Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1898-07-15
VALUE OF STOCK
OF the Farmers n Mechanics Exchange
the Question Under Consideration.

The case of Hudson and Witt against
the Farmers ~ Mechanics Exchange,
which was, by order OF Chancellor Taft,
referred to Special Master Il II. Allbee of
Bellows Falls TO determine the value of the
stock Of the Exchange at the dates when
the orators asked to be paid the ull value
Of the stock, was begun Thursday in the
office of the county clerk. The defend
ants claimed that the orators were entitled
to only 40 cents on the dollar, which was
offered them The orators claimed that on
June II, 1891, at which time they de-
manded the redemption of their stock, the
stock was worth largely in excess OF 40
cents on the dollar.
The orators introduced the inventories
of the Farmers IL Mechanics Exchange
for January and July, 1897, which tended
to show on their face that the stock at
those times was worth nearly the par value,
but in the inventories the block and fix
lures were put in at their actual cost and
it is evident that they have deprecated in
value since that time. The orators claimed
that the value of the property was from
S23, 900 to S2j 900, while the defendants
claimed that its value was not over S2O
000 Three witnesses, A. V. May, John
! Joy and G.. F. Thompson, were introduced
! the property at the first figures.
| The block, with the exception of two
| rooms, rents for S2651 and the cost Of coal
/ for heating is abe ut $500 a year. 1t APP
peared that soon after the block was built
/ trouble arose with the foundation and that
/ the building settled, causing cracks in va
/ rious places. The trouble has since been
remedied and it is claimed by the orators
/ that il is as good as new SO far as he
trouble with the foundation is concerned.
/ These statements were introduced as bear
ing upon the value Of the block.
II was shown by the orators that the
property was insured for $1,000 and is
mortgaged to the Vermont Savings bank
for $4,000 al five per cent interest. This
was one OF the orators strongest points, as
ii indicated, in their belief, that the real
value of the property was largely in excess
Of. so 900.
The ora ors pat on three more witnesses
this morning, who testified that in their
opinion the property was worth from So
00O to 81, 900. They were p. +. Crown,
j. G. Ulery and Charles Miner.
The defendants then introduced {. A.
Harris w. II. Bracket and NJ. / Reed,
who set the value at not over $4,000
The teams, furniture and fixtures were
inventoried al about 5000, and Mr.. Reed
was OF the opinion that they would not
bring that amount Of money if sod. MI
Harris and Mr.. Bracket, members Of tn,
eXchecquer, testified that that organization
once considered the idea of buying the
property and tha, /, considered the value
to be not over $50 600. They stated thai
the upper part Of the building was not il
frst-cass condition.
Mt ri Hen
the Master WnI Report to Chancellor
TAFT.
The hearing to determine the value o.
the property Of the Farmers n Mechau
les Exchange was concluded before l.. II
Allbee, special master. Friday afternoon
In addition to the testimony given in til,
forenoon NJ. |. Reed further testified tha
the capital stock Of the Farmers IL Ne
chauics Exchange al 10 time since Jan. /
1891, exceeded 10 cents on the dollar.
George w. Pierce, who was one OF tn,
directors and member OF the bulllin.
committee, testified that the real estat,
was worth not over $50, 600 in January
1891, and that the capital stock was MOI
worth over 40 cents on the dollar at tina
time or at any time since then; that th'
sale, made by the Farmers Il Mechanics
Exchange, Of the goods, fixtures and fur
niture OF the store, which inventOred a
over 5000 and sold for S7l06, was an al
yantageous disposal Of the goods for tn,
stockholders; that there had been cOnsd
cradle shrinkage in the value of the fix
lures and furniture and that had the prop
erty been closed out in any other way they
would not have sold for over 5000.
W. T.. Banks, a member of the building
committee and one of the directors of tn,
Grange Store association, was satisfied
that the real estate could not be sold fo
so, 900. W. F. Goddard testified to tn,
same effect and also placed the value o
the capital stock in both the Farmers Il
Mechanics Exchange and the Grang,
Store association at 10 cents on the dollar
for which price he was willing to dspos,
of his own stock.
II. p. Wellman, who had understood
two years ago that the property was fo
sale, examined the block with II. p. Smith
of New York, a large real estate owner
who had view to buying il. They un
derstood that it could be bought for $50,
600, but after the examination they con
cluded that there was no money in it a.
that price.
T. j. b. Cudworth also testified that the
property was not worth over $4,000 thai
was not over 40 cents on the dollar anC
that the disposition of the goods, furni
ture and fixtures to the Grange Store as
ISOLATION was made to a good advantage
AzOr Marshall, who has been a lister II
BrattleborO for II years and who own,
dwelling houses and business property il
the village, testified that in his opinion tn,
block could not be sold for over SIS, 900 o.
$40, 900.
Mr.. Cudworth further testified that tn,
amount received for rent of the block a
the present time was S2G4j and that TIVE
of the tenants were renting from month I,
, month with no certainty of remaining
that the expense of running the block, in
Guiding heat, water, taxes, insurance, re
pairs, and the $500 interest on the mortgag
of $4,000 amounted to S22j1, leaving tn
net yearly income from the block 1894.
Mr.. Allbee will report his findings t.
{ Chancellor Taft, who will issue an orde
that the orators be paid whatever sum h
finds they are entitled to. The orator
have been offered 40 cents on the dollar.
When will working men learn that tn
gv,lvr ali l. 81. Al a