Assignment Agricultural Co.

Assignment Agricultural Co.

The Ann Arbor Agricultural Company this afternoon made an assignment for the benefit of its creditors, to Junius E. Beal, as the company is unable to meet its obligations as they became due, and it is desirous of making a fair distribution of its property.

All the land, property and accounts of whatever description are assigned to Mr. Beal. He is to take immediate possession and convert property and accounts into money with reasonable diligence and dispatch.

The Ann Arbor Agricultural Company is one of the oldest manufacturing concerns in the country. It was established in 1867 by Lewis M. Moore in its present location, making its existence thirty-two years.

Said one of its best informed directors this afternoon: "The present embarrassment can date back for its origin to sixteen years ago. Up to that time it was a paying investment. The company was dealing largely with a Mr. Cribb, of Milwaukee. He was one of its best patrons. He died owing the Ann Arbor Agricultural Company between $13,000 and $14,000. Immediately after, the Milwaukee concern failed, and strange as it may seem, our company has never recovered from that small loss. It has not paid a dividend to the stockholders in sixteen years. There was be no loss to anybody except the stockholders. The debts of the concern are about $35,000. The real estate is worth $25,000, and we have enough material made up and accounts due that will pay every cent, I am sure."

Said another prominent director: "From the start of that Milwaukee failure we were obliged to borrow money from the bank to carry on the business, and it is no exaggeration to say that we have paid over $100,000 in interest alone. That sounds big, but we have the books to show for it. Is it any wonder that we eventually had to make an assignment after paying that amount in interest?"

Said Superintendent Moore, who has spent his life in the business: "We have employed as high as eighty men at a time in the concern. Sometimes it would run as low as twelve, but I would say that its average would range from 20 to 50 men, depending on our orders."

Last summer there was a short-lived strike in the shops on account of the not getting their pay regularly, but every employee had been paid in full and those who were inclined to be disgruntled quickly returned to their work.

The present officers of the company are Evart H. Scott, President; John Finnegan, Sec. and Treas.; Eli W. Moore, Supt; Pusey W. Moore, bookkeeper. Its stockholders and directors comprise some of Ann Arbor's wealthiest and most public spirited citizens but they feel that they cannot longer shoulder a responsibility that has demonstrated its incapacity of furnishing a dividend on money invested.