Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1883-12-26

1000, TIC ioiioWih8 stutcinent Vi tne
finances of the Prentiss Lumber Co.
was printed in the Daily Reporter.
The report was sworn to on the Both
day of January, 1883, and claimed
to show the financial standing of the
Prentiss Lumber Co. on the 1st day
of January of the present year. 1t
is as follows:
ANNUAL REPORT OF THE PREsrrss LUMBER 90,
ron THE YEAR 1889.
Assets ......""..........s2lo,l2 VI
Liabiities sd,2oi 10
sias.see 81
Capital stock authorized
and paid in...........s75.0o0 90
surplus 800 81 ti2S, s66 81
We, the undersigned, constituting majority Of
certify that the above is true statement OF its
condition on the first day q Janusry, A. d. 1883.
President and Director.
secretary and Director.
STATE OF MICHIGAN, l..
County Of Alpena.
On this thirtieth day Of January A. d. 1883, be-
fore me personally came George Prentiss Of said
company, and made oath that the above statement
is true to the best Of his knowledge and belief
JOHN @. COMFORT,
Notary Public in and for Alpena Co., Mich.
In that report, George Prentiss, the
President, and Henry ID. Billings, the
Secretary, swore that the Prentiss
Lumber Co. had assets to the amount
of $210,127.91, and that their debts
were $50, 261.10. AS we understand
that statement, Mr.. Prentiss and Mr..
Billings took oath before notary
public and swore that the true con-
dition of their firms finances showed
that, on January LIST of the present
year, there was credit in favor of
the firm, over and above all its in
debtedness, of $123,S66.s1. In other
words, they publicly declared, so we
understand by the. statement, that
the Prentiss Lumber Co. was worth
$123,S66.S1. The firm had therefore
that amount of capital to commence
business with at the commencement
of the present year. What the as
sets were, the report does not show,
but we suppose they consisted of the
mill property, lands, vessels, lumber,
logs, money, etc.
During the present season, the
Prentiss Lumber Co. saw mill manu-
featured at least fourteen million feet
of lumber and about one million
pieces of lath, part Of which was
sawed after the mill and property had
been signed over as security to GER
tain creditors-September 7th, 1888.
The work done by the mill up to
September 7th. must, we believe, have
more than paid its operating expen-
ses.
As the Prentiss Lumber Co. did not
make an assignment, list of its va
rious debts was not filed, as far as we
have ascertained, in a public Office,
and, therefore, it is impossible for us
to state what their Indebtedness was
at the time the mortgage was given,
but from statements we have heard,
we have no hesitation in estimating
the Indebtedness of the Prentiss Lum-
Der Co., last September, at about
$125,000. From this amount is TO be
deducted the value Of the mill prop
erty and other stock on hand at that
time, and these we have no means of
knowing.
One thing appears to us certain
and that is, that, in little over eight
months, very large fortune appears
to have taken wings and flown away.
The wings alluded to must have been
bad management, business losses or
stagnation of trade, and we would
suggest to Mr.. Prentiss, if he values
the good opinion of his fellow men,
and also as justice to the many per-
sons who have suffered pecuniar loss,
that a true statement of the assets
and liabilities Of the Prentiss Lum-
Der Co., including the business trans
actions thereof, for the year 1883,
would be acceptable, and our columns
are freely open to him to make such
a statement.
Last January the debts of the
Prentiss Lumber Co. were sworn to
he $50, 361.1O, and if our estimate is
correct, of the debts of the firm, on
September 7th, when the mill and
property was mortgaged as security
for certain of its debtors, then the
Prentiss Lumber Co. must have in
creased its Indebtedness about thirty
nine thousand dollars. If the assets
of the Prentiss Lumber Co. did not
show value of $210,127.91 on Sep
TENDER 9TH, 1888, then the amount
lost must have been much greater.
In addition there is the profit, if any,
on the seasons work of the mill. On
January LIST, 1883, the Prentiss Lum-
Der Co. claimed a balance in its favor
of s123,S66.S1. Eight months after
what was the balance in its favori
IF there were none, what was the
cause thereof
Mr.. Prentiss may think that it is
none of our business, but if he does,
we differ with him. He made pub