The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1878-11-02

THE TAYLOR MANUFACTURING CON-
PANY.
It's Failure Heavy Loss to the Business
Interests of Westminster.

The failure of the Taylor Manufacturing Com
pany of Westminster, Carroll county, was briefly
announced in these columns last week. The West
minister Advocate of last week. after abiding to
the suspension, says:
"All the operatives about one hundred and
thirty in number, the force having been reduced
the past month, were promptly at the shops Thurs
day morning, and finding the doors closed, won
dered at the cause. James L. Taylor, ESQ.,, Pres
ident of the Company and General Superinten-
dent Beck were there, and the employees being
called up Mr.. Taylor made a statement to them of
the affairs of his Company. He stated that he
GREETED very much that the Taylor Manufacturing
Company had failed, and that it was the saddest
duty he was ever called upon to perform, to tell
them that they could no longer employ them
The failure the result of not being able to get
paper discounted and the ineficiency Of capital.
He spoke of Messrs. Chas. B. Roberts, B. w. Ben
nett and Thos. F. Shepherd, the firm and
staunch friends of the Company, who had lent it
material aid without stint, and to whom all con-
nected with the establishment owed debt of
thanks. The citizens, however, with few excep-
TONS had never given the enterprise the encour-
agement it deserved, and were not fully alive to
its importance and capacity. On Friday last
after all efforts to increase the stock, con-
templated, had proven fruitless, he had given up
all hope Of continuing operations, and on Tuesday
a meeting of the directors was held, before which
full and frank statement of affairs made,
and suspension of work was decided upon. The
Company had made an assignment to Charles B.
Roberts and John Z. Smith, he informed them
and that the employees of the establishment were
made preferred creditors. He assured them that
they would all be paid in full.
"The sadness on account of the closing up of
| the shops was mutual, and more than ione EN-
poyee shed tears, whilst all exhibited signs of re-
greet and disappointment. When the President
concluded however the satisfaction at the full and
free statement made by him, who had not only in
vested his means, but had labored hard day and
night for the success of the establishment, found
vent in cheers by the employees, who had implicit
confidence that the President and Directors of the
Company had done all in their power to save the
works from bankruptcy, and had largely invested
their means to keep them going.
"Much sympathy for the Company and en-
ployees felt and expressed by this entire COM
munity The failure, though not unexpected by
some, was yet sudden and startling, and the in
terest felt in the matter intense the opera
tves were seen standing idle upon our streets.
"At the time of the failure there about
twenty-five orders on file to be filled for engines
and boilers, and in two hours aztec the collapse
was announced an order from Atlanta, Ga, for
900 worth of work. was received.
"Lack of capital, and not lack of work, was the
cause of the failure. The Company, after years of
toll, had just gained reputation and prominence,
and were beginning to realize the fruits of their
labors. Their engines have taken premiums at
the Paris Exposition and at various fairs in this
country, over all competitors, and trade was not
only improving, but every day approaching nearer
u cash system.
"The President of the Company informed us
that the failure was on account of insuiciency of
capital. 1t was their desire to increase the capt
tai stock from $4,000 to 100000, but after un-
firing efforts it could only be run up to 100000,
and the President and Directors becoming hope
less decided that a winding up of the establish
ment was inevitable and on Thursday morning
closed doors.
"Had our business men, and men of means gen.
orally in this community, given the Company en-
enlargement and invested in share or two of
stock, the requisite amount of capital might have
been made up; and assured that if the
stock could have been increased to $l2O,O0O, the
Company could not only have liqudated all their
Indebtedness, but done such prosperous business
that the next year they could have declared a
dividend of six per cent. 1t was the leading in
dustry of its kind in this country Its prosperity
had just begun, and its recent success, the signs
of increased trade would indicate, was only fore
shadow Of its future greatness. Its collapse has
been serious blow to the business interests of
Westminster The withdrawal of several hundred
of its population, and the loss of thirty or forty
thousands of dollars which they annually spent in
our midst, will be materially felt. The butchers,
the bakers, the produce dealers the grocers, the
dry goods merchants, the tailors, the shoemakers,
the hotels, the boarding houses, and every one en-
gagged in business will feel the loss of this indus
try, whilst the decline in the demand for country
produce will affect the market to the detrment of
the farmers and hucksters of the surrounding
country"