Postby dognose » Sun Oct 18, 2015 12:03 pm
Pairpoint Mfg Co. Embarrassed
Receivers Appointed by the U. S. Circuit CourtInterview with President Cook
New Bedford, Mass., Feb. 8.—In the United States Circuit Court in Boston, yesterday afternoon. Judge Lowell appointed Gilbert Allen, L. Snow and Clarence A. Cook, all of this city, receivers for the Pairpoint Mfg. Co., one of the largest silver plated ware, decorated china and cut glass manufacturing concerns in America, capitalized at $1,000,000. and employing 900 to 1,000 skilled hands.
The action was brought to a culmination by a friendly suit of the Wakefield Institution for Savings, of Wakefield. R. I., on a demand note for $5,000, but the real petitioners are the officials of the company. The embarrassment of the Pairpoint Co. is the culmination of a long period of business depression which has persistently hovered around the plated goods trade. "It is due directly to cheapness of silver," said president Clarence A. Cook, in explaining it to The Circular representative. "For the past six years the company has been doing a losing business, and now it has reached the end of its rope. We found ourselves unable to meet our obligations as they matured, and there was only one thing to be done.
"When silver was quoted at $1.35, as it was in 1892. we had a good market for plated ware, and did a good business, but since then sterling has dropped rapidly, and 65 or 70 cents is a common quotation. When people buy novelties such as the Pairpoint Co. makes, they can get sterling goods for a little more than the cost of plated goods: therefore, we are driven out of the markets. For six years the concern has steadily lost money."
According to President Cook, the paid up capital of the corporation is $944,400 and the indebtedness about $500,000 The assets are amply in excess of this sum. The amount of assets has not yet been ascertained. "For myself," said Mr. Cook, "I hope to see some portions of the concern reorganized."
The Pairpoint Mfg. Co. was one of the most valuable industries of this city. It was started here in a small way in 1881, and as it has grown it has cemented itself to the local life in a peculiar way. Practically all of its 900 or 1,000 hands have been young men and women of this city, who have grown in the business and become skilled workers. The weekly pay roll was about $10,000 in the maximum, though, through the peculiarities of the business—the rush season and the flat season—it sometimes fell to $6,000 or $7,000. Last year the concern's pay roll amounted to about $320,000. The factories are all here, but there were large salesrooms maintained at New York. San Francisco, Chicago. Montreal and Boston. President Cook has been in charge of the company's affairs only since 1896, and has made a good showing.
Source: The Jewelers' Circular and Horological Review - 9th February 1898
Trev.