The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-26
MILLER THINKS
POORLY OF plan.
Opposes Chambers Co-Opera-
tive Association at Meeting
Of Directors.
MANY N! NJ OTHERS ENDORSE u

Idea IS to Have Fund for Invest
n1ert in New Industrial
Enterprises.
After discussion, in which dlrec-
tors OF the Chamber Of Commerce con,
sun1ed nearly two hours, ana ,1 ra!
came to no definite conclusion, the re-
port Of The special committee appoint
ed to present plan for the org s, ~
ton Of the proposed 1ndustrial 70 -
opefa aar Association was fe annoInted
the prasiden IT, Tss eeeoa
zee IS to report to board tnee.i its :,
which in turn Will lay the matter Pc Pc.
lore the chamber at the next resuia
meeting on Novembe4 TO-
scented the report and explained the n,
plan very fully. He was supported py
W.. Z. Reed. who. though not APPROX
ing the plan in dts entirety, was hear..
chamber should assist in financing
Manager William 7. Dabney. mem mem.
Der Of the committee. The Opposition
was led by Fritz Sitterding ana oonh
bers OF the board agreed, but were
not quite so prominent in the discus
sion.
Would Bring Them Here.
Mr.. Darlington read the report,
which contained a long preamble as
ton.
1T must be recognized" the paper
ram that the great foundation stone
ufacturing enterprises and In the
measure Of their success and deVelop-
sments the material welfare OF our city
would be many times multiplied. me me
very fact that such plan exists would
bring manufacturers to our city 70
+ look into what we have to oner them.
and a knowledge OF our advantages,
of low freight rates, ample banking
facilities. low insurance rates ana
good homes. together with the helping
hand that we would stand ready 10
extend to every worthy enterprise.
would only be necessary to bring
many desirable manufacturers to our
city. The idea as start, is to nave
subscribed by our citizens. In Legally
binding paper 100000, which can be
Increased as success and necessity sug-
gest, the minimum subscription to be
$500, which should be payable pro
many as may be needed, and stock in
the company subscribed to be issued
pro rata directly to the subscriber"
Representative on Board.
The plan further provides that should
1t be deemed desirable, there may be
a representative on the board OF the
company in which stock is taken. It
was advised that as "munition of
war" small fee of, say, l-l0th Of 1
per cent. of the capital stock OF the
company subscribed to could be levied
annually for actual expenses. Other
safeguards, considered by members of
the committee to be ample for the pro-
lection OF those taking stock, were
named in the plan.
Though agreeing in the main with
the plan read by Mr.. Darlington, MIR.
Reed thought that an association free
of any running expenses or taxes
could be formed to perform the ser
vices. and outlined a plan by which he
thought the chamber might accom-
plish its purpose, Fdelegating the bust
ness manager to look after the inter-
ests of new concerns.
Asked his opinion OF the plan, Mr..
Sitterding frankly said that he always
got better results when he held con-
troll. He did not think anything OF
the committees proposition, and did
not offer anything that he considered
| better.
| Mr. Miller believed in close corro-
/ rauons. Il believes" he said. that the
/ plan will prove a complete failure
home capital and home ability, and
/, wanted the men with money to put II
i behind young men Of the city and lei
them develop their genius as men
/ affairs, rather than encourage the In
lux of visitors who might or might
not be reliable and stable. He wanted
to see the young men Of ability PLACED
IN positions to accomplish things with
the help Of capital. The Richmone
money, he said, now invested by CAPT.
! talists on Wall Street might be brought
4 here. and in the hands Of the proper
4 kind of young men would bring greater
4 results for the city than the plan o.
4 the committee which might after al
bring to the city only the dollars o.
strangers and adyenturers.
IN reply to a statement made by MT
4 Miller that strangers would have the
administration Of local capital. Mr.
! fact that the plan provided for a di
rector from the local men putting VI
money for the enterprises. Mr.. Altile1
4 stuck to his argument, reminding hin
4 that the business Of banks and Other
4 concerns was actually run by the Off.
i GERS, and that the directors met as {
4 rule not oftener than twice a year
Then Mr.. Dabney. and Mr.. Miller, to-
gether with Mr.. Sitterding and Other
members Of the board had an exchange
4 OF views and, the the whole matte
New Company ado rxcs.
In spite Of the &oppo sl1ioi offered 81
4 MI sitterding. Of the Virginia Rail:
\ way and Power Company, the bo,lrt
= Endorsed in general. the apDl!cn ton @
y the Richmond Power Corporation. nov
4 pending before the Ci.y Council. fpl
! franchise to sell elecrr.c poWer.s.i
5. 4 committee composed 81 4Alytr