Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-07-15
GOES INTO COURT.
Peaslee Shoe Company Makes
an Assignment.
Eor ENOUGH CAPITAL TO Rue.

E0f ENOUGH CAPITAL TO RUI.
The Extent of the Liabilities and Assets
aud the C.uses to which the Reverse L.
Acknowledgements RosenR Ids Opin-
Ton.
The Peaslee Shoe company. one of
Rock Islands newest industries,
went into the hands of an assignee
today. in hopes of perfecting a reor-
ganization, Meyer Rosenfisld having
been selected rs assignee.
The total liabilities are $2l,79l, Of
which SIS, ZOO is in notes ayable as
follows: Mitchell g. Lynde. $500;
Rock Island National bank, $7,70O;
Davis company. $500. There are 62
Creditors in various parts OF the
country.
Other local creditors having Claims
ranging from SIG down to so cents,
are .. w. Peaslee, Rock Island Plow
cImpany. j. e. M. RoseRfeld, Rock
island Stove company. Wey erhauser
e. Denkmanp and H. F. Cordes.
The total assets are $24.,66 81, OF
which 800 represents manufactured
shoes. $4,000 stock, and Sl4 500 81
outstanding accounts.
Causes Attributed.
Pre:ident Robinson stated today
that the assignment was due to dis
satisfied stockholders, who seemed to
LUZ oh IN h. -
which the company was conducting
its business, and that the course
adopted seemed the best way of
meeting the wishes of the stock
holders. Manager Peaslee said the pro-
ceeding was simply owing to lack
of capital. The stock was origin allv
$25. 0C0, of which bat 500, 600 had
been subscribed and to carry the
volume OF business essential to
make the investment profitable
more money was needed. The
committee appointed at the
recent meeting of the stock hold ers
end composed Of the directors and
NJ. NJ. Sturgeon, b. F Knox and IL.
g. Cleaveland to decide upon the
best course to pursue, decided upon
the assignment yesterday. This
was. in fact. the feeling CT the stock
holders at meeting held week ago,
but at meeting held last Monday
the directors felt that it might be
possible to raise the capital stock
aud avoid the formality. and with
this end in view the factory resumed
operations yesterday morning. 1t
was found, however. that the as
segment was the only recourse.
Assignee Roseriiald said the work
OF invoicing was already in progress,
and that the company would pay out
every claim against it dollar for dol
lar. and probably resume inside q
weeks time.
The Peaslee Shoe company was
formed in February 1895, the first Of.
ficers being Henry Carse. president;
c. S. Peaslee. vice president; Joseph
Scherrer. secretary. and Phil Nit
chell, Treasurer. MIR. Peasiee came
here from Pecatonica, ILL.,, with
his factory. which manufactured
a sparticular line of ladies' shoes.
and local company with stated
capital Of s25. 900 taking charge of
the business. At the annual meeting,
J.. F. Robinson was elected president.
G. S. Peaslee vice president, Charles
McHugh secretary and Phil Mitchell
treasurer. The present board OF
directors is composed of j. F. Rob.
ipson, Phil Mitchell, Charles Nc
Hugh, A. C. Dart. W. H. Marshall,
Henry Carse and c. S. Peaselee, the
board being the same as the original
one except that Charles McHugh
succeeded Eli Mosenfelder.
The fact that retail mercantile
establishment was started ia Rock
Island some months ago under the
name of the Peaslee company un-
doubtedly had its effect in creating a
popular feeling prejudicial to the
company. While this retail house
had in reality no connection with the
factory, 1t was nevertheless charged
with being the direct offshoot of the
industry and thus aroused the an
tagonism OF interests in the city
that would otherSise have been
friendly, and at the same time Of
checking in measure the influence
and support in the way of added cap
ital that would otherwise have gone
out to a new and deserving indus
try.