CONSIDERATION OF PROPOSED REMEDIES 253 



shares, the preferred stock to be issued dollar for dollar to the 

 extent of the value (appraised as mentioned below) for the net 

 quick or current assets, cash, accounts receivable, etc., of the 

 distributors availing themselves of the plan and the common 

 stock to be issued dollar for dollar to the extent of the net value 

 (appraised as before) of the fixed assets (land, buildings, plant, 

 equipment, etc.). Let no stock be issued for good will. The 

 plan thus far contemplates an obviously sound capitalization. 

 Confine the operations of the new company to the business of 

 dealing in milk, cream, butter, cheese, and, if desired, other 

 food products, but exclude condensed milk, evaporated milk 

 and other manufactured milk products so as to conserve the 

 milk supply adjacent to New York City for the fresh milk 

 requirements of the city's population and thus discourage, as 

 far as practicable, milk manufacturing in this adjacent territory, 

 except as it may be needed to preserve from loss the seasonal 

 surplus milk. Let the corporation be managed by a board of 

 directors in which the dairymen and the public will have repre- 

 sentation, such representatives to be chosen in a manner that 

 will inspire public confidence. Let there be a board of ap- 

 praisers appointed, for example, by the Chief Judge of the 

 Court of Appeals and chosen from men of established reputation 

 as appraisers or certified public accountants doing business in 

 the State. 



"Let this board determine the value of the assets to be ac- 

 quired by the new corporation. Permit any distributor to 

 apply within a limited time after the passage of the act for 

 admission to the corporation, submitting his inventory of 

 assets for appraisal and when appraised at their fair market 

 value as a going concern, let the stock to which the distributor is 

 entitled be issued, unless he elects to reject the same and remain 

 out of the corporation. Require the directors of the new com- 

 pany to dispose of plants or other assets when in their judgment 

 they are no longer required for the proper and economical 

 operation of the business, thus eliminating unnecessary duplica- 

 tions, and let the proceeds of such sales be used for the retire- 



