The Owosso times. (Owosso, Mich.) 1897-1926, 1898-10-14

Amount for the New Woodard Factory
Will Try to Raise Half by Subscription
to Stock-Wish to be Taxed for the
other Half-Mr. Woodard States His
Position.
A meeting of the business men and
the other tax payers of the city was
held in the Y. NJ G. A. rooms Tuesday
evening to discuss means of securing
suitable bonus for the rebuilding of the
Woodland furniture factory. 1t was
the unanimous opinion that something
must be done to raise about 500, 900 and
the opinion of the majority seemed to
be that at least one-half of this amount
should be raised by taxation for public
improvements, while the other half will
be taken care of by subscriptions to the
stock of the company, method which
was felt to be easily capable of raising
that amount.
AS to the $4,000 which the meeting
wished to have raised by bonus, or
more accurately by the sale of public
improvement bonds, there was some
difference of opinion. This, however,
was practically confined to the posi-
bility of such action, and to its alleged
illegality rather than to any question of
its advisability. Every class of tax
payers, from those whose share of
$4,000 tax would be heavy one to
laboring men who estimated that their
share would not amount to over S1.50,
was represented, and every man heard
from expressed himself as more than
willing to pay his share, as anxious to
see the bonus given, and as believing
that the increase in the value of his own
property, due to the rebuilding of the
plant, would be many times the amount
of the additional tax on it,
AS to the strict legality of the pro-
ceedings it was repeatedly asserted,
and no one attempted to deny it, that
the city had never granted bonus
which was legal. The opinion was also
expressed by S. S. Miner that bonus
could be given now just as legally as it
ever was, for it never had been legal
anyway. This was the view which the
majority seemed to hold, and commit
tee consisting of A. M. Bentley, DR.. b.
S, Knapp, and w. E. Hall was unani-
mously elected, with instructions to
confer with the city attorney and put
forth every effort by resolution or 9TH
erwise to secure the action of the coun-
Gil on the report of the citizens COM
mittee which reported to the council
Monday night. This report which
may be seen in full in he council pro-
ceedings on another page, recommends
that the matter be submitted to popular
vote at the coming election.
So confident were those present of
the final success of this plan so far as at
least $40, 600 of the $50, 900 needed was
concerned, that they appointed another
committee consisting of d. c. Clapp,
Ira G. Curry and Herman Frieseke, to
proceed to raise the additional $40, ,O0O
by subscription among the business
men to the stock of the company to be
organized
During the meeting Mr.. L. E. Wood
ard explained his proposition in few
words. If he rebuilds he wishes to be
able TO depend on an outlay of $3.50, 00C
on the very start He would want a
factory modern in every respect and
would anticipate a pay roll of at least
81, 500 per week. To talk of bonus
of $10,0 for an industry that would
pay back more than that amount inside
of two months looks disproportionate
to Mr.. Woodland, who rightly says that
no set of men intending to put in such
an investment as he wishes to make
could be influenced by a bonus of that
size In this case, however, it will dc
if others will take up the matter and
put in other capital.
He would wish one building S0x16(
feet for machine and wood working
shop, and another of equal size fol
finishing and storing goods. Besides
the investment these buildings and al
needed machinery and fixtures repre-
sent, SAC, 900 more will be necessary fol
book account and $4,000 for good
in stock
eff we can rebuild we will be yer.
glad to. We want it If we can get il
But we won't try to run it on wind
I've had enough of that. We mus
have money this time. We would b
glad to rebuild without any bonus bu
that's impossible. It's got to tax
$3.50, 900, and the only way to doit vii
be to have a stock company. But don