The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1898-04-26
Board of Trade.

Board of Trade.
The annual meeting of the members OF
/ the Board of Trade of Mount Holly, was
held at the Court House, on Friday night,
President Charles Evan Merritt in the
chair
The minutes of the last annual meeting
were read and approved, after which the
report of the Board of Directors was read,
as follows:
REPORT OF THE BOARD OF DIRECTORS.
1t is with considerable satisfaction that
your Board OF Directors reviews the work OF
its first year OF existence. Beginning opera
lions at time of financial depression, when
business was languishing and many fac cries
closed, the task of reviving and introducing
new industries in Mount Holly was onerous
and difficult.
Not until late in the year were there any
evidences OF good results from number of
months OF work OF your directors Advertise
ments were placed in trade journals, setting
place for factories, and personal solicitations
were made, all seemingly without result.
Finally applications began to arrive, but, I'M
fortunately, the terms OF most of them were
unreasonable, and they were refused.
One of the first matters to receive attention
was the advisability OF forming an invest
ment nd loan association, to be controlled by
the Board of Trade, which was discussed at
the members meeting year ago. After care
the project tor the following reasons: First,
the stability of such an organizations invest
ments would be too uncertain; second, unless
a large number OF shareholders could be OBJ
tanned (Which considered doubtfuD,
enough funds could not be raised to be of anY
benefit; third, too long time would be needed
to acquire capital thereby fourth, the associa-
ton at Martinsburg, w. Va, which had oper-
ated under favorable conditions and prosper.
Gus times, could not survive business depres-
sion, but failed most disastrously. the liabili-
ties being about $4,000; the assets valueless
stock in closed and defunct factories.
The directors deemed it wiser to raise money
as occasion required, either by subscription
or by selling stock in industries to locate here
The first tangible result OF the Boards labors
was the securing of the James III. Allen Shoe
Company's factory from Hightstown. Learn
ing that the concern was preparing to remove
to Camden, we opened negotiations to have il
locate in Mount Holly, ana, as is known, the
effort was successful.
Considerable difficulty was experienced in
obtaining building for this factory. The
only one suitable ana available was the frame
structure on the carpet mill property on King
street, As the owners, w. & j. sloane. re-
fused to sell less than the entire property the
Board was IN quandary, nOS being in a po-
sltion to raiss the money necessary to make
the purchase and the improvements that
would be required from time to time After
many meetings and much discussion 1T was de-
clded to secure, is possible, number of citi-
zens to buy the entire property, and to rent
from them the Allen factory This result was
finally accomplished.
In order to secure the Allen factory the di-
reetors had to agree to make some altera lions
to the interior of the building, to furnish a
boiler and engine, and give it all rent free for
five years. The owners of the property di.
vided this expense with us by purchasing ana
setting the boiler ana engine. The Boards
part OF this expense was about 1919, all of
which has not yet been paid. This money
was raised by popular subscriptions, consider
able of which has not yet been received
The directors agreed with the owners that
the Board of Trade would pay the rent, $500
per annum, Tor five years.
The Board has been fortunate enough to Sc
cure another factory for Mount Holly-that OF
Davis & Hancock, manufacturers OF tapestry
curtains, table cloths and furniture coverings.
The inducements required to obtain this
concern were that $1,000 be subscribed here to-
ward a stock company that would then be or
ganiZed, and a suitable building be secured,
with power, to rent to the company. The sub
scribers for the So ,000 were to be given pre-
ferred stock paying six per cent interest.
Notwithstan ding that half the stock was
taken by some OF your directors, 1t required
persistent solicitation to get the balance from
the public of Mount Holly but the money
was raised finally, and the company was or
ganiZed on the 10th day OF the present month
The owners of the carpet mill property
agreed to fit up the dye house for this factory,
furnish the boiler and engine, and arrange the
office building on King street. with the annex
IN the rear, to suit the requirements OF the
company
The concern will occupy the premises in
May, when the alterations and i'm provements
will be completed.
The capital stock of the Davis & Hancock
Company is $lOO,OOO with $4,000 paid in. The
firm now employs 80 hands, and is changing
its location to get larger quarters, so that the
business may be increased.
In their work of locating the two above
named factories the directors have received
valuable assistance from the new owners of
the carpet mill property
The Board has been of benefit in other di-
rections than those here named, of which no
menuon need now be made.
Duri z the year we have held twenty meet
ings, at which II applications for factories
were investigated and acted upon, besides
giving consideration to freight matters, re-
no n m of
We trust that the coming year (after the
setback to business by the war scare has been
vival, and that Mount Holly, with the assis-
lance of its Board OF Trade, may receive its
share OF prosperity.
CHARLES EVAN MERRITT. Pres
HARRY l.. WALTERS, Secy.
Mount Holly, n. j., April q. 1898.
The report was received and ordered
filed.
The report of treasurer John B. Davis
was read and approved 1t showed re-
ceipts from members dues, $751;; from
contributions, 1928. Total expenditures,
$361.10. Balance on hand, $3.50
The old officers and directors were re-
elected, as follows:
President, Charles Evan Merritt,
Vice-President, Charles X. Chambers.
Secretary, Harry L. Walters.
Treasurer, John b. Davis.
Directors-Amos Gibbs, Charles A. King,
Robert L. Nixon, Edward D. Stokes George
D. WorrelI, Ellsworth II. Burtis, Charles f.
EolWell, John A: Bidwell, Mark X. Sooy, Jos.
w. Evan, Joseph Gross
Charles K. Chambers said he was disap-
pointed at the small attendance at this
meeting. The inference is that the peo-
pie of Mount Holly are not interested in
the cause of the Board of Trade. 1t will
be difficult to continue the work of the
Board unless renewed support is received
from the public.
Continuing he stated that the directors
are in constant need of money to meet
fixed expenses, and, instead of the mem
bers paying dues and contributions with
out solicitation, it has become necessary
to appoint some one to the unpleasant
duty of making collections.
On motion of Edward d. Stokes com
mittee of three, consisting of Joseph Huff,
John r. Howell and William W. Curtis,
were named to collect dues and pledged
contributions.