Pacific Press Publishing Co. Stockholders’ Meeting
By C. H. Jones
THE thirty-second annual meeting of the stockholders of the Pacific Press Publishing Company convened at the main office of the company, at Mountain View, Cal., Jan. 30, 1907. The meeting was held in the new factory which is now nearing completion. There was a large attendance of stockholders and friends of the institution, and deep interest was manifested in the work of the publishing house. The treasurer’s report showed that during the last four months there had been a net gain to the institution as a whole of $991.36. The deficit of $13,421.36, which appeared on the books Sept. 30, 1906, soon after the fire, had been reduced to $1,103.91. The following is the report from the manager to the stockholders, as presented at this meeting:— “Dear Brethren and Sisters, Friends, and Fellow Workers: “We are assembled here this morning in the thirty-second annual session of the stockholders of the Pacific Press Publishing Company.” “The events of the past year have been too vividly impressed upon our minds to need enlarging upon. We will, however, call your attention to a few of the main points. “On the morning of April 18, 1906, a terrible earthquake visited this section of California, which wrought havoc in all the cities around the Bay. The walls of our factory were shaken down, but these were soon restored, and the work went on as usual. “We had hardly recovered from this disaster when a much more serious calamity came upon us. On the evening of July 20, our entire factory with its contents was consumed by fire. The loss was appalling, and at first a cloud of discouragement came upon us. But before the flames were extinguished, a meeting of the board of directors and leading brethren was called to lay plans for continuing the work. “Telegrams and letters of condolence, expressions of sympathy, and offers of assistance came pouring in from every quarter, and we were urged to rebuild at once. But before doing so it was thought best to call a special meeting of the stockholders and friends of the institution to consider the whole situation. Special Meeting of the Stockholders
“This meeting convened here at Mountain View, on Monday, Sept. 10, 1906. There was a good representation of our leading brethren from all parts of the field. “We had taken an inventory of all the property that remained, our books were balanced, and the report of the treasurer showed a net loss on account of the fire of about two hundred thousand dollars, leaving a deficit of over thirteen thousand dollars. “Notwithstanding this great loss, it was decided to rebuild the factory here at Mountain View at once, the maximum cost not to exceed twenty-five thousand dollars, and to request the General Conference to ask our people to donate fifty thousand dollars to help in the restoration of the plant. “Our brethren of the General Conference did not see their way clear to call for the full amount we asked for, so cut it down to twenty thousand dollars, and this is included in the one hundred and fifty thousand dollars now being raised. “We had already received seventy-two thousand five hundred dollars on the insurance, so this gave us something with which to start the work. “It must be remembered that not only was the factory building destroyed by fire, but all our machinery was put out of commission, and the entire stock of books, printing paper, etc., consumed, amounting in all, as before stated, to about two hundred thousand dollars. “The plans for a new factory had been carefully drawn, and with slight changes were approved by the stockholders. “The work of clearing away the débris and putting up the new building on the old foundation began at once, and has been pushed forward as rapidly as material could be secured, until now the factory is nearly finished. We expect to begin to move in at once. Indeed, a part of the building is already occupied. “As you will notice, it is a plain, one-story18structure, 127 by 171 feet, built of iron, and practically fire-proof. The wood floor is laid on concrete, thus giving a firm foundation for machinery, etc., and no chance for a fire to work from underneath. “The strictest economy has been exercised, and we think the cost will come well under the appropriation. Those who have seen the factory pronounce it a model building. In some respects it will be more convenient than the old factory, and will not cost half so much, notwithstanding the great advance in the price of material. “Brother A. O. Tait has acted as superintendent of construction, and much credit is due him and his faithful corps of helpers for the progress that has been made and the economy practised. “And it is only just to state that some of our brethren have worked on this building for much less wages than they might have received elsewhere. It has been a real sacrifice on their part, and we appreciate it fully. “To all appearances, the machinery that passed through the fire was a total loss, and fit only for the junk pile, but in this, too, we have been happily disappointed. With but little cost, comparatively, nearly all the heavy machinery can be restored, and for all practical purposes made just as good as new. But this will take time. Already the large Signs perfecting press has been rebuilt, and is in operation. “Since the fire we have been carrying on business in temporary structures, at a great disadvantage, and yet we have turned out a large amount of work. Two cylinder presses and two linotypes, which we fortunately secured immediately after the fire, have been kept running almost continuously night and day. “We have strictly adhered to the action of the directors and vote of the stockholders in discarding all commercial work. Not one job of this kind has been done since the action was taken, although we have been urged to do so repeatedly. Our entire office force are now giving their whole time and attention to denominational work, and the Lord has set his seal of approval to this by giving us the sympathy of our people everywhere, and their hearty co-operation in the circulation of our literature. Never before have our canvassers met with the success they have the past season. Girls and boys without previous experience have made remarkable records, and our sales have nearly doubled. “Our schools and colleges are filled with bright, active young people, and many of them have their minds turned toward the canvassing work. The outlook for the coming year is very encouraging. “The great calamity that came to the Pacific Press seems to have touched a tender chord in the hearts of all our people. Many who have had money here on deposit have donated the interest for one or two years, and some have given a part of the principal as well. Others have deposited money with us without interest, and nearly all have signified their willingness to reduce the rate to four per cent or less. “A few years ago our interest-bearing debt amounted to nearly two hundred thousand dollars. This has been reduced until now it is only about one hundred and nineteen thousand dollars, and, according to the treasurer’s report, we have cash on hand with which to take up notes to the extent of thirty or forty thousand dollars more. “We have sold our Oakland property for a little over sixty-six thousand dollars cash, and we had hoped that this entire amount might be applied on the interest-bearing debt. “At the special meeting of the stockholders held last September, our balance sheet showed a deficit of over thirteen thousand dollars. Through the reclamation of machinery, advance in the price of our Oakland real estate, cash discounts, etc., the deficit has been reduced to about one thousand dollars. “During the last four months the home office shows a net loss of $2,667.45 in operating expenses, but this is not to be wondered at in view of the great disadvantages under which we have labored. Indeed, we are surprised that the loss is not greater. “Our Kansas City and Portland branches have helped us out so that the balance is on the right side of the ledger. The institution as a whole shows a net gain of $991.36. “As soon as we get into our new building, the departments can be so arranged and reorganized as to save materially in the operating expenses. “Our branch office at Kansas City, under the management of Brother James Cochran, has made the best record in its history, showing a net gain of $3,585.01. “Our Portland Branch, under the management of Brother W. V. Sample, has also done well, all things considered, the sales amounting to $14,036.71 (an increase of about forty per cent over the previous year), and the net gain to $73.80. “Taken all together, our subscription book sales have nearly doubled during the past year. “The work of securing the transfer of stock from the Pacific Press Publishing Company to the new membership organization has been pushed vigorously, and 2,711 shares are now under the control of the new association, leaving only 1,786 shares outstanding. Nearly all of this outstanding stock represents shares which belonged to persons who are now dead, or whose addresses are unknown to us. “We would not close this report without expressing our appreciation of the hearty co-operation of our faithful employees under the most adverse circumstances. Huddled together in crowded rooms, without conveniences, many times suffering from cold, yet always cheerful, they have tried to make the best of the situation, and amid all these trials and difficulties we have not heard one word of complaint, but each one has tried to do his duty faithfully. Yet we believe we voice the sentiment of all when we say it will be a day of rejoicing when we get located in our new factory. “In behalf of the board of directors we desire to express to the stockholders and our people everywhere our appreciation of their words of encouragement and hearty co-operation in the work of re-establishing our plant here at Mountain View, and especially to those who have donated so liberally to the rebuilding of the factory. “To the directors, I desire to express my appreciation, personally, of the cordial, harmonious relations that have existed between us, and for their help and hearty co-operation during the trying ordeal through which we have passed. And above all do we wish to return praise and thanksgiving to our kind and loving Heavenly Father, who, through all these trying circumstances, has never left nor forsaken us, and who, through his kind providence, is already turning this calamity into a great blessing. “It is our prayer that God may guide in all the plans that are laid at this meeting, and that the coming year may be one of great prosperity. “Respectfully submitted,
“C. H. JONES, General Manager.” The following remarks by Elder George W. Reaser, president of the Southern California Conference, concerning the new building, etc., seemed to voice the sentiments of all:— “I have been in touch with our offices in Battle Creek, Washington, and other parts of the world to some extent, and I have never seen a building so practical—well lighted and well ventilated—as this, and it is built with a simplicity that certainly will appeal to all our people. “I speak of this because at some times in the past I have not approved of some of the structures that have been built. I do most heartily approve of this building. It certainly has been built from the standpoint of economy, and is fire-proof. As I came into the building and looked it over, I could not help saying, Surely we can find no just criticism. I trust it has arisen from its ashes to proclaim the third angel’s message, and to this end it will have the hearty support of the people.” The following-named persons were elected to serve as a board of directors during the ensuing fiscal year: H. W. Cottrell, M. C. Wilcox, C. H. Jones, H. H. Hall, A. O. Tait, E. A. Chapman, H. G. Childs. At a later meeting the board organized as follows: President, H. W. Cottrell; Vice-President and General Manager, C. H. Jones; Secretary and Treasurer, H. G. Childs; Auditor, J. J. Ireland. Two sessions were held, one in the forenoon and one in the afternoon. During the intermission about one hundred persons partook of the lunch which the sisters of the Mountain View church kindly provided, tables being set in one section of the new factory. All who were present at this meeting pronounced it one of the best and most encouraging they had ever attended, and they go to their homes with a determination to be more active in scattering the printed page than ever before.