The Lexington advertiser. [volume] (Lexington, Miss.) 1904-1985, 1961-10-05
pickens Bonds Are
DefauIted By Shaw
Co.. OF Mississippi

foot, modern, steel building to
offer for lease or sale to some
desiring industry. Shaw Of Mis-
sissippi has announced it is de-
faulting on both the semi-an-
nual interest payments and the
first principal payments on the
Pickens building. The people of
Pickens have $117,500 invested
in the furniture plant and build
ng.
Shaw of Mississippi is a SUBJ
sidiary of Shaw of Charlotte,
North Carolina. The plant at
Pickens has been vacant since
operations ceased over a year
ago. However Shaw has main
tanned interest and insurance
payments on the bonds and the
building until now.
Strenuous efforts on the part
of Mayor j. T. Garland and Lee
Crawford, vice president of the
Pickens Bank, has been. made
during this time to find a COM
pany interested in buying or
leasing the Shaw building on
the north edge of Pickens.
Kept In Shape
Town officials have kept the
building in tip top shape, and
this summer, the loop road to
the plant was paved, with the
county paving the part of the
road outside the city, and the
town board paying for the paw
ing inside the city limits.
Another prospect visited the
Pickens plant recently, Mr.. Gar
land said, but not satisfied with
getting a building at a price
lower than it could be built to-
day, began hunting for further
help from the town in paying
training and moving costs.
"Pickens has done a great deal
already to make the plant an at
tractive proposition" said Mr..
Garland, land l didn't feel that
his further demands could Or
should be met"
A new $4,000 water tank and
water system was built by the
Town of Pickens at the end of
own where the plant is located
% give the plant water protec-
ion. eve lines were also add
ed and many more improve
nents made to attract the plant
tie.
The plant itself is Of the latest
ype construction, with rein
creed concrete floor, the best
n wiring, exhaust fans, insula-
ion. loading docks, office area.
! and parking lot. 1t sets on a IT
ere site right between the Hill
lois Central mainline railroad
J md the mainline north-south
Highway 81.
Formal opening of the Shaw
| liant was held, under a cloud
{ gloom, on November 10, 1857.
| \ damper was cast on the open
ng due to the accidental death
1 the plants president, Harry
?. Shaw, Jr. who along with his
yife and pilot were killed in a
,lane crash.
Mr.. Shaw's death. plus a re
.ession that came along soon
md hit the furniture business
irst, were the two main reasons
or the failure of the Mississippi
enture by Shaw.
There were two shut-downs of
he plant by June of 1858. After
J.. w. Tisdall was elected presi-
lent of Shaw, operations were
tarted on a fresh basis, with
| Carl .Cuthbertson of the Shaw
| Giant moving to Pickens as full
time manager.
However, the plant was closed
for good in 1860. AS the year
,nded in 1859, the plant man.
ager was happy over the pros
oects of the future, with the
training period over. Orders for
the new year did not come in
as expected and the plant was
closed for good in July and all
equipment and fixtures moved
out.
September / was due date on
the semi-annual interest pay
ment with half the annual six
per cent rate due. The first
bonds are due to mature Octo-
Der l..
Shaw has the insurance paid
UP through October l.
Mr.. Garland said that the
money for t e~hinsruncea EB
money for the insurance would
be secured from the bank and
deducted from the settlement
when the building is finally dis
posed of. "We have to keep our
investment protected with in
surance," he said.
The following, is a letter re-
ceived from MI. Tisdall, presi-
dent of Shaw: (The trustee men
toned in the letter IS Pat Bar
rett of Lexington, who is also
attorney for the Town of Pick
ens.)
"On September 1, 1861, you
were due an interest payment