The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-07-21
Y. N. B. C. and Commercial
Club Committees lnvesti-
gate Concern and Recon-.
mend It to Stock Buyers.
MUST SELL STOCK IF
IT REMAINS IN CITY
Pilot Company Has Received
FIattering Offers From
Washington, c. H., Ohio,
and Marion, Indiana.

Unless $4,000 of capital stock of the
Pilot Motor Car Company OF Rich
mond, is purchased within the next
few weeks Richmond may lose that
company and the Seidel Carriage COM
pany. The motor car company has
been made a proposition by CONNER
cial organizations of Washington
Court House, Ohio, that If it will re-
move its stock there $4,000 in stock
will be taken up. Marion, Ind, Com
mercial club has sent committees to
Richmond to investigate the plant and
have made overtures to George Seidel
who is heavily interested in the com.
pany.
At the request of the Pilot Motor
Car Company the Commercial CLUB
and the Young Mems Business Club OF
Richmond, investigated the plant and
business proposition and have ap-
proved it. At a meeting of the YIN.
b. c. board of directors held last night
the committee which Investigated the
plant made the following report which
was approved by the board of direct
ors.
Y. N. B. c. Makes Report.
I'VE consider the building which is
owned by the company, and was pu--
chased for $4,000 to be worth the
money and very suitable for the bus
ines of assembling cars. 1t affords
ample room and is well located being
situated on the P. c. C. & st. l.. r. r.
Co.'S lines, affoyding good shipping ia
cilities.
"An parts Of the machine were
shown to US and carefully examined,
and 1t was the unanimous opinion of
our committee that the materials used
in the construction Of the car as well
as the workmanship are entirely above
criticism.
"The factory equipment and machin-
cry is thoroughly modern, having
been purchased and in use less than
six months. consequently it has not
deteriorated and is good asset Of
the company.
"The management is in the hands
Of capable and honorable business men
whose successful past record should
recommend the Pilot Motor Car Co. to
Richmond investors"
Especially commended by the board
was the manufacture of commercial
pany has plans. This form of car will
be manufactured II the company is
capitalized.
The company was organized with a
capital stock of 100000, $4,000 being
preferred and $4,000 common stock.
Only $4,000 has been disposed of and
inasmuch as the concern intends to
increase its output and enlarge the fac
tory the remainder of the stock must
be sold. But for a heavy loss when
a large lumber mill was destroyed in
the south. Horace Kramer and Clar-
ence Kramer, who are also interested
in the firm, would have capitalized 1t
and the concern would have been
placed in operation Immediately. Mr..
Seidel is not asking the commercial
organizations for a bonus or that they
dispose Of his stock. He organized the
Seidel Carriage Company and made it a
paying investment. Members of both
the Commercial Club and Y. NJ. B. C.
speak Of him as a progressive business
man.
Members Of Committees.
The Commercial Club committee
which investigated the plant consisted
A. D. Gayle, A. NJ. Bartel, s. E. Swayne
and s. e. Jones, and the Y. NJ. B. c.
committee was Fred Bartel, Albert
Morel and willard Rupe. Reports of
both committees are being sent to
members and permission given the
motor car company to use the report
as 1t pleases. Members Of both or.
ganizations take the view It Is much
better to promote business already
founded here with a good reputation
than to offer a bonus to outside firms.
The preferred stock pays per cer.
accumulated dividends and after :.
per cent has been paid to the common
stock, s per cent of the remaining div.
idends are divided between the pre-
ferred and common stock. This is q
much better proposition than is usual
ly made and as it is very rare that
an additional amount to the preferred
stock dividends is paid.
This proposition 1t is believed VIII
meet with approval and members of
the company believe the stock will be
sold. C. w. Jordan. who is interested
in the company. is soliciting stock a:
the present time.