The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1914-12-24
SEES GREAT ECONOMIC LOSS
Plant of United Refrigerator Company
Declared to be One of the Best of
It's Kind in the Country and Presi-
dent of Company Says it Will Pay.

United Refrigerator and Ice Machine
Company, which went into bankruptcy
week ago, has issued statement COW
ering several typewriter pages in
which he touches on the relations of
the company with the Commercial and
Savings Bank of Racine which was
closed by the bank examiner early in
September. In his statement Mr.. Nell
son suggests plan which he declares
will save both the stockholders of the
refrigerator company and the Racine
bank. He urges the purchase of the
plant and assets Of the Kenosha com
pany by the bank stockholders and the
| reorganization Of the Kenosha COM
pany. He holds that this plan will
prevent the Kenosha plant being
thrown into the hands of salvage com
panies and will effect great saving
for the bank and it's stockholders. In
his statement he says in part:
FTo the Stockholders of the Commet-
cial and Savings Bank:
!" 1t is with the earnest desire that as
much be saved to you as possible, that
| submit the following facts and sug-
gestions. [ am informed that you have
| formed an organization to protect your
interests. This is an excellent plan and
by means of it you will undoubtedly
be enabled to accomplish great deal
to protect yourselves and others from
loss. Cooperation and united effort
succeeds where inaction or individual
effort brings only failure and regret.
Many of you may not be familiar
with the present assets and business of
the United Refrigerator and Ice Ma
| chine Company. You may be viewing
1T as possessing no greater assets than
the old company when located in Ra-
| cine. The plant is we'll located with
good railroad FACILITIES. It's buildings
are all brick; most of them new and
of the best mill construction. 1t is
equipped throughout with sprinkler
! system enabling it to secure an insur-
| ance rate of 1919 cente 1t is conceded
to be the best equipped and most
economically laid out refrigerator plant
IL the country. 1t has floor space of
10000 square feet.
In the face Of fire, moving, creating
a new organization, want of capital, it
has in a few years increased its bust
ness from less than 100000 annually
| to over 100000. When in Racine. its
product was unknown except to a few
folks. The United ice machines and re-
| ffigeratOrs today are known through
advertisement and use in nearly every
state. Its business in the next two or
three years would have reached
100000 annually. It's ice machine
| stands today recognized with the best
A representative of the largest ice ma
chine company in the world, at credi-
! tors meetlng, stated on the fl or, that
/ TIE United was their principal com
! petitor In the refrigerator line it
stands today at the head instead of at
the foot as it did some years ago. 1t
! may be deemed egotistical for ME to
make these statements, but / make
them because they are facts and are
necessary in order that you may be
aided in determining upon the advisa-
bllity of adopting my suggestions.
| The present assets of the company.
consisting of real estate, buildings, ma
chinery, lumber, machines, finished and
unfinished product, accounts and bills
receivable, without good will, patents,
etc, will appraise conservatively at
$450,000 What this will bring at a
forced sale, | cannot say. In these
times idle factory plants are plentiful,
and to some wrecker or junk dealer, it
will go for song. In this very fact,
however, lies your benefit.
The question is, how can YOU save
these assets for yourselves As a plan
for your consideration (Which may be
modified or changed upon further dis
cussion), [ submit the following: That
through your organization the property
and assets be purchased at the trustee s
sale. That company be formed in
which there shall be 100000 of nom
cumulate preferred stock, which shall
be issued to each of you in the proper
ton of IS per cent of your present
| stock holdings in the bank. The other
20 per cent of your bank stock might be
| secured IN some other way, although I
am not familiar with the facts. The
amount which you will have to pay to
bid in the property and to give it work
ing capital to be evidenced by the notes
| of the company and to constitute its liza
bilities. You must keep in mind that
less than one.ffth of the purchase price
will be paid to general creditors The
greater portion will go to the bank and
| to Mr.. Carpenter. Select a board of
directors of experienced business men
have voting trust on the common
stock. | can not GO into all the details
of this plan as 1 have them in mind
and others may have valuable sugges-
| tions or plans. That is a matter, how