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The Barnesville news-gazette. (Barnesville, Ga.) 189?-1941, February 06, 1902, Image 1

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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