The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1892-07-14
THE FACTORY.

Mr. Aliens subscription of $1,000 to
the capital stock of the Manitowoc Seat
ng Co. was conditioned on total stock
subscription of 100000. The board Of
directors have been at work busily IN
collecting % per cent. of the amount sub
scrlbed, and procuring security for the
balance. The work was necessarily slow
and Mr.. Allen was requested to permit
his subscription to stand if $4,000 was
the limit reached. This he has consent
ed TO do and now the building of the fac
tory may be considered an established
fact. The fact that $4,000 was the sum
fixed to be raised before work would be
commenced, was for the purpose of en-
aiding the directors to commence opera
tons long before they could If it was re-
CURED that 100000 in cash or securities
be in the treasury before work should be
begun. The sum of 100000 will be rails
ed without much doubt
Now we are confronted with question
far more important than raising the
money. 1t was clear 10 every one when
the work of soliciting began in earnest
that the money would be raised. 1t is
by no means clear now to anyone that
the factory, if built, will prove a success.
Its failure may confidently be predicted
if every stockholder will want to be con-
suited as to its management. It's failure
for years to come is equally certain if its
management be entrusted to ineXperienc-
ed heads. These are facts from which
there is no escape and it behooves us 10
give them immediate attention. The ex-
ercise of little wisdom now will save ex-
pense and possibly disaster. A second
financial crash would ruin us beyond the
possibility of retrieyal.
The board Of directors are good bust
ness men but they are not manufacture
ers. If any one of many of them should
give his entire attention to the business
of the Co., a long step would be taken
toward securing the success of the enter
prize. But want of experience would
handicap him even, and expenses would
be incurred and mistakes would be made
which experience could easily avoid.
With a large concern these mistakes
would be costly, and if numerous, may
be fatal. 1t is the part of wisdom to
guard against them, SO far as prudence
may, from the outset. The question for
the stockholders to consider is, what
steps can We take to insure the success
from the start of this concern Al which
we are interested as individuals and as
residents Of the city? The means most
certain to bring about this desirable re-
suit are the means which should be
adopted, not srudgingly but heartily.
A mob can never manage anything sue
cessfully no matter how good the inten-
tions or honest the effort. No man can
plunge into business without previous
training and succeed. knowledge comes
from experience and experec zee costs
money. 1t must be paid for either
through costly error or in the per- on
who has learned by means of it. We are
not a manufacturing city, unfortun-
ately, and for this reason we have none
trained in this industry competent to be
master of the situation. We are simply
an army without a captain. We want
MAN to grasp the situation and with nerve
to control 1t, more than we need money.
1t Is the only road to success and the
sooner we rec Jgnize that fact the better
for us as investors. the better for us as
city,