Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1884-04-21
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Under New mauagement-Mr 4. Bitnsr
Ireridrbt ana Principal owner.
Another change has taken place in the
Lancaster watch factory by which u
majority Of the old stockhodors and
directors retire and Mr. A. Bituer becomes
the owner Of their stock aud controlling
interest in tho concern, aud IL Is believed
by many well informed aGi interested
parties that 1t may now bo made u imam
Cial success.
The watch company has had rather
chock0red experience. IL has cost not
much less than half q III iiiOn dollars, and
while the work turned cut by 1t is acknow.
ledgcd To be at least equal To il not better
than that of any other factory in the
country 1t has always been draw upon
the pockets of the stockholders. IL will
be remembered that last spring the com
pauy was reuTganized, all interests were
consolidated and the stock was capitalized
ut $2iS, 600, OF which $200, 900 was aistri
butGd pro rata to the stockholders, as
their respective interest appeared on the
books OF tho company, the remaining
$iS, 900 being reserved 10 bo used at the
discretion of the company. None of this
has been used except small amount that
was distributed to hands on account OF
wages.
At a meeting of the stockholders held
on Saturday IL was shown that the liabili-
ties of the company were considerably
over 800, 600. These consisted Of mort
gage OF s4s,G0O on the real estate
and machinery, aud an indebtedness of
about $50, COO for loans, and notes dis
counted at bank. Some OF the heaviest
Stockholders discouraged by the repeated
disappOintments that have attended their
enterprise agreed to give their stock TO
Mr.. A. Bituer, provided that no would
meet all tho above liabilities. He agreed to
do so and furnished the necessary security.
Tho stock thus voluntarily relinquished was
as follows: J Ohm |. Hartman, 525 shares
B. =. Miller, 525 shares i. s. Hartman,
425 shares; b. +. Breueman, 400 and
John ID. Skiles 600. The par value of the
stock is s25 per share, though it cost tie
stockholders q good deal more. On sur
rendering their stock the above
named gentlemen, all of whom with the
exception of B. p. Miller were directors q
the company, resigned and their places
were filled by the election of the following
named John Il. Snyder, Jacob Koch, b
+. Bitner and w. ii Denny. The othel
members of the board are 4. Bitner, presi
dent J. p. McCaskay, secretary and j
Gust Zook, representative of the interes
of late @. A. Bitner, who held | 625 shares
of the stock.
The stock of watches manufactured and
in course of manufacture in possession OF
the company at the time of the transfer tt
Mr.. Bitner was valued at 100000, ant
had been pledged as collateral to the pay
ment of the debts. AS this is almost dou
bic the amount of the debts, Mr.. Bitne
appears to have made an excellent bar
gain and as he now owns ooDtrollin
interest Give. eighths of tho entire stock
and is perhaps better acquainted with til
affairs of the company than any Oths
member, and is man OF untiriug oneq
there is every reason to believe that. til
Lancaster watch company is now on
firm basis and will pay its present stock
holders handsome dividends.