S++ ++ .+++++ JAcksonville. Pla. June 13. 1913
In be faco Bay Commercial Co.
Yr. Charles e. adams, President,
Paco Bay Com'1 Co.
o3 issex Street, Boston,. Mass.A
Dear Mr.' Adams:-
Your favor of June 7th enclosing statement of cash receipts and
disbursements from June 1st 1911 to June 1st 1913, received.
I have just had a conference with Mr. Joseph Zapf and Mr. C.. d. inehart re-
garding the condition of the Bompany's affairs. I have explained to these ientle-
men that the Company's interest on the Company's notes, would be due and payable
June 15tb and that the Company had no money in the Preasury witb shich to pay
this interest and that unless the interest was paid the stock of the Company
pledged as collateral for the loans would be forfeited and sold to satisfy the
interest and principal.
Mr. Zapf and Mr. dinehart both stated that the Florida stockholders were un-
willino to lend the Company any more money at this time and I see no way to avoid
defaulting io the payment of the interest due June 15th.
In view of the critical condition of the Company's affairs and its inabilityto
meet its obligations on June 15th and in order that we may make plans for the an-
nual meeting to be held at au~ust,. Me. on July 14th, I shall endeavor to be in
Boston on the morning of khursdaY June 19th for a' conference with you and Messrs.
eldi Crooks. diamond, ickinson and such o other in terested parties as may be
able to meet at your office at that time.
I take it for granted that if the Company defaults upon its interest due
June 15th its creditors can have the stock pledged to them as collateral issued
in their names upon the books of the Company and that they will therefore be
able to vote such stock at the annual meeting .
I am writinO 6uncie & Lamar to say that the matter of their account will
be taken up and disposed of in a few ays.
If for any reason it will be impossible for youto be in Boston on the
19th or if Messrs. Belding, Crooks ani yourself should find it convenient to
"be in eoe York on that dlte and would bring the Comptny's Charter and By-aags
wtth you we could hold our meeting at the Imperial .otel in iew York, aer I
will thank you to telegraph me upon receipt of this letter saying where i can
meet you on the 19th.'
Very truly yours
(Sifned) salter P. Corbett
VCice Pres. & Gen. Mgr.
Mr. Hammond: Please advisevwbetber you will be in Boston or New York June 19th.
Phink Boston would be the better place to meet. Charles 9. Adams