The Montgomery advertiser., 1904-10-07
RECEIVERS ARE NAMED
oHDER AS TO ALABAMA COTTON
 PRODUCTS COMPANY.
W. C. Lowering of Massachusett. and W. E. Hooker of Montgomery to Conduct Business Pending
 Decree of Court

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 On petition of a majority of the stockholders. Judge A. D. Sayre of the Montgomery City Court. yesterday appointed William c. Lowering of Taunton. Mass, and W. E. Hooker of Montgomery receivers for the Alabama Cotton Products Company pending decree of the court dissolving the cor poration.
 The purpose of the company is to re- organize. Its present trouble is due to the recent assignment of the Amer lean Cotton Company through which company the products company was financed.
 The Alabama Cotton Products Com pany was successor to the Alabama Roundlap Bale Cotton Company which was organized under the Alabama laws. The company operates round bale presses throughout Alabama and these presses will not be stopped by reason of the appointment of receiv- CTS. vt
 The ofrice of the company was re- moved to Montgomery from Atlanta about three months ago and a whole floor of offices was rented on Commerce Street. The local manager was W. F. Hooker. who was named as one of the receivers
 1He pctltlOn TUT u1SSOiuttOn Ot tuc corporation was filed yesterday morn ing in the City Court in Equity by Charles E. Kimball of Summit, N. J.. F. H. Fillmore. Jr.. and W. F. Hooker of Montgomery. and Paul Jones. l.. T. Hubbell and A. R. Erskine of New York city. They claim that they own all of the stock of the corporation ex- cept one share owned by Allen Flem- ing of Atlanta. Ga, who is made de- fendant in the case.
 Tn granting an interlocutory decree naming the receivers Judge Sayre said: This cause coming on to be heard upon motion of complainants for the appointment of a receiver pending the final decree of dissolution of the cor poration prayed for and 1t appearing to the court that the complainants own all of the capital stock of the Alabama Cotton Products Company, a corpora ton, except one share, which Is owned by the defendant, and 1t further ap- bearing that the said corporation is solvent, but that on account Of suits commenced and threatened and other conditions stated in the bill of com plaint, 1t Is necessary to preserve the property and prevent It's sacrifice so that its real value may be secured and preserved for the creditors and stock holders of the said corporation; and 1t further appearing that the complain ant cannot obtain the consent of the defendant to the said dissolution and 1t is necessary to bring him into court before a dissolution can be decreed:
 Tt is therefore ordered, adjudged and decreed that William c. Lowering and w. E. Hooker be and they are hereby appointed as receivers of the said Alabama Cotton Products Com- pany. it's property and assets, upon their executing bond with surety in the sum of $1O,o00 payable to the reg ister and conditioned for the faithful performance of their duties as such re- ceivers and for the full accounting for All of the assets of the said corporation which may come into their hands.
 "The said receivers, after they shall have qualified as hereinabove directed. shall. pending the further decree of the court, collect the debts due to the Ala hama Cotton Products Company and preserve the property of the same. but shall not disturb licenses and lessees in their possession of property under current contracts with said corpora tion."
 MT. Lowering, named as one of the receivers, Is a wealthy cotton manutac- turer and d Congressman from Massa- chusetts. It is understood that he will give his attention to financing the corporation while Mir. Hooker, the oth- CT receiver, will look after its inter ests in Alabama. They have already qualified as receivers.
 The corporation Is entirely solvent. A statement of it's condition filed with the court by D. c. Stroud. It's Secre- tary and Assistant Treasurer, shows that it's assets are &2s9,5s3.s s2 and it's liabilities are $6S.559 56. or about four limos as much assets as liabilities.
 MT. Hooker said yesterday evening that. as a receiver. he was subject to the order of the court and preferr\ to discuss the affairs of the com pary He expressed the opinion, how e;e;. that the business would be con- tinued just as 1t had been.