The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-01-30
PLANS FOR THE
NEW CANNERY
viii Have Complete Plant 10 Opera
tion on Modern Principles.
FINANCIAL SCHEME DENIED
Enough Capital Raised 20 Erect the
Buildings and start Business-oues-
tions as 10 Proats.

| The 'Fishefmsnh Protective Unior
Cannery'' is making rapid strides TO
wards the completion o. its new plani
at Smiths point.
II In reported on good authority that
the canncry is 10 be "A model one In
every respect. although the machinery
viii h. Of the cheaper grade 10 start
with II Is anticipated that they viii
bc able 70 pack an average Of $4,000
cases of salmon per season.
The plans, 10 far AS can be learned
contemplate the issue Of preferred stock
20 each cash subscriber at 500 per
share, and include $50 boats. at one
s1lHrrc each. with u division Of profits
TO each man IN proportion 10 the num-
bcr of fish he catches. Added to this,
II IL said. a savings bank will be es-
tabfshed. which win have on deposit
the surplus funds OF the FisherInen's
Union and the Individual stockholders
which can b. used TO finance the can
merry business until II gets on It's own
legs. Enough means have already been
provided to erect the plant and put II
In operation. Then comes the question
OF selling goods and hndlng markets
Heretofore, II Is said che establishment
OF cooperative canneries has had ten
dency to put down the price Of manu-
factured goods as well as that Of the
raw material The question among
business, men who have subscribed is
whether men Of comparative inexperi-
ence can float a pack. manipulate the
sale of a large output and al the same
time sustain the market, and the prices
slaughter prices? Can they make con-
tracts with buyers to maintain prices
aud guarantee reciaunations2 II not,
what will the people get who have loan
ed money 10. or taken stock in the
enterpriseg Bonds, preferred stock. or
notes. and what will the security be
worth?
A man who Is very close to the COM
pany denied point blank that the bank
scheme would be pushed this season.
and said h would be only future con-
slderation He also said that II was
a mistake as 10 the division OF the
PROFITS according TO the amount OF fish
caught by each boat. But he further
said that he believed that the company,
after the plant was up. would be abso-
lutely unable 10 finance the enterprise
any further.
II was also reported that the COM
pany, which was supposed to employ
only white labor. had within few
days made overtures to a certain Chin
ese contractor for the necessary num-
Der Of skilled laborers to do the pack
ing.
Given the fact that the plant. in
working order. will cost $4,000 (Which
Is low estlmatel and that $4,000 has
been raised by the sale OF stock and
subsidy subscriptions. to pack $1,000
cases will cost at the lowest estimate.
$4,000, which with the 5000 balance
due on the plant. will necesSitate an
expenditure the first year OF $4,000.
suppose that the product is sold at s.
per case Ia high price,. 100000. this
viii leave $4,000 profit to be distributed
among the $50 boats and general stock
holders. The same gentleman was of
the opinion that the best Judgment and
most careful management will have to
be exercised to make the profits go
around after paying debts.