Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-11-26
LIABILITIES HEAVY

JANNEY MANUFACTURING com.
PANY INDEBTEDNESS ALLEGED
TO BE NEARLY 100000.
Joseph Dain, Named as Receiver,
Gives $4,000 Bond-susaests That
Business be Carried on in Moderate
Way for Reasonable Length of Time.
From Thursdays Daily.
The appointment of receiver for
the Janney Manufacturing Company Of
this city. was made late yesterday aft
ernoon This action will involve no
other business interests in this city
and 1t is hoped today by
those best acquainted with the
circumstances that reorganiza-
ton of the Janney company can be
made which will continue. without in
PERMISSION, the business of this import
ant manufacturing institution. The
Janney plant is one of the best
equipped manufacturing establish
ments in the state. A number Of the
implements which they are making,
are now and always have been good
sellers and profit makers. The past
two years, however, have been bad
seasons for the corn shredding bust
ness and 1T is stated that to the con-
dition of this branch of the business,
the present necessity for receiver
ship is directly traceable. The failure
in September Of the e. T. Kenny Co.,
of Indianapolis. the largest dealer in
the corn shredders, has also been a
factor in the situation. Ottumwa cap
ital is interested In this enterprise,
and the recent accession to the COM
pany of Secretary r. L. Rhea of Peoria
who brought with him number of ex-
oellent machines and large estab-
lished trade. gives splendid foundation
for reorganization, which it is believed
today can be carried out and that the
leceivership will be matter of only
q brief period, Indeed there is every
reasor for encouragement in the stu
alton and all Ottumwa will unite most
heartily in doing what it can to see
that the reorganization is ac-
complished. The application for the
receivership recites the following
statement as to the condition of the
company:
Application for Receivership.
Alleging that the Janney Manufact-
uring company has no money on hand,
no probability of money being secured
and that it has no assets available upon
which to raise funds to continue the
operation of the manufacturing plant
or to pay creditors of the company and
that creditors are pressing for settle
ment of their claims and that some
of the creditors are threatening at
tachment proceedings, Calvin Man
ming and Chris Haw, two large stock
holders of the concern, yesterday aft
ternoon, filed an application for the ap-
pointment of a receiver for the com
pany
The application for the receiver
ship was made before Judge F. w.
Eichelberger in district court about 8
O'Clock as stated in the Courier in the
issue of last evening, Joseph Dain,
president of the Dain Manufacturing
company. was named as receiver. Mr.
Dain filed his bond and was placed in
charge of the plant and business Of
the company under the direction of
the court.
In the application for receiver 1t is
stated that the Janney Manufacturing
company is a corporation capitalized
at $125,000 and located in the easterIy
part of the City of Ottumwa, for the
manufacture of farm implements and
machinery. 1t is stated that Mr.. Man
ming is the owner of 263 shares of the
stock of the corporation valued at $100
each or a total of $4,000, and that Mr..
Haw is the owner of 230 of the shares
valued at $4,000.
Declared Insovent.
The Janney company according to
the petition, is declared to be insolvent
and indebted for money borrowed and
for money due to firms and creditors
for goods and chattels purchased by
the company to the extent of 1884,
900. There are also other endorse
ments on trade paper totaling between
$4,000 and $4,000.
All Collateral Pledged.
1t is stated that there is already
pledged as collateral all or practically
all the notes, accounts and bills due
to the company and that there is no
money on hand outside of very small
amounts and that there are no assets
available, aside from very small
amounts, upon which to raise money
PRESSING Indebtedness $4,000.
1t is further stated that there are
pressing indebtednesses aggregating
a total of $4,000, which there is no
possible means of meeting and that by
January l, 1905, there will be due in
debtednesses amounting to $4,000. OF
this total $4,000 will be due on De-
cember /. After January J., 1905, the
petition states that there are still
large sums to become due.
The appointment of a receiver is
asked for who shall take charge of
the property Of the company both
real and personal, and who is to man.
age same and to operate the plant. 1t
is asked that all assets be converted
into cash at the earliest date practic-