Bennington semi-weekly banner. (Bennington, Vt.) 1894-1902, 1895-12-17
THE WALTER WOOD COMPANY
Two Receivers Appointed Yester-
daV.

udys
Upon application of the trustees Sey-
mOur Van Santvoord and Danforth Geer
were yesterday appo nted receivers o ;
the Walter A. Wood Moving and Reap
ing Company of HoOsick Falls.
Seymour Van Santvoord, ,one of the re-
ceivers when asked what brought about
the proceedings said:
"This proceeding of Mrs. Pattison was
the immediate cause. There was so
much publicity given to the fact of the
company having hard time that it
seemed plain that the cOmpauy's credit
was going to be impaired to such an eX-
tent the concern could not 90 on. 1t is
now right at the commencement of the
manufacturing season and the company's
business is of such a character that it
has always been necessity to do much
selling upon the credit system. Many
of the creditors from whom we expected
an extentiOn became so alarmed by
what has appeared in the public press
during the last week that it was appar-
ant that the company was to be con-
fronted with large demands for payment
of its obligations, which at this time of
of the year will be impossible to meet.
'If the proposed reorganization had
OCCu anu huOW OI
four stockholders who had declined to
come inJo it, we had a very good chance
of putting the business upon a very sat
fsfactOry footing. The plan contemp-
lated the retirement of all the cOmpany's s
bonds and cancellation OF it's mortgage.
The existance of this bonded debt Sc
cured by mortgage lien has apparant-
ly more than anything else impaired the
OmnpnVia hnrrnWipn nananifu rhn
action of this one stockholder who
brought proceedings week ago left the
trustees of the company no other course
than to seek the protection of the court
for all the stockholders and creditors of
the company. The trustees have made
heroic fight even since the early spring
Of 1893, at which time in order to meet
the demands for the payment of large
amounts of the company's obligations
VIII CT had been called in anticipation of
the panic of 1898, the stockholders made
a loan of 81 100000. which enabled the
company to weather the storm.
1.-The effect of the panic upon manu-
featuring enterprises was such that in
December of that year the company de-
cided to issue 100000 of bonds the
proceeds to be used in paying off indebt-
edness, and providing working capi-
tai. 1t was expected a considerable
part of the bond issue would be nego-
tiated abroad, while stockholders and
local friends had agreed to take and did
subscribe for S650,000. 1t was subse-
quently found that the bonds could not
be advantageOusly sold abroad. In the
spring of lS95, the Harvester Company
of st. Paul, in which the Hooslck Falls
company had large interests, was com
PEELED to suspend and place its affairs in
the hands of receiver.
"This was a great blow to the credit
of the Hooslck Falls company and added
immensely to the labor and difficulties
which the trustees had to bear. By the
very greatest efforts the company sue
ceeded in weathering this storm having
secured generous credit abroad on the
strength of its large foreign business.
A very large reduction of the cOmpany's
Indebtedness has been made during the
past year. l have not the figures at
hand, bnt my best recollection is that
the Indebtedness is something like half
million dollars less than a year ago"
In speaking of the proposed reorganiz.
alton, Mr.. Van Sa1tvoord said the con-
sert had been obtained of persons own
ing 81, 430,0 900 of the entire g, 100000 of
atock. AS to the future he said, it was
the hope and expectation that the bust
ness would be reorganized.
The application made by Mrs. Thomas
Pattison of New Brighton, asking the
Attorney General to bring an action to
dissolve the Walter A. Wood Mower
and Reaper company of Hoosick Falls,
was withdrawn Friday.