The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1898-01-28
KNITTING MILLS.
BOARD OF TRADE CONSIDERS
ITS FUTURE.
Chance for Local Capital to Secure q
PrOfital Investment in Manu-.
featuring.

At the meeting of the board of
trade Monday morning, M. G.. Willard
said that it had been thought that
the knitting mill could be run long
enough by the assignee to prove that
it is profitable industry, but there is
disposition on the part of some of
the creditors to close it down, and the
plan proposed cannot be followed. 1t
is probable that the mill will be sold
cheap, and local capital can buy it.
Mr.. Willard said that the statement
had been made that $2OO,OOO could be
raised in the city to start bank, but
the knitting mill will make more
money than a-bank, and will only re-
qulre an Investment of 100000 to
carry it on. That the mill has not
made money signifies nothing, as the
former proprietors had not sufficient
funds to conduct the business on a
profitable basis. The mill has done
more good for the city than most peo-
pie think. II the mill can be gotten
on it's feet before the skilled help goes
away, it can be made success, but il
not, it will be hard to resuscitate. The
enterprise was started partly for the
good of the city and partly as a bust
ness investment. There is no kick
coming that the city did not patronize
it. The city has failed in not taking
enough interest in doing those things
that will help manufacturing estab-
lishments, Cotton can be shipped to
Ontario, Canada, at twenty cents less
freight than to Mankato. The board
of trade and others should take hold
of the freight question. The mer-
chants are interested, for they will
not have anybody here to feed unless
there is manufacturing to employ peo-
pie. If freight questions would be
| taken hold of here as in other cities
something would be accomplished.
The city has spent thousands of dol
lars building walks, but has let the
mill operatives wade through the
mud. The assignee IS to make re-
port in three weeks, and the mill may
close down then, so that prompt &C.
tion is needed.
Jno. N. Hall said that there never
was manufacturing concern here
having as good chance of making a
success. 1t would probably be sold at
a low figure. Few mills in the
country are in as good condition.
With the amount of idle money
around here, such an investment
ought to be quickly taken up. In the
east there would be no difficulty to
raise the necessary capital in week.
DR.. Andrews said that many girls
from poor families are employed at
the mill, and it was question what
some of these families would do if
this income was cut off. If the city
loses the mill it will lose much.
Mr.. Willard said that so to Is per-
sons are employed there, with a
monthly pay roll for common help of
81 900. If the mill was run as it should
be, the force should be doubled.
Mr.. Hall said that the time has
come when capital must seek an out
let elsewhere than in loaning money
on real estate. The rates of interest
are coming down, owing to the COM
petition.
M. B. Haynes moved that the mat
ter be referred to the committee on
manufacturing, to call special
meeting of the board if it considered
it wise to do so. This was carried.
The committee consists of Jno. G.
Noe, Jno. N. Hall, W. M. Farr, John
Klein and H. P. Jensen.
DR.. Andrews made report for the
for the committee on the Walnut
street sidewalk, and thought that the
walk would be ordered built next
spring.
M. B. Haynes made partial report
on the creamery. He said that the
Belgrade creamery people had
expected to appear before the board
to seek aid for their enterprise, but
had not come.
The statement was made that the
Belgrade people have spotted all the
Mankato business men who have SUBJ
scribed toward the local creamery,
and would boycott them. No one ex-
pressed much fear as to the result of
this.
Jno. B. Meagher and w. D. Willard
were elected directors.
CIR TN on OIIIO lITv or Tor mo \