The free lance. (Fredericksburg, Va.) 1885-1926, 1910-09-24
W00LEN MILLS
CONFERENCE
MIR. DuvaI Makes Extended State
ment.
Submits Proposition to Citizens of
fredericksburg Details of the Pro-
posals. Etc.

posals, Etc.
The meeting Of the committee on the
wooden mills proposition re-assembied
| Wednesday at 1890 a. m. Col. Cole
presiding, Mr.. Gouldrnan, secretary.
MIR. Duval made an extended address
before the committee in which he reclt-
ed the conditions existing at and imme-
diately following the fire which de-
stroyed the mills. He showed how the
business of the woolen mills had in
creased and developed from time TO
/ time until the fire, when II represented
I a large outlay of money. He referred
TO the insufhciency of fire protection
and the high rate of insurance IN con-
sequence, and showed that the insur-
asce did not cover more than half OF
the loss. if that
He then gave history of the estab-
lishment Of the pants factory, showed
how it had been built up from a small
start until now it is doing business OF
! 500. 600 per season; the business had
increased so fast that the business had
outgrown present facilities. He said
il would cost 500, 900 to replace the
woolen mills on as extensive plan as
the one destroyed. The business Of the
wooden mills was not over S2OO,cOO an
nually and the business of the pants
! factory could be worked up to that
amount with comparatively little addl-
tional outlay. He said a mill with
about two-thirds Of the capacity of the
old one could be built and equipped
with 800. 900. but it would require S4O,-
600 working capital.
He did not recommend the rebuild
ing of the wooden mill, but did advocate
the enlargement of the pants factory.
He said the pants factory would 90 as
large a business as the woolen mill ana
work as large number Of operators, II
the factory was enlarged. The factory
is shipping rants into every state IN
the Union and some abroad ana
wherever they are sold they advertised
Frederick sburg. thus bringing the city
To the notice Of people IN all parts OF
the world as a manufacturing place.
He said the pants factory could be IN
creased to building of size 4Oxl30
feet. two or three stories high, which
would double its producing capacity and
employ about 200 operatives.
He said if the holders Of bonds OF the
old woolen mills would be willing to
transfer their holding for bonds in the
pants factory. it would be but little
difficulty to raise the. additional amount
of stock by subscription in the city. lie
and Mr.. Melville woCld take $4,000 OF
the stock.
Mr.. Duyal then went into a statement
showing the value of the security Of the
stock. He said he and Mr.. Melville
were asking nothing from the city
| further than subscriptions TO STOCK 10
a certain amount by the citizens. he
stated that he had propositions from
other cities that were willing to put up
capital, but the people Of Fredericks-
burg had always treated his company
so well they we're willing to allow some
sacrifice for the city.
MIR. Duval showed his familiarity
| with the business and with every detail
connected with it. He was asked
number of questions by members of the
committee and was prompt in furnish
ing any information called for.
| Mr.. Duval's proposition for enlarge
ment of pants factory: o.
Bonds to be d.............-.......S3O,OO OOO
Preferred stock in business. ZO,OOO
Surplus now in business.............. o,OOO
Bonds to be secured on all assets and
will have margin of 1885, 900.
OF the $50, 600 of bonds to be issued
SIG. 900 of them have already been
taken by New York parties and the
other S34. 900 Of bonds are to be taken
by the citizens OF Fredericksburg.
OF the $40, 900 of preferred stock MIR.
Duval and Mr.. Melville have taken
$40, 900, and the earned surplus OF
Sl5,OO0 now in the business is to re-
main there.
Assets as security for the bonds:
S17. 900. Present worth of pants fac
tory and machinery.
$1,000. Valuation of real estate to be
transferred to Washington Woolen
Mills Co., Inc, by Melville Woolen Co.
$4,000. Cost of new building to be
built and new machinery. .
$1,000. Dwellings on properly OF
Washington Woolen Mills Co., Inc.
$1,000. Cost Of heating and power
plant to be built.
$40 600. This amounnt will be invest
ed in merchandise and accounts que
firm, which are termed as quick assets.
Mr.. Duval and Mr.. Melville and Mr..
Podoll, who was also present, then re-
tired and the committee further DIS
cussed the proposition. Mr.. M. q.
Willis and Mr.. c. w. Jones both made
extensive talks showing the Importance
of this enterprise to Fredericksburg
and both expressed hope that a suffic-
lent amount of stock would be subscrib-
ed to insure its remaining here.
/ Mr.. Willis stated that he regarded
the bonds as fair investment, especial
by when it is taken in consideration the
faot that it would pay the city and indi.
rectly benefit more or less every real
estate owner as well as merchants in
the city.
Others who made extensive talks
were Col. Cole, Mr.. Conway and Mr..
Warden.
The committee decided TO propose to
Messrs. Melville and Duval that they
take the entire $40, 200 Of preferred,
instead of only $40, 900, and in the event
of their acceptance efforts will be made
to sell to citizens the S34, 900 of bonds.
The committee then after a two
lo,,.a aoaa;oo ediournod m n m