The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1893-08-18
THE HEARING POSTPONED.

Monday an order Tor the appOlnG-
ment of receiver for the Standard
Cement Co.'S loo al branch was asked
for by Lorin Cray, for some of the
creditors, and application was made
returnable at 1000 a. m. Wednesday
At that hour a number of interested
parties were present.
Judge Buck appeared for the &C.
mentCo. and asked for few days delay
in the hope that an amicable arrange
ment might in the meantime be made,
whereby the appointment of receiv-
er would not be necessary. The
times are different from any time in
the past twenty years. Everyone
should be forebearing and charitable.
Other institutions are closed and no
attempt has been made to appoint re-
ceivers, and the creditors have been
charitable beyond any precedent. By
little forbearance possibly an AMIGA
BILE arrangement can be made where
by the work may go on. The very
men who ask for receiver may be
able to resume their work at the fac
tory. He wanted to raise question
as to the petition, that not enough is
shown IN it to make out case, and
that nothing is shown in the petition
but what can be met. There is no
disposition to fight the working men
or to prevent them from getting their
money.
Lorin Cray, who represented
many of the creditors, stated
that he would be glad to defer
the hearing of the petition If it was
probable that arrangements could be
made whereby the creditors may be
taken care of under the law. If it
was sought to upon charge the laboring
men the precipitation OF matters, he
would suggest that it was rather the
act of the Cement Co. in very 1mpru-
IDENTIFY, as it now seems, giving mort
cages on it's property, thus giving
preference to the certain creditors Sc
curing the mortgages. The mortgage
given to the Winona & st. Peter Ry.
Co. was, for some unknown reason,
withheld from the files for five weeks
and was not made of record until on
the day that the banks suspended.
He had worked hard to get the diff
Guilty settled without having d recelv-
er appointed. but the $1,000 mortgage
of the Winona & ST. Peter road was
the stumbling block He knew of no
other creditors who were unwilling to
allow the company to go on. He rep,
resented 81, 900 of labor claims.
Judge Buck stated that the mort
gage had been given to allow the
works to keep in operation and to
give employment to the men.
P. HI. Carney stated that he had on
hand 10000 barrels of cement upon
which there were mortgages, and H.
900 barrels upon which there were no
mortgages. The appointment of a
receiver would injure the works great
", owing to the close competition and
the use the other works would make
of the fact. He had $500 of sixty
day acceptances which are beginning
to fall due and all of this is good
paper. Owing to the hard times his
customers accepted the paper rather
than take three per cent. discount
for cash. The labor claims amount
to $6,600.29. In four or five days he
expects help from the east, when
pro rata dividend on the labor
claims could be declared
= Judge Buck stated that he had been
assured that arrangements could be
made with parties who possess assign.
ed labor claims whereby they will
stipulate to hold off their claims until
the other labor bills are paid and the
works resume operation
1t was finally agreed to postpone
the hearing until Aug. Doth.
To Cleanse the System.