The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1917-07-05
STOCKHOLDERS LOSE ALL
Assets of Company, It Is Admitted.
viii Not Be Sufficient to Pay All
Claims of Creditors Against Com
pany-Name Trustee July 18th.

Another bunch of ''ships" which
were expected to come in sometime for
Kenosha people have gone on the
rocks and been dashed to pieces by thu
formal order of the United States court
which has adjudicated as bankrupt"
the National Fly Paper Company of
Chicago. Milton J. Knoblock, referee
in bankruptcy for this district, today
sent out formal notice calling meet
ing of the creditors to be held in Ra-
cine on July 18th at which time trus-
tee will be named to save the pieces and
make an effort to save something out of
the wreck to pay the creditors. It is
declared that the liabilities of the COM
pany outside of the capital Stock paid
in will amount to\about twelve thou
sand dollars and the assets made up of
some machinery and small amount of
raw material have been valued at five
thousand dollars. 1t is declared that
there are few creditors outside of the
official family of the company and
that the largest amount of the money
owed by the bankrupt company is owed
to stockholders who advanced it to
keep the business going.
1t is said that the capital stock of the
company represented an expenditure on
the part of the stockholders to the
amount of $4,000.
The Sticky Fly Paper company has
been one of the g dream ships' of Ke-
nosha investors. The company formed
with small capital many years ago I'M
der the name of the Sticktite Flypaper
Company promised to be a successful
organization until it came into ruinous
competition with other establishments
along similar lines which had been in
business for yeors. Several Kenosha
men gave loyal service in an effort
to save the company frorl going on the
financial rocks. The company passed
through several reorgan1zations and its
latest reorganization brought to it the
new name "The National Fly Paper
Company The plant of the company
on Division street has not been operated
for long time and it was decently dis
posed of at sheriff's sale. After the
sale provision was made to rent the
plant and machinery - a Milwaukee
company but the plan fell through and
it remained idle waiting for the com
ing of the writ from the referee in
bankruptcy.
Tt is declared that close to eighty
Kenosha people and few people from
other cities We're interested in the vari-
Gus efforts to make the company, sue
cess. These men have lost their money
and most Of them without murmur.
T'he assets will not be sufficient to pay
the debts and there viii be nothing to
return to stockholders for considerable
amounts invested.
Even within year efforts have
been made to get new reorganization
of the company as some of the enthusi-
astic stockholders still believed that the
business could be handled in a manner
TO put = on dividend paying basis
In the collapse of the dreams of the
promoters of the company there is no
sting as the men who most strongly
urged the advancement of the company
are the men who are the heaviest losers
in its failure.
A. w. Nash who was the secretary
of the company left Kenosha some time
ago and is now living in Toledo Ohio.
T. is improbable that the local stock
holders in the company will give any
great attention to the appointment of
the trustee. They appreciate that there
is no chance to save anything for them
out of the wreck and all Of them are
agreeable that the assets be turned over
to the creditors to so as far as possible
in paying off the debts Of the con-
pany