St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-04
VILL RUN THE YEAR
"a
JUDGE EGAN AUTHORIZES THE
HARVESTER COMPANY TO
CONTINUE WORK.
WORKS ARE NOT TO BE SOLD,
BUT THE RECEIVERS WILL con-
TINUE THE EFFORT TO SAVE
THE PLANT.
IT. II. FauntIeroy, Representing st.
Louis Creditors, Demands the
Sale of the Works.

Judge. Egan yesterday heard and
granted the applicatin Of the receivers
of the Walter A. Wood Harvester Ma
chine company for permission to run
the business this year. There was no
opposition on the part Of the great
majority of the creditors to the grant
ing of such an order, but creditors rep
resenting claims aggregating about
$4,000 made a fight against it through
Attorney T. T. Fauntleroy. Mr.. Faunt-
leroy urged that it was the duty Of
the court to protect the interests Of
the creditors in the administration of
q receivership, without regard to the
interests of the stockholders. The OBJ
ject of the appointment Of receiver
was to pay the debts with the least
possible delay. His clients lived in ST.
Louis, and would probably have to as
sign themselves unless their claim was
paid. His own sympathies were with
the local concern, but his duty to his
clients demanded that he insist on their
legal rights. There was nothing to in
dicate that if the business was allowed
to be carried on another year it would
be in any better condition or the receiv-
ers any better able to pay off the in
debtedneSs.
The Court-You could not sell the
plant today for $40, and 1 am salts
fled that the interests of the creditors
demand the continuance of the bust
ness. L am not going to destroy this
property by refusing to allow the
business to run along.
Mr.. Fauntleroy said the receivers
were unfamiliar with the line of bust
ness in which the company was en-
gagged. Referring to A. H. Lindke, one
of the. receivers, he said he knew no
more about running a harvester fac
tory than he Ghe speaker) did about
running heaven.
The Court-Well, I am sure, speak
ing as one whose only motive is to
subSerVe the interests Of the creditors
that the thing to do is to | ct the re-
ceiVers go ahead for another year
They will not overlook the interests
of the creditors. They will thus be in
position to obviate the necessity for
sacrificing the assets, and all may
come out all right in the end.
Judge Young, attorney for the Walter
A. Wood Reaper & Moving Machine
company, Of New York state, one Of
the heaviest creditors, told the court
that Attorney Mum, who represented
the receivers, had an order that would
be acceptable to the great bulk Of the
creditors. He then went on briefly to
explain the attitude of his client in the
matter.
THAT is just the opposite of the
position you took the other day." re-
torted Fauntleroy
The order, which was signed by the
court, authorizes the receivers to con-
: tinue the business for the year 1886,
} but provides that not more than 5000
binders, 5000 mowers and 1000 rakes
shall be made, and no more material
purchased than enough to make this
amount of machinery. They are au-
thorlZed to issue not to exceed $500, 900
worth of receivers certificates to faciii-
tate the carrying on of the business
and they are required to sell as much
of the machinery as possible for cash
The receivers in their application
stated that they had bills and accounts
aggregating $1,0S9, S43. SO in addition to
the real estate assets; that the liabili-
ties had been reduced from 81, 122, 369 46
to $716,4 1929 the past year. and that
II given permission to continue the
business another year, they thought
they could pay off all the liabilities
and preserve the assets in tact They
estimated that so per cent of the ac-
counts could be collected if the bust
ness was allowed to run along without
interruption.