Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-06-11
WILCOX d WHITE ASSIGNMENT

4 MtrIdtn, Conn. Concern Composed
OF Former Brattieboro Men Carried
Down by the Failure of Branch
Houses.
The Wilcox IS White Organ company Of
Neridep. Conn. assigned Monday, naming
ex.mavor Doo'lt,le of Meriden as trustee.
I. was known severa' months ago that the
concern was IN financial difficulties. but
the stockholders aid several Meriden Dusl-
moss men 90, together and il was under
stood that matters had been satisfactorily
adjusted. The company. when organized
In 1876. established several branch houses
throughout the country where its goods
were sold, the company taking notes ior
the goods. Later these branch houses
were sold out. the company assumed the
notes. became the iudorsers and negotiated
them In this way a great many notes
were held by the banks bearing the COM
pauy', Endorsement. This paper was held
F bv some Of the Meriden banks as well as
/ by several banks on, Of town, and on &C
/ count Of the business depression some OF
/ the banks were unable TO continue their
/ accommodation 20 the company. Efforts
/ 10 arrange matters were not successful.
!. II. White Of the company said that
/ the direct liabilities. outside OF the cOntin-
gent liabilities. would not exceed SO, 600.
More than 30 per cent Of the liabilities
were caused bv the failure of branch
houses since 1870. During the past five
wears the company has done an annual
business of from $4,000 10 100000
/ The factory was closed Monday morning
There were about 10 hands employed.
and the company has large number Of
/ orders untitled.
The Merideu Daily journal gives the
following facts in addition TO the above
statement sent ont Boy the Associated Press
some weeks ago the companys tinan-
cial condition was examined by an expert,
whose report was very favorable and, upon
his recommendation, II was decided 10 re-
duce the capital from 100000 10 100000
and again raise it to the former figure by
new subscriptions. SO favorable was the
showing tina, the old stockholders almost
without exception subscribed to the new
stock and all was raised except 50, 600
The directors had assurances some weeks
ago that this new stock would be forth
coming Their disappointment was there
fore great when IL was withheld and the
assignment forced.
Tie company have been carrying an i'm
mense load in interest charges Oh the Old
obligations. amounting 10 yearly 10 what
would equal six and one-half per cent
dividend Their losses during the hard
times amounted 20 less than one and one
half per cent OF their sales, an excellent
showing. The old system Of branch houses
has been done away with and since 1892
al. sales have been direct.
The Wilcox estate held about $50 900 Of
The stock of the concern and the White
family $4,000
The director, are geo. H. Wilcox, O. 3.
Arnold. f. Miller. ST., Or. g. ]. Davis OF
Hartford. D. J.. Wilcox. H. K. White, J.
II. White and L. II White. j. II. White
is president and treasurer and F. L. Bemis,
secretary.
The Whites We're formerly employees OF
the Estey Organ company Of BrattIeboro
and wen, TO Mer.deu 70 organic the com
pauy y years ago. M. Bemis. the secre-
tary, is a Bratlleboro boy. who joined the
concern a few years later. Il is understood
tina; J. H. White and +. T. Bemis lost
heavily by the failure Of the Pttsburg
/ house some time AGO.