The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1923-02-15

possible to make any definite plans.
The creditors must decide what they
want to do in their efforts to conserve
the estate of the bankrupt and secure
as much as possible for the liquida-
ton Of claims against it. The fling Of
the petition in bankruptcy has brought
this matter to head, but we have no
statements which could be considered
of an official nature to make. We
have been going deeply into the af-
fairs of the company, and our findings
will be presented to the people most
interested at the proper time"
May Correct Estimates Later.
When the petition in bankruptcy
was filed in Milwaukee on Saturday it
was stated that the liabilities of the
company were $655,034, md the assets
were placed at value of $1,038, 1872.
Of the liabilities, $363,793 were listed
as unsecured. 1t was admitted that
the assets of the company were scat
tered, and that it might be necessary
to make a new estimate of their value
after complete check-up had been
made.
There are many claims against the
company in Kenosha, but for the most
part these claims are small claims. and
some of them are secured either by
collateral or by products of the COM
pany which are now in storage. The
The largest Kenosha claim to be re-
ported was that of the Merchants and
Savings Bank in the amount of $17,273.
This is listed as a secured claim. The
largest unsecured creditor is the First
National Bank of Milwaukee, with a
claim of $108,362, and in addition this
bank has secured claim of $4,000.
The next largest creditor is William A.
Dassow of Sheboygan Falls, who claims
that this is secured claim"
Owes Large Sum for Taxes.
Two of the largest claims filed
against the company are for taxes.
The petition shows that the company
owes the City of Kenosha taxes to the
amount Of $24,410. This claim is of
course secured by tax liens on the
property of the company so far as per-
sonal property and real estate taxes
are concerned. To the United States
government the company owes taxes
to the amount of $4,000. 1t is not
known whether or not the government
has filed lien for the security of this
tax. These taxes against the company
have been accommodating for some time,
as the financial conditions of the bust
ness have made it impossible for the
company to meet tax bills to the fed
eral government and the local tax dis
trlct as they came due. 1t is not ex-
pected that either the city of Kenosha
or the federal government will sustain
any loss from this unsolicited tax.
Labor Claims Reach $4,000.
The statement of the company shows
that it owes labor claims totaling
$2O,341, and it is stated hat much of
this deficit piled up since the first of
last December. 1t is admitted that
some of this money is due to officials
of the company, and there may be a
contest against such amounts being
considered as preferred claims"
The largest asset listed by the com
pany is merchandise to the value of
S516,042; the real estate is appraised
at S27O,452, machinery at $212,S8O, and
the accounts receivable at S39,246. The
company's real estate is mortgaged for
total of ST. $50, the machinery at
$4,000 has been put up as collateral
as result of notes given by the com
pany to the First National Bank of
Milwaukee. These notes were en-
dorsed by William Hinrichs and Mar
tin P. Whittier. 1t is understood that
all of the figures as to the value of the
assets are furnished from the inyen-
tory of the company.
Little Hope of Resumption.
While the attorneys who have been
connected with the settlement of the
financial tangle would not be quoted. it
is admitted by some of the stockhold-
ers that there is little hope of re-
sumption of the business under the old
management. 1t was admitted that Il
was possible that new company might
be formed under the direction of some
OF the present officers to take over and
operate the property, but it is gener-
ally believed that, as result of the
decision of the creditors the property
Of the company will be sold under the
hammer It is known that several
companies have looked over the prom
erty of the company, and that these
companies are interested in future de-
velopments.
The receiver named on Saturday is
expected to be granted permission to
finish up some of the trucks now in
process of manufacture at the plant
1t is said that the contracts for these
trucks can be carried cut with con
siderable profit to the creditors, and it
is expected that there will be no OBJ
lection to this work being done.