Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1886-11-19
THE WALKER AND HATCH FAILURE.
Meeting of the Creditors Friday-A. o.
Humphrey Appointed Assignee.

THE WALkER AND HATCH FAlLUkE.
Meeting of the Creditors Friday-A. o.
Humphrey Appointed Assignee.
The creditors of the Walker II Hatch
Lumber and Manufacturing company
held meeting at the probate Office in
this city Friday and elected A. o. Hum
phrey, of the firm Of Stafford Il Humphrey,
assignee. The creditors hope TO receive
30 cents on the dollar allowing for shrink
age of sales, but the chances are against
it. 1t was shown that the Winooski Water
! Power company, whoat first took stock
| in the new company, but subsequently
sold out, have Il mortgage on the factory
for about 81 900 and H. f.. Wright of
| Williston holds Il mortgage on the ma
chuery for $1,000. The unsecured debts of
the company aggregate about $4,000 and
| they estimate their assets at $1,000,
| but the unincumbered property Will prob
ably not sell for that amount
The following are the major claims
proved Friday Shepard X Morse Lum-
Der company, S3ijS Stafford n Humphrey,
Sl5?6; Burlington Woollen company, $500 /:
| Edwards a. Stevens, $lS3S j. r. Booth,
500; ;. Bgwood ~ Son, S2O?; Skillings,
| WLitneys & Barnes, SliiI; Is. Turk q
| Bro, 1926.
The most important claims which have
not been approved are as follows: John
A. White OF Concord, y. H., 5000; Green
lee Bros. of Chicago, $G3l Z. ii. Blod-
yeti, 1914 Rowley q llermance of VIII
| Transport, Pa, $500; b f. Sturtevant of
| Boston, SS32 Frank LeClair SOP; Fltz-
! patrick * Co. of New York, 500 Scrau-
ton & Watson of Detroit, S59o Whit
comb 4 Fay of Wlli~tOn, Si57 ; Holmes
Bros. of Detroit, S243 Bay state Betting
60. of Boston, $500; T. >. Peck, $500; |. 7.
! Williams of New York, 5000; Wells x
| Richardson Co., SOB Ripley 81 Holton,
S2lG; Van Horne x Griffin of New York,
Sis; VI. Martin of New Brunswick, $40;
| LeSh * Co. OF Goshen, Ind, Sl3G Ste
pnens x DeGraff of Tonawanda, y. y,
| SG9l.
a Statement of the Firms Affairs why
the Business should Continue.
! To the Editor of the Free Press:
The Walker x Hatch failure, | think,
Will turn out to be far less disastrous than
was at first thought The old company
was partnership composed of Messrs.
Walker, Hatch and Macomber. About
one year ago they with others formed a
stock company, and all the old compHnys
assets were turned over to the corporation.
These assets, us understand, We're made
up mainly of machinery, stock, both in the
rough and partly finished. What their
real value was it is my present purpose to
consider. The old company had issued
catalogue at an expense of about $1,000,
including the advertising in other chan
nels, and it had worked up Il good and
| profitable business. 1t was an industry
| Whic h supplied a demand, and was in it.
self a credit to the city. The corporation
| made Il purchase of $4,000. This was the
! original cost of the plant. The corporation
have added to it in buildings, consisting of
one large shop two stories high with
! basement, nearly equal to another story
! for working purpose, Il kiln two stories
! high and brick boiler house, the whole
costing over S2O,0OO. The buildings are
complete in all their appointments with
heating apparatus of the Sturtevant
patent at a cost of $1,000 The -hafting
and main line of betting Were all new
and the same Is true OF every part of the
above mentioned work except the two
! boilers. Probably DO better shop either
in its durability or in its adaptability to
the uses for which it is built, can he found
any where. The writer has seen quite Il
number Of shops built for wood manu-
| fHcture and has never seen one surpass-
ing this one in the eXcellency or fitness of
its appointments. The corporation have
also added about $i,l0O worth of new
machinery and have spent some 800 in
| lowering I he raceway. The figures above
| given are low, considerable less than the
actual cost.
|
would appear that, calling the new ma
chinery worth half of its cost, the plant,
as 1t may called, with new machinery,
is really worth today to the purchaser
$32, 400 This does not take into account
the old machinery which the old company
time of failure. The latter was inven-
red at 5000, but was put i'll the sched-
ule at $4,000 The good accounts We're
said to be $500, call them $1,000. There
would be then in all 5000 to be added to
S32 400 making $40, 400 of real assets not
counting the old machinery, or the value
OF the work already begun and in process
of completion, and which is now being
finished and the full value of which less
the cost of finishing, from the
time of the failure, must be add
ed to the figures already given. At Il
low estimate based Oh the above consider
tions it would seem that at least $44 900
Of assets are available. Out of this Is the
real estate mortgage of 81 $50 and a per
sOnal estate mortgage OF $1,000; in all Sl4,
so, which deducted from the assets
would leave net assets Of $50 available
10 the creditors. This sum is about what
the unsecured debts amount to.
In the above statement the cost OF the
new buildings has been shrunk One-quar-
ter, the new machinery one half, and no
account made of the Old machinery. The
stock has been called $1,000 less than the
inventory made at the time, the good ac-
counts ut their face value, and $1,000 for
the value of the goods in process of man
ufact ure at time of failure.
Now this property is valuable. 1t is all
in readiness for the carrying on of a good
business, 1t should be added that the
plant embraces Oue-tenth of the water
power at the dam. There is Il demand for
the continuation of this same line of work.
1t j, understood thar orders l'r work nave
come III unsolicited faster than the work
could be done with "A help of 20 men. 1t Is
to he hoped some enterprsln9 man on
men OF means will be on hand to purchase
this property, and thus valuable indus
Try be saved to this city -
Burlington, VT, Oct. 10, 1856.
Accidents on the side walks.
The ~lect which fell Saturday evening
! frnZe rs llst rs il fell and renlerel wink