Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-09-23
Court Appoints Merritt Greene
to Take Charge Of Rhoades
Carmean Affairs
MOORE AND PRICE RESIGN
Action Agreed Upon by Creditors, AS
sisnors and First Assienees-WiI'
Better Suit Outside Creditors, as
Moore Is Director of Bank Holding
Large Claim. .s.---

was made this afternoon when Judge
Caswell appointed Hon. Merritt Greene,
Of this city, to succeed Messrs. a. A.
Moore and A. c. Price, who resigned
this morning. Mr.. Greene will take the
active management of the business at
once and already has filed his bond for
100000.
The change is not made on account OF
the personality of either Mr.. Moore or
Mr.. Price. Mr.. Moore was the active
assignee first named, and as he Is one
OF the best business men in the city his
methods that would have been used IN
conducting the affairs of the buggy
Moore Is one Of the directors of the
Marshalltown State Bank, the heaviest
creditor of the Rhoades-Carmean Com
pany, the outside creditors might be-
come suspicious and attempt to make
trouble.
This fact was readily appreciated by
Mr.. Moore when he was asked to take
charge. He, as we'll as others inter-
ested, saw that the Outside creditors,
not knowing him personally, nor his
standing in the business world, would
look upon him from q cold, business
standpoint, and might think that be-
cause of his connection with the inst1-
tuition having the largest claim, those
holding smaller claims might suffer.
Seeing it in this light Mr.. Moore read
ily assented to step down and out. MI.
Greene was happily settled upon, being
one Of the first men suggested.
f The principal thing to be feared from
the outside creditors, either by personal
representatives on the ground or thru
their attorneys here, was that they
might attempt to force the concern into
Bankruptcy, and in that manner assure
nil the creditors to realize at least a
portion of their claims, but prevent the
company from carrying out lis luea 10
convert it's unmanufactured stock into
buggies and other vehicles, and attempt
to pay out dollar for dollar.
The suggestion to make Mr.. Greene
assignee was readily taken up by the
assignors, the first assignees and the
attorneys for the outside creditors.
They know of Mr.. Greene sufficient to
satisfied that he will give all q safe and
conservative business. He is one who
has already made q. success out OF a
manufacturing business in the east, and
has spent practically all his life con-
nected one way or another With manu-
featuring industries. Another fact that
was grasped at once by the attorneys
for the outside creditors is that Mr..
Greene is a small creditor himself, to
the extent of $4,000, which puts him on
about an equal footing with most of
the outside creditors, as far as the
amount of his claim is concerned. Hav-
ing personal interest at stake he
would naturally look after every small
detail of the business, and by so doing
would protect as we'll the interests Of
the other creditors.
Mr.. Greene was seen this afternoon
and asked as to his policy in the man
agement Of the business. He said that
his first idea would be to preserve the
property for the benefit Of the credits
ors, and realize for them, out of the
stock, goods and chattels Of the buggy
company every dollar that was possi-
BILE to obtain; then he would attempt to
save as much as possible for the stock
holders. Il realize" said Mr.. Greene.
that this property is an exceedingly
valuable one, and that everything pos
sible should be done for the creditors
and the stockholders. My hope is to see
a reorganization of the concern, to see
new capital invested after the work of
the assignee is over, and to put the bus
mess again on strong financial basis
and keep for Marshalltown one of it's
leading industries