Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1890-08-20
Furniture Manufacturing C
THE FIRST YEARS OPERATIONS SHOW GOOD
BEGINNINa-THK FUTURE PROSPECTS ARE
HIGHLY ENCOURAGING,

THE FIRST YEARS OPERATIONS SHOW Goor
BE0INNINa-THR FUTURE PROSPECTS ARl
HIGHLY ENCOURAGING.
The annual meeting of the stockholders o
the Stanton Furniture Manufacturing Com
pany was held in the Council Chamber on tn'
evening OF the 18th instant. Alex. F. ROBERT
son. ESQ.,. presided. quorum Of STOCK wat
represented, and the affairs of the company
fully reported on and suitable action taken Dy
the meeting.
Captain w. P, Tams, the President, having
been instructed by the Board OF Directors to
make the report OF the operations OF the COM
pany. proceeded to do SO. He states that the
transactions of the first year have been prof.
liable.
There was capital stock of $2l 800 subscribe
ed. a portion of which was not paid in. The
amount SO paid was $l9.57S.25. The cost of the
plant ready for business was Sl6,825.6s, which
left only 2.7525 for working capital. or the
amount paid in, much was not available till
the latter part of 1889. To commence business
lumber. varnish. paints. oils. and other sup.
plies and expenses had to be provided for, ex-
ceeding in amount much more than was left
after paying for the plant. A loan, therefore,
was necessary. and 50 600 were raised by mort
gage and added to the cash account.
The Board of Directors were charged with
the work Of not only manufacturing fur niture,
but also to find market for the same, and to
compete in the markets with other like man.
ufactories; and this was no easy task.
As a large majority of the operatives were
entirely unused to the work they had to per-
form, 1t was unavoidable that much of the
work turned out for the greater part of the
year was ofinferior grades to that more res
Gently made, and for which quicker sales are
found. This was unavoidable. and is the ex-
perience OF every new enterprise of the kind
In Its first period OF existence.
The sales amounted to S30,S5379. upon which
net profit offs. 24l.H or 61a Iper cent on the
capital stock. This is the profit after deduct
ing all expenses. including additions to the
buildings and out-nouses. night.watch. &C.
the statement coming up to July 1. 1890.
For the first seven or eight months. the fur
niture made. not being the kind suiting the
trade. as it was worked up was necessarily
sold at loss, but after meeting that loss out of
the profits of the last four months, the net
earnings were as stated. The furniture made
during the last four months being of the char
acter to suit the trade really made profit OF
about 20 per cent. and 1t is reasonable to hope
that such showing will continue in the fu-
ture operations. Profits in the future. as well
as those made during the past year. will be
necessarily absorbed in restoring the finishing
house and paying off the loans. unless the ad-
ditional capital stock authorized be taken.
Continuing summary from the Presidents
report-he mentions the destruction Of the
finishing house by fire 18th of July. There was
SO, 900 insurance on the stock, and $3.50 on the
building. The net loss on all will be about
5000. The Board of Directors Immediately
provided temporary accommodations for that
department. and the business proceeded with
out the least stoppage.-shipping furniture the
day of the morning when the fire occurred.
Immediate steps were taken to replace the
building at once.
The furniture made, since experience aided
the management. finds ready sales. and the
demand continues. The supply Is only
limited for the want OF sufficient working
capital.
The President, concluding, says
Before closing this report. desire to testify
to the untiring zeal and skill displayed by our
Superintendent, Mr.. W. n. Hyer, in handling
a business, the details of which he was unfa.
miliar with when he undertook Its manage
ment. I don't think Mr.Hyer has left undone
anything he thought would result in benefit
to the company.
An itemized balance-sheet accompanied the
report.
The superintendent is the only salaried OFF,
Ger. The President and Board of Directors re.
ceive no compensation whatever.
The report was received and was talked over
very freely by several members ofthe meeting.
All expressed the highest gratific alton with
the showing; for the first year was in great
measure experimental, and it was stated that
instead Of profit for that year not more than
coming through without loss was expected.
The stockholders authorized the Board of
Directors to provide for the future, as may
seem best to them. by increasing the stock to
s25 900. add to and consolidate the loan, or sell
a part Of the vacant lot at the factory. A reso
luton was also adopted requiring delinquent
to pay up. or. for failure to do 30,
the stock would be sold for and on their &C.
count.
The old Board OF Directors was unanimously
re. elected.