St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-07-22
Important Action Of the Man
ufacturers' Loan and In
vestment Co.
It Will Hereafter Take Stock
in Companies It Desires
to Foster.
What the Chamber Of Com
merce Has Accomplished
in a Year.
The Y. M. C. A. Building to Be
Pushed Under a Change
of Plan.

A GLOBE reporter called on Secretary
Phelps. of the Loan and Investment
company, yesterday, and in answer to
an inquiry as to whether there was any
news to be had, was told that there was
news in large sections, but that nothing
was ready for publication. The Secre-
tary did not deny that a full meeting OF
the stockholders of the company was
held on Saturday, nor that business was
transacted at said meeting which will
very materially affect the title and
methods of the concern. From time
to time there have been iru--
mors, said to have originated lin
the Office of Secretary Phelps,
of vast manufacturing concerns the OPP
orators of which were negotiating with
the investment company as to their
location in ST.. Paul. AS often the
stories have remained stories to the
end, and no glimpse of these talked-of
manufacturing enterprises has been ac-
corded the people of st. Paul, who have
been patiently, though anxiously await
ing some practical result of the estab-.
lishment of this company with the
avowed object OF inducing manufact-
urers to locate here. The fact has
developed that, up to Saturdays
meeting, the company had never
been properly organized, nor, to
speak plainly, organized. at all. One OF
the principles of its inception was that
no business should be transacted until
the million dollars of the capital stock
had all been subscribed. There would
probably have been no difficulty about
securing the amount, but there arose
in the minds of some of the protectors
doubt as to whether loan and invest
ment company on the lines OF the one
lust launched would prove the most
effective means for inducing reliable
and reputable concerns IN man.
ufacturing to move to st. Paul. The
doubt grew into conviction that mis-
take had been made, and several meet
ings have been held at which the adj
visibility of changing the methods OF
the to be company was very fully DIS
cussed. When the meeting of Satur-
day was called the discussions had re-
suited in definite idea. The meeting
was executive, and, as previously stated,
the officers of the company refuse
to make pnblic the business trans
acted on that occasion. 1t is matteri
of tolerable certainty, however. that 81
radical change was made in the articles
of incorporation, and that the nance of
the concern will of necessity have t0be;
remodeled in accordance with the dec
laration of revised principles. Here
after, if reports are correct, the COM
pany will make no loans whatever, ibut
will confine itself, as far as its ias-.
slsting manufactures is c0neernedI to
ascertaining the probabilities and pessi-z
bilities ahead of the proposed plant, and
ii satisfied that it will be able to do
profitable business in the course OF
time, the purchase of sufficient OF the
stock to make it an object for those en-
gagged in manufacturing to locate
| in st. Paul ahead Of any other
Western city. 1t lis "a matter OF
record that two local mannfactur-
| ing companies received offers a
week ago from Minneapolis to remove
their plants to that city. The offers
furnished inducements in the way OF
increased capital stock, which would
| have made their refusal highly lmproD-
able. The firms, however, will not GO
to Minneapolis. A member of one or
them being asked why the Minneapolis
| offer had been refused, stated that st.
| Paul parties had raised the Mlnneapo-
! lis bid, and that his plant was here 10
stay. No names can be given nor
| definite details of the deal, which, In
| the latter part of last week, Increased
| the capital stock of two companies es-
| tabished here to the extent OF $75,0oO
| each. st,.-