OCR Text |
Show A Local Committee for Industry Secured a 'New Era' for the Town Hoosick Talis, Neiv York, a small town of about 5,000 population, started front scratch to bring a shoe company in-to in-to the community as a new industry. Ten montlis after the idea was born, the company was in operation there in a new-ly new-ly constructed building. It was pointed out here last week that tliis near miracle was achieved primarily because of the whole-hearted effort and cooperation which the entire town brouglit to bear on the problems involved. This effort was spearheaded by S. J. Milberg, head of a local undergarment factory, and James M. Brahan, publisher of the Hoosick Falls Standard Press, a iveekly newspaper. In April, 1949, iffxft Mr. Brahan began printing a series h&U frill kit f front-page editorials calling at' &F?t!r fii tendon to the need for a new in- i? 3 dustry in the community. The editorials struck a re-FEITTUOH re-FEITTUOH sponsive note among local busi ness leaders, and action was initiated initi-ated with the formation of a Com- mittee for Industry, composed of 12 businessmen. This group held a number of discussions covering all angles of the general problem, the members cooperating co-operating closely in staking out the job ahead. Their views and reports were reflected in articles which appeared continuously in the Standard Press, and their fervor fer-vor for the project communicated itself to the townspeople, who affectionately nicknamed them the "twelve apostles" The group later was expanded to 18 members to form a nonprofit non-profit corporation to finance the proposed new plant. Mr. Brahan described the objectives of the committee, "We set our sights for a netv industry that would employ 150 to 200 and occupy a new 15,000-square-foot plant costing cost-ing about $75,000. We felt we could build one that size with local funds. We found ive could go much further than that after tee started the ball rolling." The first concentrated attempt to raise money for a building fund teas an unqualified success. Four weeks after the drive ivas started a mass-meeting was called. A throng of 1,000 interested local citizens attended, and an encouraging encourag-ing total of $41,600 was pledged then and there for the building fund. With that kind of backing from the community, the tommittee pitched in tirelessly to complete the job. One man accepted the task of contacting and negotiating with "prospects" who might be persuaded to locate in Hoosick Falls. Tivo local attorneys donated legal services during the negotiations. Another busy man was the treasurer of the group, a bank cashier, who handled the raising of the funds. On formation of the industrial corporation, which erected erect-ed the new plant, stock ivas sold at $50 a share par value to 637 individuals. The corporation, a non-profit concern, proposed pro-posed to return the funds to the subscriber within the subsequent subse-quent 12 or 13 years. In all, funds were raised to build a $134,000 plant. When the shoe company, seeking an up-state Neiv York location, negotiated for the plant, it was agreed that title for the building ivould remain in the community corporation until monthly rentals amortized the cost of the property. As matter of fact, the president of the shoe company and his uife were so interested in the Hoosick Falls project that they became among the largest ttockholders in the enterprise. Under Un-der the agreement, they will be the last of the subscribers to receive amy return on the stock. Ground for the plant was broken on October 26, 1949, just u few hours afier negotiations be-Oiceen be-Oiceen the committee and shoe company had been completed. In-tredibly, In-tredibly, the plant was finished end ready for occupancy in less MK rs dian three montlis an achievement achieve-ment to ichich the mild icinter contributed. Machinery was installed, and the grand opening followed late in January. Hoosick Falls felt that a neiv era had arrived. The committeemen com-mitteemen say they are finding their work has paid off, and a community spirit lias been aroused ichich promises bright and prosperous days ahead. They are sure, too, that other communities can do as well if they will try. |