The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-11-25
TO KEEP 1T HERE.
Topeka Business Men Take Hold
of Auto Project.
To Raise Fifty Thousand Dol.
lars for Stock.
IMPORTANT INDUSTRY
Two Hundred Men Employed i'm
the Factory.
City Can Not Afford to Have
Plant Go Elsewhere.

The Topeka directors and stockhold-
ers of the Smith Automobile company.
will begin a campaign to raise the $780,
600 additional stock subscriptions to be
added to the $4,000 from the Wernicke
interests in reorganization of the COM
pany. Persons in touch with the af-
fairs of the company, believe that the
money can be raised and under the
guidance of receiver appointed as
! friendly to the corporation, the work
will be conducted without interference
from anxious creditors.
Should Topeka fail to raise the money
necessary to carry on their part in the
reorganization, the plant will probably
be removed to Grand Rapids, Mich, and
the necessary money furnished by the
Wernicke crowd, who will alone con-
troll the business and reap the earnings
of the plant. The automobile COMPANY
is recognized as one of the most sub
stantial manufacturing industries in
Topeka. When operating in full capac-
ity the plant employs about 200 men,
which means that nearly 1000 Topeka
people receive their support from the
earnings of the company. The loss of
the plant, would of course mean that
these people would be thrown out of
employment or would go with the plant
to its new location.
statement was made this morning
that the Topeka banks might accept
part of their claims in stock in the re-
organization, as they feel friendly to
the corporation and realize it's benefits
to Topeka. Should the banks decide on
this plan of action, it would aid ma
terially in raising the necessary $50, OOa.
Speaking of the plant as an asset to
Topeka, w. s. McClintock. an attorney
who represented the petitioners in fill
ing the original application for re-
ceiver, made this statement:
1T is to be hoped that for the good
| of Topeka the parties who are plan
ming the reorganization, will leave no
stone unturned to bring about this re-
suit 1t ought to be an easy MATTER
to raise such a small sum as $50 600 in
Topeka.
This institution employs 200 men
when running at full capacity; which
The payroll of the plant is about 81, 500
month. Topeka people can't afford to
let this property be bought for a song
and moved to Kansas City or some
other point. 1t is up square to the
| Topeka business men to say whether
they will keep this property here or
| let it go because they can't subscribe
$4,000 for guaranteed per cent stock
The plant is to be handled so that such
stock would be as safe an investment
as if covered by a mortgage on the pro-
pertY.'
It's a Go, Says Crane.
George Crane, a director of the COM
pany, says that the money will be rails
ed and that Topeka cannot let the pro-
perty go.
when a town like Topeka raises
thousands and hundreds of thousands
of dollars for the Y. M. c. A, the Y.
w. G. A. and Washburn college and
charitable institutions and then lays
down proposition like this said
Crane. there is something radically
! wrong. The same business men who
dig until it hurts to help these charit-
able causes will shun an investment
that guarantees a good dividend and
helps Topeka. Yet if they pass up
this plant, every store in Topeka will
| feel the effects and suffer. 1t takes
away just that much revenue that
these men might put into an industry
like the Smith plan and help to make
a better town. Not only will the $780,