The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1897-07-02

The order to show cause why re-
ceiver should not be appointed for
Longini & ThOmS came up before
Judge Caldwell at one o'clock Mon
day in chambers. judged Caldwell,
Attorney Cray, for the petitioner, At
torney W. S. Hammond, for the firm,
the latter's book keeper, Robert Lutz,
Sheriff Bowen and FREE PRESS re-
porter were the only ones present.
Mr.. Lutz was placed upon the stand
to give evidence in support Of the pc
tition for receiver. He testified as
follows: Have been book-keeper for
LOngini & Thoms ever since the
opening of the Glass Block, in Octo-
Der, 1895. On June 23d, 1897, the firm
owed L. Patterson Mercantile Co., the
petitioner, over $780, Longini &
Thoms for sixty days previous to June
23d were not able to pay their in
debtedness as it fell due, although it
had enough assets. On that day, the
liabilities of the firm, leaving out the
membranes upon the real estate,
amount to between 1914, 900 and $685.
600. The firm also owed the North
western Life Insurance Co. $12, 900, Sc
cured by mortgage on the Glass
Block property; also Samuel SteInber-
ger S12,5O0, secured by a similar
mortgage. There was also a mort
gage for $4,000 given by Geo. w.
Thoms on his undivided half interest
in the property, but there is no record
of this in the store. There are liens
and such claims against the property
aggregating about $4,000.
A part of the Sternberger debt
was contracted late in December.
1896, or early in January, and the
mortgage was given early in June for
Sl2,5OO. A portion of this debt had
been standing several months, and
$500 of the mortgage was to secure
prOmiSsOry notes given in December,
1896. This mortgage is still unpaid.
The firm has been pressed for pay
ment of claims to small extent. and
has secured extensions, not being able
to pay in cash at the time. This CON-
dition has continued for the last
month or two.
The attorneys withdrew for consul
tatiOn regarding the introduction of
further evidence at this time. 1t
was finally agreed to allow the case
to rest where it is for few days, pro-
badly with view of allowing time to
arrange settlement with the credi-
tors, if one is made.
Judge Caldwell made an order con-
tinuing the hearing until both parties
wish to proceed with it, or whenever
one party wishes to proceed with it,
twenty-four hours notice to be given
to the other. He also continued the
temporary Injunction until the ter
mination of the proceedings in regard
to the petition for the appointment
of receiver.
Leaving the Glass Block realty
out of the calculation entirely, both
as an asset and the membranes up
on it as liabilities, the liabilities of
the firm of Longini & Thoms are
given by Mr.. Lutz, the book-keeper,
as between S64 900 and $4,000, while
ia Criu yuh hot ic
good authority that the assets are
about $1,000 less.
There are no new developments to-
day in regard to the proposed settle
ment with the creditors at fifty cents
on the dollar. 1t is reported that
prominent. local merchants have
under consideration proposition to
offer a larger per cent for the stock,
to be divided among the merchants in
order to prevent any feared ruinous
competition, such as might follow in
case a settlement were made at fifty
cents on the dollar and the stock
thrown upon the market.
The warm weather and general
dampness has Matched out a great
brood of mosquitoes during the last day
or two. They are particularly nu-
merous in the vicinity of the slough
and wherever there is stagnant water,
Martin Wiltgen moved into his
new livery barn at 1919 Main street
today and is getting ready for bust
ness. Mr.. Wiltgen now has fine
quarters, and as soon as settled will
be fixed in good shape for business.
Give him call.