The Medina sentinel. [volume] (Medina, Ohio) 1888-1961, 1920-02-13
START SUBSCRIPTION I
FOR RUBBER PLANT !
AT TUESDAY meet
Court Room Crowded to Listen
to Akron Visitors - Over
$4,000 Subscribed First At
tempt to Float Project.
MEDINA BUSINESS MEN
BE READY TO SUBSCRIBE

A full court room greeted the Ak
ron men interested in building a rub
ber plant in Medina, Tuesday night
and much interest was manifested IN
the proposed enterprise. Harry Cod
ding was chosen chairman for the
evening. Messrs Eaton, Welton,
Schwartz and Ruggles were present
from Akron, and talked Of the var
ious angles of the rubber propo-
sition.
Mr.. Ruggles talked on the propo-
sition of the rubber business being
overdone, or of the prospect that II
might be and assured those present
this could not happen within many
years.
Mr.. Eaton said the Firestone and
Sieberling interests were planning to
spend from eight to ten million dol
lars in new construction within two
years; that as the industry now stood
the supply was two million tires short
annually.
Mr.. Welton told the plans for con-
struction; one unit 80x285, two stor-
les, cost $175,000 for building and
SITE, 900 for equipment with $25,O0O
if equipment to supply own electric
power was decided on. Engineer on
Job all thru equipment and installation
and for first years operation; COM
pany to receive per cent Of construc
ton cost for building; one unit to pro
duce 800 tires day; if cord tire
equipment add $4,000 more.
Mr.. Eaton's proposal: Buy a site
at $4,000 with subscribers money; cit
izens take $3.50, 10000 stock and Eaton
sell $750,0OO, he gets is per cent
Three Medinaites to have place or
board Of directors. Capital $1,000.
600, half Z per cent preferred ane
other half common. Bonus of com
mon stock to 60 with preferred, pro
portion up to State board. Mr.. Eator
pay in common stock and alss
Schwartz's for patents; bonus stocl
| in escrow till common earns IA pei
cent dividends.
Mr.. Eaton promised to come to Ne
dina and help sell their $250, Goo ant
| then sell the $750,000 himself.
After stating the proposition Mr.
Eaton read the incorporation data ant
asked for discussion of it.
Vernon Horton was asked to tel
what he knew of conditions at New
ton Falls, where the Eaton Co., ha'
just completed a plant. He sait
since the factory was begun about
year ago it was estimated 300 houses
had been built in that little town. Mr.
Eaton thought this was a high estl
mate but did assure those presen
the number was really large.
A few questions were asked b!
those present but all seemed more wi
ling to listen to the Akron men pre-
sent than to talk themselves. Fina
ly suggestion was made that it wer'
well to start the subscriptions and til
up the site. At this Dan Pelton a
rose and said he was in the projec
to stick and intended to stay to tn
last ditch. To prove this Dan head
ed the list with a subscription for 81
OOO. Others were invited to do tn
same and a half dozen or more dupli
Gated the thousand dollar subscription
while many more signed for $500
others 5000 and some Of small mean
for $1OO. About, perhaps more
than $4,000 were signed in a shor
time and then the crowd went home.
By the terms of the subscriptio
the signers pledge themselves to pa
25 per cent by March is, Is per cen
more each 80 days till the total SUI
scription is liquidated.
Mr.. Schultz's patents and mold
are the ones that will become pal
of the company's holdings, and he wi
be the man to set the style and bull
of the tires and give advice in the ma
ter of other rubber products constru
ton. He said he had been receivin
about $4,000 a year from patent
and formulas he will turn over to tn
Continued on page six)