Since the corporation has been under trusteeship pending reorganization, the trustee has untangled the affairs of the company and has managed its business with rare ability and fidelity, so that now the China Realty Company is a going concern in an excellent financial position. It appears reasonable to expect that with continued wise management under which the company would be conducted as a reputable, conservative and conventional real estate firm it should earn fair profits and its stock should have substantial value.
Under the plan the court will name a board of directors of its own choosing to serve until the next regular annual meeting of stockholders for the purpose of electing directors. When the plan his been formally approved and confirmed and the new stock issued the responsibility of court and trustee will cease and the fate of the company will thereafter rest with the directors and the stockholders. It is earnestly to be hoped that directors elected to succeed the court's board will not permit any of the unsound financial practices which have caused so much grief in this community in the past and that no cliques of stockholders will form greedy schemes and combinations to overreach other stockholders.
These comments are offered not so much as a warning but to keep the record straight. The company is being turned over to its creditors in sound financial condition, and if it hereafter comes to grief no one can be heard to say the fault lies with anything the trustee or the court has done during the period of trusteeship. Order approving the plan and appointing directors will be entered.
Text read from the printed page and cleaned; old type leaves the occasional error.