New-York tribune., 1908-07-04
f7IBOARD co. FAILS
.o,-pT NAMES RECEIVERS.
,,,,.e;;elt Million Dollar Comb
=. Unable to Meet Obligations.


. .,se funds to take care OF It's large
InaeiA,s sahtedness and the refusal OF the oanhs
sostine a.. loans resulted yesterday IN ehe ap-
10 1sH ~ receivers for the ohi'eo DoAo'aic = .
Po r.ner Company, S-S'VV''VO .so,,
ard Fsp ~ and straw board manufacturers.
fUenty-nte COR p receiver was made in Tren-
The appii ,,,r+ Felt Company. of New York.
ton ny 'i -. onnesed by the boxooard company
enc wa .ittea its inability to meet l's ooideao ~
W. W. The current haoihtles s IA aae s'' -
uois. current assets al SS-S'V', -r
Hnd the ou-- oior Howell appointed Thomas Il.
Vice-Ch a,,ornev Of Newark, n. j. and Sid
Raymond, = uno is president of the company
ney Mi'0" Ter Ialdee Hough, In the oniteo states
receivers. - here. appointed H A Robinson an
cIrcn' 1.oaIver. Following these prooeealnes' .ne
go ~ dre,tors Of 'he o,-,l,,ss-s
ooaIo - -.o+e-,ent to the sfockhoioers;
lowing ,usiness depression of the last
The genera rs resulted in a reduced demand
several months. .f IF your mills keen competition
among Tnanutsoc ocooInditions are gradually improv-
oistuTTsSeev have continueo f,tnTe bv
20 revesi. ne ne large floating indebtedness.
The profits 6aI7tebedness q owing to the fact that
reducing ms i~oracr your control OF the American
Straw a BOARD Company Iaf company nT to the amount of
20 ouS Srbey were also obliged to speno a large
sum onfTacted On for and were partly under way
ben they assumed tne @ ~ NJ; ~ neiil
Teotors sgeat benefit TO the company. but It has
che c0Tn
1ncIe-~Se of its cash assets
ne efforts Of your directors 70 reonce uats IN IN,
debtedness bs bsnls "a, which have extended accom-
nno5stions during the last year nov refuse 70 re-
new caa11sented ca1s to the appointment Of receiver
- safeguard the interests OF stockholders ana
The directors are preparing plan Of 1eor-
.tt-e*ion which they VIII announce AT an early
T. oorteTnpiates closer consolidation Of
ga .Se cornpany's properties. the payment or the
5oetng fne Indebtedness and reduction in the CAPT
hGAsi55S .si stock
The United Boxboard and Paper Company was
,rcornorsted in New Jersey on May Is. 1902. as a
combination of the American StTawboard Company
o,d tWenty-four other box and straw board manu-
sscturers. Ever since its organization 1t has had
rhsckered career. and it has labored for years
under big floating debt.
The business was organized by J H and W. H
Noore O c Barber, president OF the Diamond
Match Company. was president and the STOCK at
o,e time sold high as Sl25 snare certain
..,ll,oIders became dissatisfied and deposed Bar
- along with the Moores in 1895 Several presi-
ssr-s followed in rapid succession until 1902 when
.be Barber people again obtained control baI pei :
.,,rnherrv however was brief, and he was soon
,oted out Of Office again
~ 7oo9 > stockholder brought suit against
,hs cor7pany. charging the promoters with having
5,verted its capital into their own pockets inns
.,ron was settled in 1903 by the consent OF al
,,-+ies The Oswego Falls Pulp and PAPER CoIn-
.-e,v which was one of those taken over by the
r,,hination also brought suit in July 1872 alleg-
,rv taat its property had been conveyed TO the
eo-,o-stion through fraud This suit was seuueo
~ the rer11rn 70 the Oswego company OF Its plant
5. A reorganization of the company was proposed IN
-sce-,ber 1904 and q committee was appointed 10
,,---- o1,- the plan hut the stockholders olo not
-ss,nrd IN sufficient numbers TO carry 1t out Two
,ss-s later Sidney Mitchell who is now president
~, vras AZ that time only 2 stockholder, brought
,'t against the directors. charging them with con-
.-,-ecy- 10 wreck the corporation
Another reorganization plan was then proposed
~ .hs r7anagernent to clean up the floating debt
~. s+orlyholders however, upheld Mr. Mitchell,
,,s r-ntective committee formed, headed ny
Mn, n rrevent the plan being carried out Ihe
-ssuf. was that Mr. Mitchell was elected president
!. Falrrary 1897 4 new board Of directors was
,bosen 81 The same time. The new management
s,t,rize5 a tord issue of Ss5N0oO to hQuidate the
sos,i-g 6ebt. but the company was unable TO sell
the bonds
The United Boxboard and Paper Company mas
ON authorized captal Of 81 94s 300 per cent curnu-
lsttvA r-eferred stock and s1491s5oo common stock
n maid one dividend Of ia per cent on its preferred
,toc IN December 1902 but has paid nothing since
It's funded debt outstanding aggregates $SsS2,O0o
For the year ended December 81, 1907, IL reported
net profits Of S707,7Ss
Bestses MI Mitchell the officers Of the company
are e B Fleming president; Herman Gross
man second vice-president; Hyatt Cox, secretary
sn5 trea s,1rer The New York Offices are at NO.
II Broadway Nr. Mitchell makes his headquar-
tsrs in Chicago. The company has fifteen mills IN
Maine New Hampshire, Connecticut, New York.
New Jersey. Ohio. Indiana and Illinois.