Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1902-04-04
IN FINANCIAL DIFFICULTIES.
Receivers Appointed Yesterday to
Take Charge of Stowell Manufaetur-
ing Company Of Putney.

ing OOTnpdnJ " Tht'cJ'
The financial difficulties which have
confronted the Stowell Manufacturing
Co. of Putney several years culmi
mated this week in the appointment
of temporary receivers of the business
Just what this means cannot be told
at present, but it Is hoped that 1t will
result. not in winding up the affairs OF
the company, but in effecting a reor
ganization and a continuance of the
business. To wind up the business
would be nothing short of a calamity
to the town. The legal steps in the
matter have been taken by Lawer c. G..
Fits of Brattleboro. The temporary
receivers are G. L. Pierce, G.. w.
Adams and f. S. Munger. The docu-
ments in the case were filed yester-
day.
The Stowell Manufacturing company
was organized in 1885 with a capital
of $4,000, which was increased in
1886 to $23, 900. The corporation was
organized by the late John w. Stowell
for the manufacture and sale of toys.
tables and other wooden articles. A.
F. & l.. i. Kelley of Minneapolis were
large stockholders in the corporation.
and the failure of the Kelleys has had
more or less to do with the financial
difficulties of the company. In car
rying on its business the corporation
incurred large Indebtedness and issued
promissory notes in liquidation of it.
On March 30. 1899, it became nee
essary to adopt measures of relief in
order that the business might 20 on
and 81 citizens of the town endorsed
for the corporation a promissory note
for 100000 to the Vermont National
bank of Brattleboro, to be used by the
corporation as collateral security at
the bank for procuring money on
notes. To these citizens a mortgage
was issued on the real estate. ma
chinery. patents. etc. These 81 per-
sons are: II. p. Farr. G. L. Pierce. NJ.
G. Williams. Henry Crawford. George
T. Aplin. A. c. Cobb. e. S. Munger.
Olive J. Stowell. Minnie A. ~Treadway.
A. w. j. wilkins. H. C. Black. w. D.
Waite. G.. w. Brooks. G.. p. Parker.
F. d. Kendall. A. A. Blood. James w.
Lester. H. G. Everleth, d. II. Wheeler.
d. B. Clough and Henry Crawford as
executor of the will of the late James
Crawford. C. w. Adams has been
given the power of attorney to act for
these orators.
In addition to the notes and obliga-
tions held by the bank the corporation
is owing sums to various persons. in
CURED in the prosecution of its bust
ness, amounting TO S2500. The
orators aver that the real estate is Of
little value for any other purpose than
at present used and that at forced sale
it would not bring sufficient money to
liquidate more than half the amount
for which they are liable. They aver
that the business has been run at a
loss every year for the past five years.
The financial statement of 1900 and
1901 shows that in each of those years
there was a loss Of more than $1,000.
The orators claim that the business
cannot be carried on without a con-
tinued loss and consequent deprecia-
ton of the value of the assets OF the
corporation and of the orators Sc
For these reasons the orators pc
Chancellor j. NJ. Tyler of Brat
tleboro for the appointment of re-
to take charge OF the assets
and carry on the business until the ma
terial on hand is completed and sold
and h business Of the corporation
out and the corporation wholly
dissolved by order of the court. And
pending determination in chief on the
bill the orators asked that temporary
receivers be appointed to carry out
is asked Of the permanent re-
ceivers.
The officers Of the company are DR..
=. >. Munger, president. and Miss
Maud NJ. Munger. treasurer. The
company employees from 80 to 40hands.