The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-02-12

Wednesday, February II, 1891. Mark
it in your calendar. 1t was Red Let
ter Day for Roanoke. 1t was day in
which the Magic City's metal was tried
and found to still ring true.
A magnificent proposition was made
and magnificent response sent back.
100000 industry has been practic-
ally lifted bodily from the heart of New
England and set down in Roanoke.
Last night special meeting of tho
Real Estate Exchange was held in it's
rooms in TIE TIMES building. No spe-
oial announcement had been made, and
the attendance was therefore not as
large as usual, but the case was urgent
and delays were dangerous.
President Hockaday called the meet
ing TO order, and without frills or cere-
mony, State President James S. Sim
mons introduced Mr.. e. c. Pechin, gen.
eral manager of the Virginia Develop
ment Company.
MIR. Pechin proceeded to rotate a
story. "Some time ago." said he, 81
met gentleman on O train southbound.
We fell to talking and finally exchanged
cards. He was manager of an impor-
tant manufacturing company in the
heart of New England, whose trade
mark for every variety of household
hardware is known all over the United
States. He stated that though the com
pany had been wonderfully successful,
it was aware that in time the South
company proposed to forestall that
competition by moving bodily to the
South, and that he was then on his
way to look into the matter of locating"
Mr.. Pechin, of course, seized the
opportunity to push forward the consid-
Grafton of Roanoke He was more sue
cessful than he anticipated Cores
pondence ensued in which the gentleman
acknowledged Roanoko's superior ad-
vantages. The matter was placed in
the hands of Arthur C. Dennison, of
Philadelphia, president of the Roanoke
Development Company. His investiga-
ton corroborated every statement made
by the stranger as to character and
financial solidity of his manufactory
1t was also learned that some South
ern citv had offered S15O,OOO with an
other $25, 900 if necessary toward the
stock of the concern to secure it's loca-
ton and that that proposition was being
considered
Mr.. Pechin then tersely and vigor-
ously set forth the the vast advantages,
direct and indirect, immediate and pros
pectivc, which would come to Roanoke
if this industry could be secured
ut is matter of paramount i'm
portance," said he, "to see if we cannot
attract this industry. 1t is not a de-
crepit establishment seeking to save
itself from bankruptcy, but strong,
prosperous money-making institution.
and it's coming will be one of the best
advertisements for Roanoke in the
world. The reasons for it's coming are
entirely satisfactory and it is our golden
opportunity.
This manufactoiy produces standard
metal goods, known as shelf hardware,
of every description. At present it has
$4,000 in practically cash assets-in
manufactured goods. 1t has an enor-
nous quantity of patterns which are es-
timated at the low valuation of SEQ, 900
and which competent Judges say could
not be replaced for less than 100000.
Ithas uniformly paid dividends aver
aging per cent, and has run up it's
capital from 100000 to 100000. 1t
employs some 800 hauds, principally
skilled labor, and would, when located,
branch out into lines especially adapted
for the Southern trade and increase it's
employees to 400 or 500. The necessary
buildings will cost between forty and
fifty thousand dollars.
Mr.. bimmons then introduced Mr..
Arthur c. Denniston, who took up the
thread of Mr.. Pechin's remarks
81 have met the gentleman referred
to by Mr.. Pechin," said he, ''and his
statements are all substantial The
Roanoke Development Company deter
mined to secure this plant if possible.
After thorough consideration I was
authorized to telegraph the gentleman
asking if q subscription of $3.50, 900 from
Roanoke would be considered. He ans.
wered in one word
eyes
"We now have ten days in which to
make this subscription and probably Sc.
cure this industry, though it must be
remembered that another city is max.
ing an even more liberal offer. Here,
now, are the conditions. The Roanoke
Development Company has resolved to
make heavy sacrifice to secure this
plant. 1t will subscribe S75, 900 toward
the stot X of this mandatory.
..Cur .hermnre tho nnxel Con-,