Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1903-08-28
sTOWELL PLANT SALE.
Objecting Signers Given Until satur-
day to See About Getting a Larger
Bid

objecting signers Given Until satur-
day to See About Getting a Larger
Bid.
The petition Of the receivers Of the
Stowell Manufacturing company of
Putney for a confirmation Of the auc-
ton sale Of the plant to George T. Ap-
lin came before Judge Tyler yesterday
in the county clerks Office. At a pre-
liminary hearing last Saturday certain
OF the p signers of a $40. 600 note to
the Vermont National bank. issued by
the company. objected 70 having the
sale confirmed The plant was sold
to Mr.. Aplin two weeks ago for s19.-
GOO. which was just about enough to
pay Indebtedness incurred by the re-
ceiyers. leaving practically nothing
to apply to the note. At the hearing
yesterday Judge c. L. Howe Of Rut-
land and Judge Z. H. Allbee Of Bel
lows Falls appeared for the obiecting
signers. c. c. Fits for the receivers
and Judge E. L. Waterman for the
bank. 4 large number Of the signers
were present
At the outset Judge Howe stated
the sale of the plant by the receivers
to themselves. that Mr.. Aplin was one
OF the mort tgagees. and that the value
Of the property was much in excess Of
the amount received for it. Mr.. Aplin
was the first witness. He said he
looked over the property before he
bought it and that he gave his per
sOnal check in part payment therefor.
The principal part OF his testimony
was that he had an understanding
with q. !. Pierce and c. W. Adams,
receivers. as to what he could do with
the property if he wished In response
20 request from Judge Howe Mr..
Aplln showed two letters just alike
except that one was signed by Mr.
Pierce and the other by Mr. Adams
written before the auction in which
they stated that if Mr. ApNn carel to
bid on the property al sum not to
exceed 100000 they each would sub
scribe Sl0.0 worth Of stock in a
company to be formed with d capital
stock Of $4,000 provided Mr. Aplin
would turn over the property 70 the
company for the price ne paid for it,
Mr.. Aplin said he had no intention Of
running the property alone. but was
willing to release Mr Pierce and Mr.
Adams from all obligations contained
in the letters.
q. p. Parker thought the property
could have been sold at a better ad-
vantage if the manufactured goods
and the real estate had been sold sep
arately. He said he so stated. in ef-
feet. TO the auCtioneer.
Nj. Adams testified that the re-
ceivers did their best TO get a pur-
chaser for the property when they
took possession of it. but were unsuc-
cessful. Then they arranged to have
it taken over by the National Novelty
corporation and in doing so withdrew
their business from the commission
agent who handled ii. Then when
the corporation rejected the property
they were worse of than ever Their
mortgage note called for S22 900 of in
surance, but as their indebtedness in
creased the insurance dropped to
about $4,000. They had no money
with which TO carry on business until
time TO begin shipping goods and were
obliged TO either shut down or sell
out. although they would have pre-
ferred to go on until the end of the
season so as to realize on their manu-
factured goods.
The arguments were made in the
evening. The court said that the
property was in a hazardous situation
with but $4,000 insurance. and he
had no assurance that il could be dis
posed of at a higher figure. Judge
Howe asked that counsel for the sign
ers be granted until Saturday noon 10
find out what could be done in regard
to getting a larger bid, and his request
was granted.