The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1908-10-09
They Are Adjudged in Fed
eraI Court on Voluntary
Petition by Mr.. Collins.
ASSETS ABOUT $4,000
Other Companies Affected as
They Are Owned by The
Collins Company,

Irpon petition in voluntary bank
ruptcy proceedings. Greed Collins, of
Pennsboro. one of the leading bust
ness men of Richie county, and The
Collins Company. large lumber con-
Germ Of the same place, have been al
judged bankrupts by Judge A G.
Dayton IN federal court and the case
referred to the referee at ParkersburS
for adjudication. The liabilities are
estimated TO be about a third OF a
million dollars and the assets ahouS
$1bO.0O0.
The Collins Company's liabilities
are listed at S254.sT9.5s, of which
about $45. 900 Is accommodation paper
The Individual debts of Mr.. Collins
are listed at $73,165 which Included
endorsements of $500 for friends
and the remainder for the Collins
Company. Some OF these friends are
believed to be entirely solvent and
Mr.. Collins may not be liable Tor
their endorsed paper.
The assets of the Collins Company
are listed at $46,644. This includes
bills receivable at an estimated value
: OF $23, $50 and real estate. lumber
and other items at S25.35O.s The To-
tai amount of bills receivable held by
the company Is $116,595, of which
( $76.Is3ssis scheduled as bad and $17,-
O4s as doubtful. MIR. CoTlins's assets
are given at S02,427 OF both real and
personal property In these assets
only Mr.. 3CoIlins's equity in a large
amount az stocks and bonds Is cal
cuIated Mr.. Collins's real estate IN
ciudes from eight to fourteen thous-
and acres of land in TtitchIe county,
: which would bring a larger sum than
what 10, Is listed at providing 1t could
be sold in favorable market, which,
unfortunately Is not believed to exist
tilere.
The Collins Company holds most OF
the stock of the Lick Run Lumber
Company. a corporation doing q
wholesale lumber business with a
nanufacturIng plant in Preston
county. The Collins Company is this
company'sf sales agent and handles
its product.
The Collins Company also owns 4
majority of the stock of the Penns-
boro Lumber Company. of Pennsboro.
corporation engaged in the retail
lumber business and operating
planning mill The Collins Company
by virtue of the stock ownership IN
/, the Pennsboro Lumber Company. had
and exercised control of that COM
pany.
It Is understood that the creditors
of Mr.. Collins and The Collins Luin-
her Company Will take stpes to have
these two Companies owned and con
thrown into involuntary bankruptcy
The liabilities of these two companies
are not accessible at present.
The firm OF The Collins Company Is
composed of Mr. Collins Charles w
Sprinkle and Ebert NJ. Bonner
Mr.. CoIllnss personal estate was IN
good condition and. his action was
prompted by the condition of the
Collins Company which he put into
the hands of a receiver sometime ago
and whose business Is aid to have
been r1lsTnanaged
Mr.. Collins is president of the Firs
National Bank of Pennsboro. Is IN
terested in gas company in Rttchl'
county which supplies gas to hve
towns and is otherwise identified
with the business Interests Of thai
community. His action, while taker
FOR the benefit of his creditors. Is
matter OF regret among business PEG
pie of Penusboro and Richie county