
ing Company it is clearly shown
that the depositors would receive,
in time in the neighborhood of
the full amount of their deposits.!
While to decline to accept and ren
der impossible the reorganization
of the factory, that institution and
its assets would be sold under the
order of the courts and would
scarcely sell for enough to satisfy 1
preferred creditors, while the bank j
CHAUTAUQUA AGAIN
Directors Preparing for Fifth
Annual Session.
NEW MEMBERS ON THE BOARD
The Directors Propose to Make
the Coming Chautauqua One
of Unusual Interest.
The directors of the Barnesville
Chautuaqua Association held a
meeting last Monday afternoon to
to discuss time and plans for the
Fifth Annual Chautuaqua.
It was agreed by the directors
that the session should begin Sun
day June 29th and close the Sat
urday following July sth.
The committee will begin early
laying plans and making prelimi
nary preparations, and an extra
effort, will be made to make this
session of the Chautuaqua the
most successful over held in the
south.
The following named gentlemen
were added as members of the
board of directors: Prof. G. F.
Oliphant and Messrs. Otis A. Mur
phey and Thad Adams.
The directors will hold another
meeting Friday afternoon.
would lose almost, if not all the
amount of its claim against the
factory, which would mean a loss
of about $70,000 to the depositors
of the bank.
This condition of affairs was
made clear to the depositors
present at the meeting and by a
unanimous rising vote, the depos
itors voted that it was the sense
of the meeting to adopt the plan
of reorganization and accept the
amount of factory stock requested
by the reorganization committee
in lieu of such amount of deposit
and reccommend the same to all
depositors.
The following resolutions intro
duced by Col. A. A. Murphey
were carried by a unanimous vote :
Kkholvkd, that it is the sense of this
meeting of depositors of the Barnes
vilie Savings Bank, in proposing to aid
the Barnesville Manufacturing Cos.,
that the first board of directors of said
company shall be elected by a two
thirds vote of the stockholders, there
by insuring a thorough and Complete
reorganization in all respects.
Resolved, that it is the sense of this
meeting of depositors of the Barnes
ville Savings Bank, assembled to con
sider the advisability of aiding in the
reorganization of the Barnesville Mfg.
Cos., that it is but equity and justice to
all parties concerned that those depos
itors who take stock to the amount of
one-third their deposits, should he paid
on their remaining two-thirds deposit
the same percentage In the distribu
tion of the assets of the bank as is paid
on the deposits M those depositors who
do not take stock —that is to say it is
but justice to the depositors to take
this risk of realizing on stock in the
factory—should not be denied the priv
ilege of sharing pro rata in all distribu
tion of assets made by the receiver.
These resolutions explain them
selves. Reading them we find that
the first in adopting the reorgani
zation plan looks to an equitable
distribution of the funds to be
prorated by the bank between the
depositors taking the factory
stock and those who do not
take such stock. The second pro
vides for the reorganization of the
Barnesville Manufacturing Com
pany on two-thirds rule, so that
minority stockholders may be
given voice in the reorganization.
Another meeting of the deposi
tors will be held at the city hall
next Saturday morning at 10
o’clock. Every depositor is urged
to be present, that this stock may
be subscribed and all matters re
lating to the factory and bank af
fairs may be arranged.
Dismuke (JelK Tlioniasvillc I’ottloftlw:
Mr. Fred Dismuke, of Thorn as
ville, was yesterday appointed by
the president as post-master of
I that city.
Mr. Dismuke is an old Cordon
Institute Cadet and his many
friends in Barnesville will much
| learn of his good fortune w ith
pleasure.
Notice to Depositors.
The depositors of the New South
Savings Bank are requested to
meet at the City Hall at 10 o’clock
a. m. Saturday Feb. 15, 1902, j
Important business, and all depos
itors are urged to be present.
OABTOHXA.
Bears the The Kind You Have Always Bought
V A HAPPY NEW YEAR
STATIONERY £1
BLACKBURN’S DRUG STORE.
FRESH GARDEN SEED JUST RECEIVED.
AGINTS FOR—
California Red Peanuts— the thing to plant
My Motto: {£££ Prescription Work SPEC k TV
J. W. Stafford & Sons
Clear the Counters—
Make Way for Spring!
Now is the time when we ad
just our stock to suit the coming
season.
We are closing out winter goods
at a loss. We need room.
You want winter goods. You
can use them now and for three
months yet.
We want them out of the house.
Our needs and your needs dove
tail.
You as consumers, we as pro
viders, have a commorfinterest.
This final round-up offers mag
netic bargain attractions:
Cut prices for cash in every
department.
If you haven’t the cash, give us
a good note and we’ll lend ittoyou.
Satisfaction guaranteed on
every article sold in our store.
Prices sometime seem a little
high, but not so when you com
sider the quality.
We want your trade. Come to
see us.
J. W. Stafford & Sons.
Buy for Cash 1
AND SAVE MONEY..
on Dry Goods, Shoes, Trunks,
Notions, Satchels, Hats,Caps,
Telescopes, Pants, Work
Coats.
Hranulated Sugar, 18Its for SI.OO.
Arbuckles Coffee, 8 Its for 1.00.
Genuine Octagon Soap, 7 bars for 26c.
Spot cash will buy lots of goods here-
WILKINSON ISCHEAPER
NUMBER 2