Over the course of Excelsior Paper Company's existence, there were many changes in leadership, and this trend would continue.
After 10 months as sole owner, John E. Clark sold the business and real estate to Henry S. Dickinson in January 1889. The selling price was approximately $100,000, a rather large sum for its day. Mr. Clark's poor health played a major part in his decision to sell.
Within one week of Mr. Dickinson's purchase, he sold a 1/3 interest to Dr. George H. Smith of Holyoke and another 1/3 to William Clark of Springfield. Mr. Dickinson would manage the business's operations. A fourth member, August Hoffman from South Hadley, was added soon after.
In 1889, a new building, 25 feet by 30 feet, was added to accommodate a 50-horsepower Harris Corliss steam engine.
John L. Hodge, who was a Plant Superintendent for 10 years, became a partner in April 1892. Within 10 months, he left the company with two other experienced papermaking officials to purchase the Riverton Paper Co. in Connecticut.
The Excelsior Paper Company experienced financial challenges in 1899. There was talk that State Senator George N. Tyner, formerly of the Holyoke Envelope Company, was interested in purchasing an interest in the company. One of the owners, August W. Hoffman, indicated that the company was doing well in maximizing its production. However, it had 50,000 square feet of land on which to build a mill but lacked the capital to do so. The investment by Mr. Tyner did not materialize.
In a complex transaction, a new Excelsior Paper Company was formed in Connecticut in September 1902 and took possession of the Holyoke Excelsior mill. All creditors of the Holyoke mill agreed to take notes at 25% of what they were owed. The three owners, Messrs. Hoffman, Smith, and Hodge, lost their entire investment.
This did not solve the company's problems, as it had not operated since 1902. In February 1903, the Holyoke Bar Co. filed a $2,000 attachment, and William Smith of South Hadley filed a $3,000 attachment for unpaid debt. With mounting debts and mortgages, John Hildreth was appointed the company's Receiver. In June 1903, the company was declared bankrupt.
On January 26, 1904, Hampden Savings Bank, holder of the first mortgage, bid $30,000 at the public auction held to sell the company's assets. On October 3, 1904, the bank sold the property to the Taylor-Burt Company, later renamed Taylor-Logan Company, which planned to renovate it for specialty paper manufacturing.
Citations:
Newspapers.com (paid subscription): Citations: Holyoke (Massachusetts) Transcript & Transcript-Telegram; Springfield (Massachusetts) Republican; publication dates and pages are shown.
Ancestry.com (paid subscription): Genealogy Records and Price & Lee, Holyoke, Massachusetts, City Directories
No comments:
Post a Comment