The Republican. [volume] (Oakland, Md.) 1877-current, 1963-02-28
Knitting Mill

by note endorsement. During the
year, he had drawn from the
mill for expenses S3,2647O, but had
put more than this back into the
business in the form of cash,
amounting to more than $500 il
was stated.
Some of the amounts listed as
having been spent by him were
S619.50 for bookkeeping; S57325
for telephone and telegraph tolls;
81 $4,000 for interest; $4,000 for
light, heat and rent and S1,005.61
for miscellaneous.
A financial report for 1862
showed that the business had oper-
ated at net loss of S44,l139.
Total cost of goods sold was given
as SAL ,92529, and total income from
sales and instruction fees was S34,-
8O4.52, leaving a loss on sales of
81 1891.
In addition, operating expenses
amounted to S36 .234.56 and there
was an interest expense of S239.50.
Included in the operating expenses
were S20,400 as salary of officers
and various smaller items includ-
ing taxes, rent, utilities, insurance,
etc.
A balance sheet showed, as of
December 81, 1862, assets of $751;
1888 and liabilities of S104,853.73.
This latter figure included $4,000
which had been loaned to the Gar
rett County Development corpora
ton by the County Commissioners,
and subsequently used to finance
the knitting mill operation.
Tax Lien Filed
1t was learned today that a
representative of the Internal
Revenue service had filed federal
tax lien yesterday with Richard L.
Davis. clerk of the Circuit court,
in the amount of 81 ,9973l, against
the Oakland Knitting Mill
The lien was for alleged failure
to pay Withholding tax of en-
ployeeS for the fourth quarter of
the year.
1t was brought out at the meet
ing that Fike is presently the only
officer on the payroll. George
Brunton, president of the firm and
still stakeholder, is not actively en-
gagged in management of the local
mill
Discussing the future of the MILL
LOOMS said he was optomistic. and
felt that another loan should be
sought to boost working capital to
the point where operations could
be resumed. LoomiS said he would
appoint a committee to work with
mill management toward solving
its problems.
On motion of Harry C. Edwards,
a resolution was directed COM
mending LOOMS for his work in
behalf of the knitting mill. This
passed without dissent.
Reports On Liability
+ At a previous meeting, Fred A.
Thayer had been asked to give an
opinion as to individual liability
of Development corporation men,
beers for loans made by the group.
He reported that, in his opinion,
sections of the Maryland law max
, ing such individuals personally re-
! sponsible did not apply, and did
not pose a legal bar to future loans
+ by the corporation.
Thayer also raised the point of
whether future meetings of the
corporation should be open to the
public, and stated that he believed
| they should be. A motion to hold
open meetings carried, but the
right of executive session was re-
served.
New Members Suggested
Names of possible additional
members to the DEVELOPMENT
group were suggested by those
, present. Names must be put in writ
/ ing to be legal and it was indi-
Gated that no persons would be
added until after the next meet
ing.
Fred A. Thayer and James Nc
Henry suggested the names of
Delbert Gnegy, Wayne Hamilton,
Harland Bowman and Donald M
Browning. Karol Rush suggested
the name of Eugene Coddington,
Friendsville Helmuth Heise sug-
gested l. r. Rudy, Jr., Robert
Proudfoot and Wilmer Margroff.
Present membership is sixteen
and it is possible to have as many
as twenty-four. it was stated. Mr.
Heise said he felt before any
names should be considered it
should be the policy of the board
to assure adequate representation
of all sections of the county so
that it could function as an over
all Garrett county corporation.
The next regular meeting was