New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-24


PAY IN FULL.
Carver Manning & Co. drygoois commission n'e--
,.,.s n. No IS Franklin-st.. this city. and at NO
,s ~,ouncev-st Boston, are In financial difficulties
90 baen involved in the failure 90 three of the
r, Cor which they selling agents. The
-. o-a those Of the Burlington Woollen Com
- and the Winooski Worsted Company. OF
,,,,,roosu VI and the Colchester Mills. OF Col
.sss.e- W. for which receivers we're appointed IN
po,.,, on Monday Sawyer. Manning & CO. arc IN
,.-s on mill paper II is said. for about $1,000
~. 1ho, oxnee, to paw their creditors IN full and
-, o,,v a little time 10 strlghten out their az
fairs va. 49,.
The headquarters OF the firm are IN Boston out
. bos had n branch In this city for many years
"a stood very high IN the estimation OF the trade
se-a Cor honesty integrity and conservative busi-
,.ss methods In the trade II is thought that the
ems embarrassment VIII he only temporary. and
.ho, {, Will be able 10 settle up its affairs TO the
ss,,sfaction ~ It's creditors. Sawyer. Manning
CO went into liquidation on February J. and a
new firm was formed. under he style or sawyer
s,one & Co. composed OF Joseph Sawyer. Joseph
e,o,A and Thomas F. Patterson. all Of whom were
partners IN the preceding firm Joseph d. Sawyer
s,A Iobn r Manning OF the old firm, did not be-
came nartner7 IN the firm. The business has
been established thirty-seven years. Joseph sawyer
che senior partner. was for many years phr'-
,.- =, r. Nudge Sawyer e Co. Mr. Nudge died
N
succeeded by JOY Lincoln & Motley. in which Jo-
s.nb SAWYER was a special partner. Another firm
wss formed as Sawyer G Manning In ISL, com
nosea OF Joseph D. Sawyer and John y. Man
ming This was succeeded on January !, 1886 ny
SAWYER Burt G. Manning Joseph Sawyer became
g mariner and on January l. 1888 the style became
SAWYER. Manning & co. Joseph stone "eCal"o
partner on January l, 1897.
Besides the mills mentioned. the firm was also
tNa agent for several other large mills. The part
ne-s Of Sawyer. Manning co. made an assign
nert in Boston yesterday. and the Sherin look
possession Of the New-York store on an attach
men. fo- $4,000 in favor os the Tradesmen's Ma
,onaI Bank OF this city. against both the Col
chester Mills and Sawyer. Manning * CO. on
draf, n. the mill accepted by the firm. IT at-
tachrnen; was obtained on the ground OF non-resi-
tenca OF the partners. The names mentioned IN
the attachment are Joseph Sawyer. Joseph d. saw
yer John p Manning. Joseph Stone and Thomas
= Patterson Mr. Patterson was treasurer Of the
Burlington Woolen Company and Joseph sawyer
was president. u organized in 1864. ana had
capital stock Of 10000. year ago Its statement
showed assets S.5llOoo; liabilities, &H 900. The
WinoosN Worsted Company was capitalized al
$4,000 and the Colchester Mills at 10000 1t IL
.a,a here that The stockholders in these compa-
ras have contributed $3.50 900 lately TO keep the mills
going
Joseph D Sawyer said Yesterday that Sawyer
Manning Co. had put the mills In the HANDS OF re-
..-tIon OF the creditors The firm Is the mill
p.rer for a considerable amount. and deemed this
the best course 70 pursue The trouble is due 10
the hard times and business depression OF the last
few years and having too much paper out There
was also a difference OF opinion 10 the policy
o, running the mills Sawyer. Manning & Co are
now in liquidation Another hrm Sawyer Stone
e. Co. was formed to continue the business OF
Yunning the mills What they will do as 10 that
Is rot vet determined. Asked how much the lablli-
ties OF Sawyer Manning & Co. were. Mr. Sawyer
said Yesterday that their own liabilities were not
large but the amour: for which they were on mill
raper was considerable. Asked If the amount on
mill paper would reach q 900 900, he said ne thought
I, would The assets. however exceeded the liabil-
ties: the firm had ample collateral and would pay
in full but needed a little time.
This Is one Of the cases where We will pay In
full" said Mr.. Sawyer and when say 1t mean
f. All we need Is time" Mr.. Sawyer also said
tia, the firm had made an assignment In Boston
10 Mr. Snow one OF the receivers Of the mills
Asked Il they would make an assignment here he
said he did not think so.
In the trade yesterday sympathy for the firm was
freely expressed and 1t was expected that the con-
cera would be able 70 pay in full ana have sur
& woria 5000 personally. and 1t is said that If
al the stockholders In the mills be held per-
hep Sawyer Manning & Co materially The mills
are considered very valuable property. The old
10 have done a business Of 100000 70 $40 900 -, n
year. Business has greatly decreased since then
however and in recent years the business OF Saw
yer Manning & CO. estimated at 100000
year.
& Co on February IT was said that they dis
solved by mutual consent. thai all bills and &C
Stone at No IS Chsunccy-s,.. Boston. and by Thorn
r Patterson, at No. s. Franklin-st.. New-York
and that they would collect all outstanding bills
having been authorized 10 sign the firm name in
h11.da;on.