The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1893-06-16
THE CARRIAGE FACTORY.

For a short time past the afflirs Of tho
Corvallis Carriage & Wagon Co. have been
III condition to give serious cnncern g. the
business men iiid all interested in the Wet
fare of Corvallis. Previously the business
ran smoothly and there was every Indication
that the factory would soon be, able to ;in<
crease its facilities and become still moro
potent factor of the prosperity of this city
and vicinity. In the course of business;
some of the directors became security for a.
moderate sum of money at the San Fran
cisco and London bauk of Portland. Sub
sequently these snreties thought it best that
the factory carry its own liabilities so
withdrew as security and mortgage was
placed on the factory plant. This W
made the basis by interested parties to in
cite financial pressure from the creditors of
the institution, the result of which was a
number Ct attachments aggregating 5000
by Portland creditors and the closing of
the factory Friday last. All the indebted
ness OF the company amounts to about
$50, 600. The stockholders held ,neetino;
Saturday afternoon and briefly discussed
the situation. After setting FORTH in pre-
ambie, facts stated above, the following
| resolutions We're adopted:
RESOLVED That it is the sense of the stoc1-
holders OF the Corvallis Carriage and Wagon.
company that the business men and citizens of
Corvallis should proceed to raise additional stocl
to the amount of thirty thousand dollars and
rkEsoIvED That committee of five or more
u tne business men and citizens ofCorva, lis and
Benton county, who not stockholders of the
company be appointed to take into confederation
ana solicit subscriptions for the stool, named II,
the foregoing resolutions as it is believed bv the
present stockholders that those not stockhoIders
must must superIntend and cause to be raised said
:lount OF STOCK necessary to run the factory bus
mess and retain the business at Corvallis That
statement of the recent invoice of the com
panys affairs be furnished said co-1l1uittie and n
copy OF these resolutions be made and eiven TO
cne committee appointed under this resolution
oald colnittee are requested to report their pro-
ceedihSs to the stockholders meeting OIL Iuiy a.
On Monday, by mutual consent of the
stockholders and creditors, w. T. WiIes
was selected as receiver. An inventory of
the plant, finished and unfinished work. etc.
taken this week, amounts. by discountine
actual values about 2j per cent, to S75.-
455. The building, machinery and grounds
cost $33, 600. and in this Inventory the
value was placed at $22,O leaving bal
ance after being discounted in the 81 me ratio.
| of $53, 455 for sfock on hands and accounts
The resolutions Indicate what is necessary
for our citizens to do in order to hold. the
factory at Corvallis. A committee was an
pointed to solicit subscriptions and the re.
suit of their labors must be reported at a.
meeting of stockholders to be held July 3rd.
The present disturbed state of finances in!
this vicinity renders it difficult for the
| committee to accomplish much, but it is
hoped by the appointed time that the $780,.
| 600 mark will be reached Should that
amount not be raised the, propositions of
other cities will be entertained, of which
there are a number This is the season
when business in the carriage line is the
best and it is very unfortunate that the
work of the factory should be interfered
with at this time. 1t was expected that
the factory would resume operations to-
day and complete the unfinished work on
hand