Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1909-06-26

Committee Appointed to Investigate
Proposition Makes Favorable Report
to Executive Committee of Board
of Trade-Resolutlon Adopted En-
dorsine Report of company's Affairs.
At meeting OF the executive COM
mittee of the Board of Trade held
Monday night last the committee pre-
viously appointed to consider bust
ness proposition made by Mr.. w. Fl.
Crawford of the Crawford Wooden
Company submitted the report here
with published, and which Will be read
with much interest. The report and
the resolutions incident thereto are as
follows:
Martinsburg, w. Va, June Is, 1909
To the executive committee Of
Martinsburg Board OF Trade:
On Wednesday night, June 8. 1909,
w. H Crawford, president OF The
Crawford Wooden Company, appeared
before your committee and asked it 10
recommend to the people of Martins
burg and Berkeley County an issue OF
500, 900 of per cent. cumulative pre-
ferred stock to be issued by The
Crawford Wooden Company. In asking
for said recommendation Mr. Craw-
ford submitted to the committee the
balance sheet of the company for the
fiscal year ending March Is, 1909, to-
gether with the gross sales of the
company by years from 1902 to Janu.
airy, 1909, and the net profits OF the
company from 1901 to 1909, inclusive,
and the amount expended in wages
for the calendar year of 1908, and re-
quested committee to be appointed to
verify said statements from the books
of the company and to generally in
spect the plant and operations Of the
company, and in compliance with that
request the undersigned, Frank s. En-
inert, James F. Thompson and H. II.
Emnlert were appointed as such COM
mittee, and be" cave TO herewith sub
NIT tae following report:
Your committee, in compliance with
the instructions, on Monday, the 14th
day of Jane, 1909, inspected the plant
OF The Crawford Wooden Company To-
Gated at Martinsburg, West Virginia,
and made such an examination of the
books as is nece ssary in their opinion
to verify the reports of The Crawford
Wooden Company submitted to you by
its president.
The Crawford Wooden Company
started in business in this city in 1891
with eleven I'D employees and have
been in continuous operation until the
present time and have increased the
nenlber of employees to 1926. This, of
course, does not include the number of
employees in the Shenandoah Pants
Company or The Martinsburg Worsted
and Cashmere Company, both Of
which companies are associated very
closely in their business relations
with The Crawford Wooden Company,
the number OF employees in all three
companies aggregating about 500. The
bi-weekly payrolls of The Crawford
Wooden Company have increased from
$125, in 1891, to $3.50, in 1909. and
the total amount paid out in wages by
said company for the calendar year
1908. was s114, 1926. The gross sales
OF the company increased from $242.-
690S2, in 1902, to s44S076., in 1908.
The net profits of the company for the
nine years, from 1901 10 1909, inclu-
sive. have been $3.50, 1906, or an
average net Profit for each year Of
$176S067, Or more than 2 10 times
enough to pay per cent. cumulative
dividents on the proposed issue of
100000 preferred stock.
Your committee further verify the
statement OF the president of the corn
pany that they we're very much behind
in filing their orders, and that to en-
able them to fill their orders and to
take care of future new business it
would be necessary to run large
part OF the plant night and day, thus
entailing the necessity OF increased
operating capital, which would mean,
of course, the employment of large
number OF operatives, and would in.
crease the product Of the mill from
$15O.O00 to 100000 and increase the
amount of money paid in wages by
fl ON 1915 to $4,000 per year. This
OF course would largely increase the
net profits eff the company as there
would be no additional capital or over
head charges against the largely in
creased production. The present net
assets OF the company amount to $1S4.
1923, and as the proposed issue OF
preferred stock is TO be preferred as to
assets, as we'll as to dividends, it will
be seen that the property behind the
preferred stock will be very nearly
two for one.
Your committee therefore reports
that the executive committee OF the
Board of Trade do recommend to the
people OF Martinsburg and Berkeley
County the purchase OF the proposed
4<,xs.,x. 4 m nnn ns rar. aouf rNrofoT.r.