Jasper County Democrat, Volume 18, Number 32, Rensselaer, Jasper County, 24 July 1915 — Monticello's Experience in “Buying” Factories. [ARTICLE]

Monticello's Experience in “Buying” Factories.

The Democrat recently received a notice that the printing machinery of the W. D. Pratt Co., of Indianapolis, and its building, 3 acres of ground in Monticello’s factory addition and 600 feet of private switch on the Monon railroad, etc., would be sold by the bankruptcy trustees of said concern. And now application has been made in the White circuit court, in two cases filed there, tor a receiver for the Schultz Manufacturing Co., a new factory recently “bought” by Monticello, and which is alleged to owe the parties asking for the receiver each quite a sum of money, and is alleged to be insolvent, having a large indebtedness a large, portion of which is borrowed from the State Bank of Monticello. The Pratt Printing Co. was “located” at Monticello a few years ago at an expense of about $15,000 to the Monticello Commercial Club. Its machinery was moved from Indianapolis to the modern building erected for its reception, but little if any work was ever done there, the company being in financial difficulties, and the machinery was later shipped back to Indianapolis. The Schultz Manufacturing Co. is a recent purchased factory by Monticello. It took over the old auto truck factory building—the auto truck people never locating there even after a building had been erected for it some years ago—a nth a great deal of stock in the concern is said to have been sold in and about Monticello. Whether cr not the company i insolvent or whether misrepresentations were made in the sale of s o k when the factory was located there will be determined in tho courts.

One thing stands out prominently, however, th the above experience of Monticello in “buying” factories, and that is, that people should be a little slow to take hold of these propositions that ask for big bonuses. Monticello has been stung considerably worse than Rensselaer, and, with us, could have spent the money lost in rainbow chasing to much greater profit in developing its natural resources.