Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-09-05

The creditors OF the insolvent estate Of
the United States Screen company held
their first meeting at the Probate Office OF
Judge w. III. Nichols, Tuesday. Fifty
four claims, aggregating about Il, 200, were
proved. Two more meetings of the credi-
tors will be held later. 1t is expected that
about IS claims will be proved in all.
A large majority OF the votes for assignee
were cast In favor OF Hon. Fred Arnold OF
Bethel. On account OF the complicated
conditions, involving SO many OF our own
assignee from out OF town. Mr.. Arnold is
we'll qualified for the place and his cleo
ton gives universal satisfaction.
The total Indebtedness OF tho company
will approach, and perhaps exceed, us, 600
OF this, portion IL secured on the com
pany's property and will be paid, in part
at least. Dividends on the balance will b.
meagre, as there are few assessments that
can be applied toward unsecured claims
The preferred claims OF the help, about
1915, it Is expected will be satisfied.
There has been so much interest mani.
tested In this failure and SO many unkind
rumors that a brief history OF the Screen
company's business career may serve 9
good purpose,
The United States Screen company, {
CO. partnership between J. W. Atwood anC
j. II. Burt, began business in 1880. Mr.
Atwood invested between q 600 and IS, 600
Mr.. Burt was without capital. The com
pany did business on credlt and when, at.
ter year, the buildings were burned Il
was about "a 900 in debt.
Public-spirited citizens came to the res
cue and the West Randolph Building
company was organized. 1t raised funds
and built the splendid mill which now
stands, at cost OF about 5000. Machin-
cry was then wanted. To raise the 81 ,00(
necessary for its purchase, the Building
company and some OF its members, as in.
dividuals, to wit, r. j. KimEall, II. II
Mcintyre, l.. p. Thayerland Z. A. Thomas
endorsed the company's notes and tht
money was borrowed OF the Randolph
Savings bank. A mortgage Of the machin-
cry was given to the bank and to the en-
dorsers to secure them. At later date
DR.. Mcintyre took another mortgage OF
the machinery and material to secure the
signers, the bank by the endorsers and its
security being fully shielded. The bank
will lose nothing BY the failure, though
the loss to the endorsers may reach IS, 600.
j. w. Atwood sold his interest in the
company to z. ID. Segar for 500 a year and
a half ago. Mr.. Atwood's private proper
ty is liable for Indebtedness incurred be-
fore he sold, but not since.
The new company, Burt and Segar, found
itself as closely pinched financially as it,
predecessor. A year ago a Philadelphia
party ordered 5000 worth of screens
which were made and shipped to him. He
refused to take them, alleging that they
were inferior in make. This cramped the
company and once more 1t was compelled
to ask assistance. DR.. Mcintyre advanced
| 1t $500 and took a bill OF sale OF the
| Ia ~,
deem himself. These screens we're ship.
ped to Boston party, and orders given
DR.. Mcintyre for the pay, but the party
refused the screens. Another bill OF sale
for other screens was then given DR.. Nc
| Intyre and those he sold at heavy sacri.
| fice, but realized enough to satisfy his in.
dividual claim for $500, excepting about
$26. The DR.. Is still involved as an en-.
dorser on the note.
DR.. A.C. Bailey also loaned the company
500, but has been paid in screens on which
he took claim.
The company had several contracts fol
goods rescinded by the purchasers whom
they were not In condition to compel tC
fulfill their obligations. The goods which
parties sold in the market to satisfy theil
claims had depressing effect on the mar.
ket. The margin on screens Is not large
and to make the manufacture profitable
requires the best OF conditions. From the
start, the company has done q business
way beyond its capital and that capital
was borrowed and bore interest. The in
surance on the building was heavy tax
Its probably true that the screens made
were not up to standard. The help en-
ployed has been of the cheapest kind and
even to pay them the company had to dis
count its bills in advance.
The failure is not SO serious blow to
the town as would at first appear. The
mill will be at the disposal 81 some GUS
toner who may conduct paying bust
ness. 1t is one of the best mills for almost
any kind Of mill business in the country
new, comfortable, convenient and splen
didly equipped. II is not unlikely that
local parties will operate it sooner than
see 1t idle. The next owner will have to
possess ability and at least some capital
before the shaken confidence OF the town
will be restored.
(Other locals on 7th page.)