Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1960-03-09
Proposed Cunnery Plans Delayed;
Move May Revive AT Later Date

The proposed Tabor City Cam
lery will not be a reality this
spring and folks who have
pledged the $4,000 in preferred
took will not be called upon to
prouuce the money now, 1t was
learned this week.
Is. Alton Carroll, one of the
principals in the proposed cam
.ery, announced this week that
the additional loan that was ne
sessaIy Tor the cannery to pur-
chase the equipment was ap-
.uuved but that the conditions
and terms were such that he did
not feel that ii would be good
business to accept the money
from the Business Development
Corporation of North Carolina.
Carroll and the Troy H. Crib
Company had made it clear to
the lenuing agency that they
wanted to borrow the money
with the equipment itself stand
ing good for the Indebtedness.
The S45, 900 raised locally would
nave also been used to purchase
equipment. The lending agency
approved the loan but asked for
additional obligation on the part
of the principals. Carroll and
Crib felt that the huge demand
for operating capital made it
Impossible for them to obligate
themselves beyond the equip
ment itself. They felt that their
other assets would be needed in
order to provide adequate work.
ing capital.
I'VE are at least delaying our
plans TO go into the canning
business because the terms of
the proposed loan are not salts
factory. AT this late stage we
could not get into business for
the spring season anyway and
Will simply delay our plans to
see If we cannot work out some
tnIng y the ft'ttire," Garrell
IsaId.
Crib was not available for
comment but il is understood
mat he felt the same way.
The movement to secure the
canning industry aroused a
great deal of interest here early
this year and when the goal of
$4,000 worth of preferred stock
had been fully subscribed and
more by farmers and business
men of the area, it was assumed
mat the cannery was a certainty
mere. However, the unsatisfact-
DRY terms of the business loan
mas thrown monkey wrench
INTO the plans for getting into
operation this spring and per-
maps stopped the cannery PERM
Lncntly.
Ben l.. NcSmith, of the local
Waccamaw Bank who was "a
mong those helping to promote
the cannery from the start, said
today, Il want TO commend MIR.
Carroll on his conservatism in
not rlSking the money from var
iouS people in the community
when he feels that the enter
PRISE is risky under the terms
Il the proposed loan. We GER
'aInIy would not want him TO go
INTO this business unless he felt
that IT had a good chance NJ
success. He has left the situa-
uon open for future reappraisal
and perhaps things will be such
mat the cannery will be more
likely to succeed at some future
date"
rally Eddings, executive-sec-
rotary of the Tabor CITY Merch-
ants Association, said, "All OF
us are deeply concerned with
inc decision not to open the
cannery as planned this sprinp.
We certainly wish that nothing
mad happened to slow down the
progress of the project but per-
'apS 1t will eventually all work
'ut ana go on TO a successful
conclusion. Anyhow. want To
,hahk all those folks who pledp-
"a financial support to the can
merry and TO express my appre-
la'ioh TO those businessmen
VINO devoted considerable A.
mounts OF time in the solicita-
ton OF preferred stock" sales.
Ihc community pulled together
IN noteworthy manner and
nat IS gratifying even if we are
low faced with disappointment
'vcr the delay in the cannery
plans"
Eddings also said. 81 want To
express my appreciation TO
Mayor Howard Harrelson and
the entire town council for their
/ cooperation and efforts in tho
water and sewage disposal prob
lemS That were associated with
TINS cannery project I hope that
they will show the same TYNE M
cooperation in the future and
That this project will cventuaI,v
materiaIizeO