Salt Lake Tribune | 1910-02-13 | Page 27 | Provo Woolen Mills; Offer to Buy Them

PROVO WOOLEN MILLS; OFFER TO BOY THEM A Chicago Hoiise in the Deal, With Stock for 'Utahis to Take. Special to The Tribune. PROVO. Feb. 12. J. II. Bcarrup. representing rep-resenting tho National Farmers Educational Educa-tional Co-operative Union of America, with headquarters in Chicago, Is In Provo Pro-vo In tho Interests of his company, which. It Is said, has an option on the Provo "Woolen mills for $75,000, one-fifth of which is to bo paid down and tlio balance In three annual Installments. It Is the Intention of tho National Farmers union to organize a manufacturing manufac-turing company here, with a capitalization capitaliza-tion of $1,000,000, to take over the woolen mills and manufacture till kinds of woolen wool-en goods. On this basis the stockholders .of the Provo Woolen Mills company would rccelvo approximately fiC 2-3 per cent on the original capitalization of 5300,000. allowing ?25.000 to pay tho debts of tlio old company. Tho people of Utah county and tho state of Utah will further be permitted to subscribe for capital stock In the new corporation, and all that is not taken by local capitalists will bo taken caro of by the National Farmers association and will bo under their control and management- Mr. Bcarrup met with tho Provo Commercial Com-mercial club this afternoon at 5 o'clock to further discuss tlio plans of the proposed pro-posed organization. Organization Discussed. Mr. Bcarrup tonight met with the Provo Commercial club committees on manufacturing and commerce, and a plan of reorganization was discussed, and Mr. Bcarrup stated that tho plan of the Incorporation to take ovor the mill would be on tho basis of $1,000,000 capitalization, capitaliza-tion, and that tho people of Utah and of Utah county must subscribe $80,000. which will glvo enough to start the mills and mako the first payment on tho purchase pur-chase price $20.000 tho balance lo bo paid $25,000 In one year, and $30,000 in two years, making the purchaso price. The pcoplo of this state or county can take more stock If they want to. but Mr. Bcarrup proposes that tho union shall take caro of and control and run tho institution. He also stated that thcro are associated associ-ated with his ilrm tho National "Wool-giowcrs "Wool-giowcrs association and tho labor unions of America, and that his association lias a chain of stores and manufacturing Institutions In-stitutions throughout the west, and that he Is out here to Investigate tlio manufacturing manu-facturing Industry and to establish a chain of such Industries In western states and thnt the Provo "Woolen mills being Idle and avallablo offered an excellent ex-cellent opportunity to start tho first Industry In-dustry right liere.