MacKay_Letter_111
Item
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Title
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MacKay_Letter_111
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Description
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A report to stockholders showing the possible capital that might be brought in from a Flour Mill with 5 and 10 year calculations as well as variances that may occur and how it would affect the capital. It also has the rules set down by the board. It does not appear to be a complete document. No date.
Transcription:
[front]
Amount of Capital}
Estimated for the building of the mill and its appurtenances $65.000. Sum to be invested in grain $10.000. Total amount of the Capital to be paid in $75.000. Should it be the choice of the members that shall constitute the association to increase this amount the undersigned would say that $80.000 might be used to advantage.
Stock}
The undersigned would propose that the shares be $500. Each. and that for the $75.000. capital paid in, there shall be issued stock for the amount of $112.500., and that $37.500 of this stock (or seventy five shares) shall be the sole and exclusive property of the undersigned Joslyn Hutchinson, in consideration of his taking upon himself the whole responsibility of erecting the mill upon the best known models and when said mill is finished, to become the active director of all business connected therewith, in purchasing, employing requisite labor, manufacturing, selling, accounting and declaring and paying over the dividends.
Directorship}
As the Director and Superintendent of said Flouring Mill, the said Joslyn Hutchinson proposed to hold himself at all times strictly accountable to the Shareholders or board of officers for the faithful discharge of his duties; that he is to be advised by them whenever they may think proper to do so, and to submit all records and papers to them and to give any desired information at any time it is requested;-- and that the said Hutchinson shall receive in addition to the amount of Stock above mentioned the sum of three thousand dollars per annum, to defray all contingent personal expenses connected with the superintendence.
[back]
Calculations showing the advantages to the stock members that pay in the capital, by the mode indicated in the preceding page, in preference to a division of the profits.
Estimate for 5 years
Suppose the profits amount to only $60.000 per annum one third ⅓ of that for five years would be —-----------------$100.000
Stock delivered to J. Hutchinson (actual value)-----------$25.000
Salary for five years—-----------------------------------------$15.000
—----------------------------------------------------------------$140.000
By a division of Profits J. Hutchinson would have 150.000
Balance in favor of the capitalists $10.000
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Suppose the profits be $75.000 per annum, ½ for five years is—-----------$187.500
One third of that amount for 5 years would be —--------$125.000
Stock delivered to J. Hutchinson (actual value)------------$25.000
Salary for five years—------------------------------------------$15.000
—-----------------------------------------------------------------$165.000
Balance in favor of the capitalists—-------------------------$22.500
///////////////////////////////////////////////////////////////////////////////////////////
Estimate for 10 years
Suppose the profits be $60.000 per annum, ½ for 10 years would be —-----------$300.000
One third of that amount for 10 years would be —------$200.000
Stock delivered to J. Hutchinson (actual value)-----------$25.000
Salary for five years—------------------------------------------$30.000
—-----------------------------------------------------------------$255.000
Balance in favor of the capitalists—-------------------------$45.000
///////////////////////////////////////////////////////////////////////////////////////////
Suppose the profits be $75.000 per annum, ½ for 10 years would be—-----------$275.000
One third of that amount for 10 years would be —------$250.000
Stock delivered to J. Hutchinson (actual value)------------$25.000
Salary for five years—------------------------------------------$30.000
—-----------------------------------------------------------------$305.000
Balance in favor of the capitalists—-------------------------$70.000
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Identifier
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MacKay_Letter_111.1-2.jpg
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Creator
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Kristen Walker
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Subject
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Prospectus
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Publisher
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Izzy Moyer; Kristen Walker; Jill Johnson; and Renee Guerin
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Date Created
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2023.10.30
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Type
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Administrative Records
Prospectus
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Format
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.jpg
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Medium
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Paper
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Rights Holder
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Genesee Country Village & Museum
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Rights
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Genesee Country Village & Museum creates opportunities for material, object, and place availability from their collections and location accessible to the public for personal and educational research purposes pursuant to U.S. Copyright Law. Within the stipulations of the museum and related rights legislation that applies to your use, it is your responsibility to obtain permission from the copyright holder to publish or reproduce images in print or electronic form; and, it is strictly prohibited for commercial use without prior communication and agreement with the institution first.
