The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-08-19
v, ", MILLS CO.
NOT |NSOLVENT
The Creditors Not Likely
to Proceed.
LIQUIDATION is BEGUN
Suit Started Yesterday Against Prox'
unity Mills For Large Debt DUE
the Company---President
Mills State
ment.

The w. w. Mills Lumber Company
recently sent out to its creditors cir
cular letter stating in effect that it
was unable to meet its liabilities
promptly and asking that the man
agement be permitted to undertake to
wind up the companys affairs.
If the creditors permitted this
course to be pursued, the President,
Mr.. w. w. Mills, stated that he would
be willing to give his personal obliga-
ton to secure the creditors for any
loss that they might suffer in the
liquidation.
The letter. which was mailed a few
days ago by President Mills from New
York, is as follows:
"On account of bad management of
The w. w. Mills Co. last year, and the
tying up of about 200, the COM
pany is in such shape it cannot con-
tinue
This company has ten to fifteen
thousand dollars of live assets and
forty to forty-five thousand dollars,
which is in such shape it will take
some time to work out. Its liabilities
amount to about $50. 000-bills pay
able and open accounts.
Now | wish to inform all the cred
itors of this concern; and with the aid
of Mr.. r. ID. Goodwin, who is a strict.
honorable gentleman, and who is not
to blame for this; that if you will al
low me to liquidate the Mills Company
/ will proceed at once to sell and col
lect its assets and will pay off and dis
barge all its liabilities as fast as pos
Sible, each man to be equally reim-
bursed as the money is collected. In
addition to this, l will agree person
ally to assume the entire Indebtedness
and will sell such of my own personal
assets to fully discharge the indebted
ness of the concern, and will allow this
to be direct and perpetual liability
until this is done and will do so as
early as | can without too great a
sacrifice, and in this way l will pay
II all out i'll less than twelve months.
yours truly,
(SiSned) "W. ". MILLS,
President"
y statement published in Yesterdays
Charlotte Observers Raleigh CORE
spondence to the effect that the cor
poration was insOlyent by a large eX-
cess of liabilities over assets was yes
terday emphatically denied by Presi-
dent Mills, who had Just returned from
New York.
THE published statement said he.
rs untrue in several important par
tlculars. 1t was stated that the Mills
Company had failed and that the liza
pilities exceeded the assets by $4,000.
Neither of these statements is true
WhIle the company is unable to meet
It's obligations at the present time, it's
assets will be sufficient to meet all
liabilities. Roughly stated, the assets
amount to about $55, 000 and the liza
Dilitles to not above $4,000. If the
creditors of the company will permit
The liquidation to be conducted by the
officers, so that nothing will be lost by
FORCED proceedings, there is no reason
10 believe that all Of them Will not be
paid from the proceeds of the com
panys business. In addition to this, ]
have offered to become personally re-
sponsible even to the point of selling
out my own property, if necessary, tC
pay 5hese debts. That is all l can say
and all L can do.
OF the so to 1000 Of assets men
toned by Mr.. Mills. he stated that APP
proXimately $f2, 600 consisted of assets
which were tiled up" that is by con
tract and by debts secured by mort.
gage, etc; of quick assets, lumber
etc, which could be turned readily in
10 money there were from 10 to SIS.
900. Most of this money. said Mr.
Mills, could be readily collected in The
course of few months. While there
might and probably would be some
loss incident to the liquidation, there
would be ample funds collected to set
tie the debts of the corporation.
Asked as to the meaning of the eX.
preston ''mismanaeement," used il
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