The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1897-08-06
GEO. II. CLARK NAMED FOR
LONGlNI s THOMS.
The Money for the Proposed Settle
ment With the Creditors Failed to
Materiallze--No Objection Made to
the Observation-Disclosures Bond
Placed at $5o,Ooo--The Firms In
ventory of the Stock Was $52,734
.-WilI not Sell for That.

The proceedings in the application
of the L. Patterson Mercantile Co.
for disappointment of receiver for
Longini & Thoms, proprietors of the
Glass Block, came up before
Judge Caldwell again at 1:3O
o'clock Monday afternoon. The mat
ter was postponed during the
afternoon until nearly four o'clock,
when the final meeting was held in
Attorney Lorin Cray's office. The
cause Of the delay was the desire Of
Longini & Thoms to get an answer to
a dispatch sent at noon to Chicago as
a final endeavor to procure the money
required, with which to make the
proposed settlement with the credit
ors. The answer finally came and was
of an unfavorable tenor.
W. L. Comstock appeared as the
attorney of Longini & Thoms at the
hearing, Mr.. Cray for the petitioning
creditors, and J. A, Flittie for fifteen
or twenty Chicago creditors, among
them being the largest, J. B. Farwell
& Co., who hold a claim of $1,100
against the firm.
Mr.. Comstock and Mr.. Longini
sought to get the consent of Mr.. Cray
to further adjournment of the hear
ing for two weeks in the hope that
some one else might be found who
would advance the money. but Mr..
Cray urged upon them that it would
be better for all parties concerned
that receiver be appointed. There
would then be an opportunity for
any one to take the stock in bulk, and
the title to it would be better than if
the other course was pursued.
After consulting together for a
short time, Messrs. Comstock and
Longini emerged from Mr.. Cray's
private office and announced to Judge
Caldwell that they interposed no OBJ
lection to the appointment of re-
ceiver. An informal discussion then
followed, during which the details Of
the courts order were arranged.
Judge Caldwell made an order
appointing Geo. II. Clark receiver for
Longini & Thoms, and fixed the bond
at $4,000 He said that it was not
his practice to allow the pay for a
bond furnished by surety company
to come from the estate, but when
told that this was the practice in the
sixth district he announced that he
would follow the practice of Judge
Severance in this case. The
bond will cost about $3.50, and this
will be charged to the expense account
The receiver will take immediate
charge and will have an inventory of
the property taken, and then be gov
erned by the orders of the court as to
the manner of sale. Mr.. Cray stated
that it would be preferable to the
creditors if the stock could be sold in
bulk. Mr.. Longini agreed that more
could be realized in this way,
unless great care was exercised in the
managementrwith sale at retail.
Mr.. Clark was the choice of all par
ties as receiver.
Mr.. Comstock stated that the stock
had invoiced at S52, 1874, and that the
fixtures had cost $4,000. Mr.. Cray
said that if $4,000 was received for
the stock it would be good sale, and
Mr.. Comstock agreed with this. Mr..
Cray also said that no prudent man
would give over $500 for the equity to
the building, incumbered as it is.
The failure Of the proposed settle
ment at fifty cents on the dollar was
partly due to the fact that the stock
did not Inventory as high as was ex-
pected. Mr.. Holden, who represents
the parties who were to advance the
money, is still in the city, but his at.
torney, Mr.. Barnes, left on the after.
noon train for Chicago. The money was
to have been forthcoming by July
25th, but the stipulated time elapsed
and the endeavor to get this extended
failed. This was the purpose of to-
days telegram, so it is understood
Both Messrs. Longini and Comstocl
are much disappointed at the failure
of the negotiations with Mr.. Holden