The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-08-07
SAVANNAH BOX WORKS BANKRUPT
schedules show Assets of 400 in
Excess of Liabilities.


William III. Bellinger, proprietor of the
Savannah Box and Basket Works. filed
his application for a discharge in bank
ruptcy in the United States District Court
on yesterday afternoon. The interesting
and unusual feature of the bankruptcy is
that the schedules show assets of more
than 5000 in excess of the liabilities
The total liabilities as shown in the
schedules amount to SO, 1873 while the
assets amount to $24.565.75. OF the debts
about $500 represent mortgages on prop
erty in the North, not connected in any
way with the affairs of the Savannah Box
and Basket Works. Northern corpora
ton also holds a deed to secure debt upon
the property, situated west of the city.
upon which the plant is built, amounting
TO $500. The rest of the Indebtedness
is due to various parties in Savannah, for
claims of various character, the unpaid
payroll, which is entitled to a preference
under the bankruptcy law, amounting to
about 500 only.
The assets are scheduled at 5000 for
the property on which the plant is sit
uated, s11 $50 for the stock, fixtures and
machinery and $500 for the property in
New York sta te, upon which there are
mortgages. Various other minor assets
brig the total up to the figure first given.
The business was originally started by
the present proprietor and John G. Rum
bold, the latter selling out his half inter
est to the former some months ago.
About $4,000 has been sunk in the bust
ness since it was begun, not because it
should have been Improbable or because
1t was badly managed, but, as appears
from the statement of those interested.
from the lack of working capital to carry
II on properly and with a due regard for
economy. The lack of this capital was
fatal
1t is the practice of the truck and fruit
growers of the state to delay their orders
for crates and carriers until late in the
season, so that they may estimate with
correctness the number of these articles
they will need. The fruit and vegetable
business are uncertain in themselves and
the growers never know until they are
almost ready to begin marketing their
crops just how large they will be, and In
consequence just how many packages they
will need. They are accustomed, there
fore, to delay their orders until the last
moment so that they will not, through
an over-estimate invest capital in an arti-
Gle that is totally unproductive, and which
is kept during the winter at the cost of
considerable space, trouble and expense.
This practice of the growers, owing to
the small amount of working capital at
the disposal of the owner of the Savau-
nah Box and Basket Works, compelled
him to make most of his products during
a comparatively limited season of the year
and to sell them at once. He could not
manufacture largely during the dull
months and then wait for orders and his
inability to do so has resulted in the loss
of the capital invested.
II is believed that all the claims will
be paid in full and this will be certain if
some one with sufficient capital can be
induced to purchase the property and
continue 1t in operation. The constant
growth of the fruit and vegetable indus
tries in this state ought to render the
manufacture of boxes and other packages
for these products profitable.
Mr.. Bellinger was induced 20 file his
application for a discharge in bankruptcy
by reason of his present inability 10 turn
his assets into cash and to pay his credit
ors in full. The petition will be referred
this morning to Referee A. H. MacDon-
ell, before whom the first meeting of the
creditors will be called. The bankrupt
is represented by Mr. Emile Newman.