The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-01-27
tn FINISH CARS
IN TWO WEEKS
EFFORT MADE TO THAT END.
MEETING OF CREDITORS WILL BE
HELD SHORTLY.

President and General Manager Eos
ter, of the Georgia Car and Manu-
featuring Co., Says All Contracts
VIII BE Finished in About Two
weekH-As Soon as Contracts Are
delivered Meeting of Creditors
VIII BE Held and Reorganization
VIII Be Discussed-President FOs-
ter Has Great Hopes.
President and General Manager Fos-
ter of the Georgia Car and Manufac-
turing Company stated yesterday that
all contracts in which the company
was bound would be finished within the
next two weeks, and when the returns
are made on these contracts a meeting
If the creditors of the concern will be
held
1t will probably be determined at the
meeting of the creditors of the COM
many lust what will be done in the
future. At present there are about
100 men at work at the plant, and as
many more experienced hands will be
added as rapidly as they can be Sc
cured. Manager Foster says that the
work is progressing nicely, and that
he believes there will be no trouble in
finishing all the cars they are now I'M
der contract forswithin a fortnight.
A statement of the liabilities and as
sets of the company show that the
plant has been operated at a profit,
hut that within the last few months
there was a poor market for the prod
ucts of the factory. At fairly good
prices there is enough stock on hand,
if sold, to discharge nearly all of the
Indebtedness Of the concern. There
are great quantities of raw material
that could be turned into good paying
assets with a little work, and it is in
this stock that most of the money of
the company is invested at present.
Did Not Anticipate Poor Market.
President Foster said that the direct
cause of the embarrassment of the
company was due to the wildcat re-
ports about the great demands that
railroads were going to make on car
manufacturers for freight cars, and
nearly every factory in the country
went to work and bought up large
of the rush of orders, and as a result
they still have the stock on hand.
This was the cause of the failure OF
the big car manufacturing concerns al
Birmingham and Chattanooga. During
the freight blockade that occurred all
over the country last winter the rail-
roads gave as an excuse that they were
not able to get freight cars fast
enough.
There was for a period of about thir-
ty days a sudden rush on the car man.
ufactories, but this soon dropped of
until there was no demand at al
scarcely, and the concerns that had in
vested large sums in cars found that
they had no use for them. Many COM
panies did as the Savannah company
did-manufactured a large number OF
cars to be kept in stock for delivery
on short notice. Many of these cars are
still on the tracks of the Savannah
company, and many have been sold al
a sacrifice.
Hopes for n REORGANIZATION.
President Foster hopes that there
will be a reorganization of the com.
pany. II believe there is a great fu.
ture for the company" he said, "anG
if we had had the proper local sup
port and encouragement we could have
tided over the recent embarrassment
Just when the meeting of creditors
will be held has not yet been deter
mined. 1t will, however, take place
some time soon after the contracts
now under way at the factory have
been completed and delivered.