The Saranac Lake Industrial Development Realty Corporation was formed in 1954 to create a shoe factory, the Saranac Footwear Corporation, in the village in an effort to provide employment for workers idled when the private sanatoria closed as effective drug therapies replaced sanatorium care for tuberculosis. Although the shoe factory closed in 1962, the plant was taken over by the Saranac Lake North Country Dress Manufacturing Co., also assisted by the corporation, which closed in 1970; a related dress company reopened the factory in 1972, only to close a few years later.
The shareholders of the corporation were paid off in 1974, and the organization was dissolved.
Adirondack Daily Enterprise, July 14, 1961
Saranac Lake Organization Reverses Previous Vote on Granting Loan
The Saranac Lake Development Corporation unanimously decided last night to reverse a former move denying a maximum $25,000 loan to bring a dress factory to the village.
In a statement for publication the Board noted that their earlier decision had been made because it would mean losing the Saranac Footwear industry. "Now that it appears that both factories will operate here," the statement read, the Industrial Corporation board will put its weight behind both factories."
The statement said that Sidney Feifer, manager of the Footwear plant, will remain in Saranac Lake although he still believes there is not adequate labor for two factories. The Helen Whiting Dress Company and the Footwear plant employ mostly women stitchers. Norm Halprin, manager of the North Country dress plant in Tupper Lake, which will expand here said he was "happy of course" that the decision had been changed. He said he would meet with the Chamber of Commerce Monday evening to discuss financial arrangements. The Chamber has pledged to supply heat, light and rent for one year and interest on the loan.
Following is the Development Corporation Board's statement; "At a meeting of the Saranac Lake Industrial Realty Corp. held at 5 p. m. yesterday in the Town Hall, the directors unanimously voted to make a loan to the Helen Whiting Corp. up to the amount of $25,000. The directors expect to borrow this money with the credit of the Saranac Lake Industrial Realty Corp. and the Chamber of Commerce will pay the interest on the loan.
At a previous meeting of the [illegible line] voted not to make this loan. At that time, Saranac Footwear planned to close their Saranac Lake operation if the dress factory came to Saranac Lake because factory type labor in this community. Both factories will employ the same type help . . . largely female stitchers.
"Mr. Sidney Feifer, manager of the Saranac Footwear plant, who was present at the opening of the meeting, stated that although he still feels there is not adequate labor for both factories, he will cooperate with the community, the Chamber of Commerce and the Development Corp and the new factory and remain in Saranac Lake as long as he can get help to operate his factory.
"The majority of the directors of the Saranac Lake Industrial Development Corp. wanted to bring the Helen Whiting dress factory to Saranac Lake from the beginning but felt that their first responsibility was to perpetuate the Saranac Footwear and not to create an atmosphere that would cause them to close.
"They voted against loaning the money to Helen Whiting Corporation if it meant losing the Saranac Footwear. Now that it appears that both factories will operate here, the Industrial Corporation board will put its weight behind both factories. "Saranac Footwear operates 12 months a year employing 80 to 175 persons with an approximate annual payroll of $300,000. They have been here eight years.
"Helen Whiting Corp. plans to open a plant here with an initial employment of 40 to 50 persons with the hope that they can expand to over 100 employees, if the labor supply is available. They will operate 12 months a year and currently employ 160 persons in Tupper Lake with an annual payroll of about $300,000.
"It is now the responsibility of the Chamber of Commerce to negotiate- with the Helen Whiting Corp. as to plant location, and other details and work out final arrangements."
Adirondack Daily Enterprise, September 27, 1961
Fund Campaign Started To Raise Pledge Money "An Investment of $10,000 to Return $1 Million Over Next Five Years"
An investment of $10,000 which will return over $1 million in the next five years is the way Joseph Drutz, co-chairman of Saranac Lake's Industrial Fund Drive characterized the money needed to fulfill the Chamber of Commerce pledge to the Saranac Lake North Country Dress Manufacturing Co.
Speaking at Rotary Club yesterday, Mr. Drutz outlined the benefits which the new industry would bring to the town. He and Wells Munn are co-chairmen of a drive to raise $10,000 to fulfill an obligation made by the Chamber of Commerce.
When the dress factory was considering its location in Saranac Lake, negotiations were held concerning free utilities. Through repeated talks, the original request for one year's free light, heat and rent was brought down to a flat 6,000 or $500 per month. The Chamber agreed to raise the funds for this and also the interest on the original $25,000 loan. The total came to $10,000.
"Now let us consider this," Mr. Drutz said. "The plant is starting off small. There is a six-week training period instead of the normal 12 weeks allowed. The plant intends to give employment to at least 100 people. In the five years covered by the original contract the Saranac Lake Dress Manufacturing Company will return to Saranac Lake a payroll in excess of one million dollars.
"The total outlay of cash - $10,000 Tie total return $1,000,000 - that is 100 to 1 - the most attractive odds you will ever hear."
Mr. Drutz noted that most of hat $1 million will be spent in the community, and the entire community should contribute because is the entire community that will be benefited.
Speaking of the Dress Company s a further diversification of industry, Mr. Drutz said everyone should be "aware that the main reason we have our newest industry is that the Saranac Lake Industrial Development Corporation had the vision and the will to make a $25,000 loan.
He said that the village now has a certain security based on economic stability and the stability is based on diversification.
"We are no longer a one-industry town," he noted. "Our resort facilities have grown and investments in accommodations have grown with them. We are one of the very few resort communities who do not take up their sidewalks after Labor Day. Saranac Lake will be known as a year-round vacation land because our merchants do not fold up their tents and quietly steal away in the Fall. Our merchants have kept pace with the times with the result that nearly every store in town is of modern design using up-to-date methods of salesmanship. Our community has a very definite future."
Mr. Drutz cited the void left by the great strides made in the cure of tuberculosis and the dedication of leaders in the area which brought economic life back to the community. The new growth, he said, has a broader base, not being reliant on a single source.
The Industrial Fund Drive has also sent out letters to members of the community asking for contributions.
Mr. Drutz said, "The Chamber of Commerce must meet their goal on this fund drive. Just 500 people giving $20 each would do it."
Adirondack Daily Enterprise, September 7, 1966
HOLDERS GET STOCK OPTION
The stockholders of the Saranac Lake Industrial Development Realty Corporation have been informed by the Board of Directors that $15,000 of capital stock will be retired on or about Oct. 15, 1966.
All stockholders have been given a choice, either to have their stock included in a drawing to be held at the Northern New York Trust Company on September 26, 1966 or if they prefer, to retain it. The deadline for the declaration is September 15, 1966. About 90 percent of the stockholders reside in the Saranac Lake area. Jacques De. Mattos, president of the Board of Directors, stated that since the inception of the Corporation an industrial payroll of approximately 6 million dollars has been distributed in Saranac Lake making this a highly successful and worthwhile endeavor. "It is the hope of the board of directors that the corporation will be able to retain a substantial fund to be used for future industrial, educational, scientific research similar development for the betterment of our community," Mr. De Mattos concluded.
The Saranac Lake Industrial Development Realty Corporation was formed in 1954 to construct a building to house a shoe manufacturing industry, known as the Saranac Footwear, Inc. When it moved from Saranac Lake in 1962 the building remained empty for one month and was then occupied by the present tenant, North Country Saranac Lake, Inc., a ladies apparel concern. The arrangement with the firm is a lease-purchase agreement to be consummated over a ten-year period.
Adirondack Daily Enterprise, January 9, 1974
Industrial Corp. pays off creditors
SARANAC LAKE - The Saranac Lake Industrial Development Corporation has made final payment to all of the stockholders.
Owners of 26 shares could not be located.
At a meeting of the board at the Hotel Saranac a trust was set up to manage between $5,000 and $7,000 which is anticipated to be left over from the industrial development operation.
This amount has been earmarked for aid to industrial development initiated by the Saranac Lake Chamber of Commerce. The exact amount will not be known until the final taxes are paid.
Otherwise the Saranac Lake Industrial Development Corporation ceased formal operation and business was terminated.
It was the development corporation which purchased the so called dress factory on Broadway and brought that business to Saranac Lake. The dress factory, newly renovated with brick, is now owned and operated by the McRann Associated Corp. Forty people are employed at the plant.