Cumberland Development Meeting
CUMBERLAND DEVELOPMENT CO. ANNUAL MEETING
Stockholders of the Cumberland Development Company, Inc., elected the following directors at their annual meeting yesterday in the city hall:
Clinton Uhl, James Clark, Albert A. Doub, Thomas B. Finan, Thomas Footer, Henry J. Glick, Abraham P. Gross, George Henderson, Dr. Thomas W. Koon, Tasker G. Lowndes, John G. Lynn, James A. McHenry, David P. Miller, Susman Rosenbaum, John Schwarzenbach, D. Lindley Sloan, William L. Sperry, Harry E. Weber, Louis Weber, George L. Welington, L. Blaine White and George G. Young.
George Henderson succeeded his father the late Robert R. Henderson, and G. Clinton Uhl succeded the late Daniel Annan one the board of directors.
The board will meet to elect officers next week.
William Pearre presided and Thomas B. Finan and John G. Lynn were tellers.
President Hugh A. McMullen sub mitted the following report:
To the Stockholders of the Cumberland Development Co.:
Your president desires to submit a condensed report of the activities of the company during the past year, and a brief analysis of the financial condition thereof, and other pertinent information.
There were held five meetings of the Board of Directors and twenty-four meeting of the Executive Committee.
Weekly meetings of the Executive Committee are contemplated, but owing to other business and professional engagements of some of the members of the committee, some meetings failed on account of a lack of a quorum. Special meetings were held whenever it was necessary.
An analysis of the financial statement of the company to Jan. 1, 1922, shows sales of lots in Ridgedale Addition, totaling $624,001.43. These were made to individuals, the bondholders in exchange for bonds, to Kelly-Springfield Tire Co., and to Cumberland Homes Company. There are remaining a total 87 unsold lots having a list value of $470,635.00.
The total receipts from subscribers to date are $709,297.00. Remaining unpaid from subscribers some of whom are dead, others bankrupt and many cannot be located—$79,298.91.
Our balance sheets as of Dec. 21, 1921, shows an apparent surplus of assets over liabilities of $63,549.61.
Final payment to Kelly-Springfield Tire Company of the balance due them as per agreement, $225,000.00 was made, and not having sufficient funds on hand to make the payment, an agreement was drawn up and signed by forty (40) of our representative stockholders each assuming a pro-rata share of the liability of $105,000, the balance necessary to make up the deficiency, and the Kelly-Springfield Tire Company, after final payment was made, assigned to four trustees, representative of these endorsers, the mortgage they held on our property as a guarantee of the final payment of the bonus due them.
Strenuous efforts have been made to collect all unpaid subscriptions, and many have paid up, but greater headway cannot be gotten until a decision is rendered by Judge Wagaman, in the contested case tried before him.
If a favorable decision is secured, we hope to secure the payment of a large portion of the unpaid subscriptions.
Through our efforts the city has let the contract for the stand pipe in Ridgedale Addition which will insure water service to all lots in the Addition.
Many subscribers are changing their bonds for lots and this feature is encouraged as much as possible, thereby giving our subscribers something tangible for their investment.
It is gratifying to report that the production of the Kelly-Springfield Tire Company has reached over 2500 tires daily and this number is expected to reach 3500 before May 1st.
The benefit to our community of this vast enterprise cannot be estimated, and most of our stockholders feel that they have received return either directly or indirectly to the amount of their subscription, or more.
The present employment of over 1,600 of our people in this plant, is a factor of unestimatible value to our people during the period of depression throughout which we are passing.
H. A. McMULLEN, President
Allegany College of Maryland
Cumberland (Md.) press coverage; Cumberland (Md.) Chamber of Commerce
Cumberland (Md.), 1920-1930