The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1907-10-31
Receiver of Visible Typewriter
Company Named as Trustee
by Creditors Monday
NO OTHER CANDIDATE NAMED
Work of Disposing of Their Personal
Property To Be Started at Once
Earl Motor Car Co. To L old
Lease of the Plant

At the first meeting of the creditors
of the Visible Typewriter company
held in Milwaukee on Monday after
noon in the United States Court, Car
roll G. Atwood was named as trustee
in bankruptcy for the com any. Mr..
Atwood had been in charge of the re-
ownership and he was practically the
choice of all the creditors for trustee.
His support among the creditors was
SO great that the opposition to his APP
| pointment did not name d candidate
and Atwood was named by the referee
without contest. The trustee was or
dered to furnish bond of $40, 1000.
Mr.. Atwood is connected with the
Fidelity Trust company, of Mi1wau-
kee, which holds large mortgage on
the real estate owned by the bankrupt
company. The exan1inat ton of Sig.
mund Wollheim, the president of the
bankrupt company, was continued
until Nov. II.
The court has begun an investiga-
tion into the large bond issue made
by the company, it being declared at
the hearing that the company had is
sued bonds to the amount of 5000, 600,
and that these bonds had been given
to creditors to secure claims at the
rate of Sis for each 500 Indebtedness.
A full investig alton into the issue and
placing of the bonds will be made by
the court at the adjourned hearing of
the case.
The Trustee will at once begin the
work of settling up the estate Of the
bankrupt. The report Of the receiver
showed that the company had assets
to the amount of $91, 781.25, this being
little less than the amount SEIZED
uled by the attorney for the company
some months ago.
The time for the second meeting of
the creditors has not as yet been an
nounced. It is pretty certain that the
plant will not be offered for sale this
year, but it will be held subject to the
lease Of the Earl Motor Car Company,
which is now the custodian of the
plant. The new Kenosha motor MAX
ing company is now getting down to
work in earnest and it is declared that
by the first of January the company
will have more than three hundred
men employed at the plant. In quiet
manner the company has gone to work
and got out its models and it is said
that the entire proposed output of the
plant for the first season has already
been sold. The company has some
very valuable patents and it is de-
clared that the car which will be
turned out at the new Kenosha plant
will be one of the big sellers during
the coming season.
1t IS supposed that the trustee will
make an effort to convert the personal
property of the Visible Company into
cash as soon as possible. There is
some $35, 900 worth of material and un-
finished machines on hand and if this
, can be disposed of at anything like its
cost price. the company will be able
to pay the creditors dividend within
a short time.
It is pretty certain that the paper
assets of the company will be consid-
cradle larger than the amount real
lied by the receiver, and the attorneys
for both the receiver and for the com
pany feel assured that the company
will not pay hundred cents on the
dollar.