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FOR EVERYONE
Cigars CIGARETTES Candy 1
Souvenirs & Novelties 2
STERLING SILVER LINE |
Belt buGkles, Ladies belts, Money clips, Earrings §
Small Loans
on Jewelry, Radios etc. ]
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Un-redeemed 1
Latest Model Roller Skates
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Open daily lO am until 2 am l
Cold St or ago Repo'l
Continued from Page o
fishermen and the citizens of
Kodiak want to know the
future Drospects of the Com
Ipany. Mr. George was mti
Imately familiar with the con
J struction costs of the exten
j si< n to the plant of the Juneau
I Cold Storage Company, built
= in 1948. Wohleb and Wohleb,
I the architects in Tacoma who
I planned the Kodiak plant, es
I timated then that the con
MeosaooeoooeoBo
! tructio i ■vould cost aboui
| $496,000.00, which amoun
i was corroborated by Mr
I George’s experience in Ju
;neau. However, bids by con
tractors have exceeded tha
amount by substantial mar
I gins from the very beginning,
i Until the Korean war started
I it appeared that the cost of
| building materials was de
■ dining slowly and the Com ,
pany did not rush matters. In
the upheaval of business since
June, 1950, the situation has
saoBBeaeBaaoBegg1
FOR THE BEST
FOLLOW THE REST!
CURLEY’S
BARBER SHOP
5 In the rear of Tony’s Bar
Two union barbers to serve You
| Open Weekdays
\ Ten a.m. to Eight p.m.
j 5
j | Saturdays - Ten a.m. to Nine p.m.
| Casey Jones Curley Wilson
(Continuation of standard equip
ment and trim illustrated is de
pendent on availability of material.)
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New Royal-Tone Styling
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New Improved Power-Jet Carburetion
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Come see these big, bright, beautiful buys
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•Combination of Powerglide Automatic Transmission and
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PHOAE 2502
•**- i rrS n~> ii n> t$ > ii ^ ,, ^ ^ tl ^ |t ^ __
t,een out of hand. One man’s
guess has been as good as
another’s as to what the fu
ture might bring, There is no
object in completing construc
tion at costs so high that they
will prevent the Company
from earning a profit after the
plant is placed in operation.
Mr. George built the wharf
and fish shed in 1949 without
contract because he believed
that he could save money by
doing so and I believe that he
succeeded. Later he foind
that the contractors were
afraid of the risks of putting
in the foundations for the cold
storage building at a fixed
price. He thought that if the
Company would take that risk
that thereafter he could ob
tain satisfactory bids for the
erection of the cold storage
building on those foundations.
In this he has been disap
pointed. The latest bids, re
ceived this winter, are as
tonishingly high.
I ask that the stockholders
join with the Company in re
questing the Common Council
to withdraw its suit and to
grant a land title to the Com
pany upon the completion of
the payment of the $25,000.00
purchase price. I feel that the
Company has shown entire
good faith in trying to carry
out its contract but has been
prevented from doing so by
! war conditions beyond its con
trol. The Company cannot
possibly finance the plant to
completion with a cloud on its
land title or with hostility be
ing shown to it by the Council
of the City of Kodiak.
Mr. George knows the cold
storage business thoroughly.
He has invested $180,800.00
of his own money in this
[venture and has been fair
| with the minority stockhol
jders. I feel that he should
confer with the other direc
tors of the Company as oc
casions require and should
keep all interests better in
formed hereafter. He said
that he will do so. However,
subject to these limitations, I
feel that the shareholders
should defer to his judgment
as to the timing of the Com
pany’s moves. Dissension will
be fatal.
When a person buys shares
in a business venture there is
no assurance of success. All
that he can ask for is integrity
and the exercise of reasonable
diligence in the handling of
his Company’s business.
Upon that basis, I feel that
\ the stockholders of the Kodiak
} Ice and Cold Storage Company
i are having a fair run for their
money and that the manage
ment is entitled to support.
This report has been ren
dered upon time and at the
expense of the Bank of Ko
diak.
Respec tfully submitted,
I Special Committee to con
sider the affairs of the Kodiak
| Ice and
pany
Cold Storage Com
Marshall Crutcher
Chairman
Approved:
Jorgen Frederickson
Emil Knudsen
^Committee members