The Brattleboro reformer. (Brattleboro, Vt.) 1907-1912, 1908-02-14
IA RECEIVER
IS APPOINTED
For Hardware and Wooden
ware Manufacturing Go.
TROUBLE TEMPORARY
| A. Smith Co. Plant Closed for IN
ysu,ory Bu, Expects TO Resume op'
Grafton in Two wssks-corporanon
Relieved TO Be Solvent

The Hardware and Woodenwaf'
Manufacturing company, eofpofa''"i
wning aud operating 20 TOY, ehai'
aby.carriage and hardware pian''
throughout this country, including tue
A. Smith company plant OF TINS
.wn. was placed In the hands OF re-
Diyer saturday by United States CIR
h,I, Judge !. l.. Martin Of this town
4 n hin OF equity filed by counsel for
bryille T.. Noble and Ralph ID. Cooley
q Granville. Mass. stockholders IN the
prporation and managers OF the com
kany's plant in Granville. Judge Mar
| n nppointed ms receiver Nicholas H.
kolwell, president Of the corporation
Ina MIR. Colwell has also been made
kneillarv receiver for this state, Win
klarke L. Fits rs his counsel
The management Of the :. 4. smith
pmpany received news OF the receiver
hin Sunday morning and at once mott
ri the employees of the local plant
bat the factory would be shut down
ending the taking of an inventory rs
Sked for by the receiver. IL Is ex.
ketcd, however, that the factory VIII
Ssume operations within two weeks
Iom the time of the receivership, aud
ere is little reason 10 doubt that
IAN providing for the early termina'
bn of the receivership and for the
ceessful continuance of the business
II be adopted. A committee COM
sed of A. A. Tisdale, ii. 7. Kings.
nv (of Keene), J. II. Logan, X. Is.
oley, j. W. Eshleman, i. l.. Hunt (of
lattleboro) and William Wente has
en appointed to prepare this plan
n will probably meet in New York
an early date. BY the courts or.
rs the receiver is instructed to con
hue the operation of the business
th the least possible interruption
h with no unnecessary changes IN
organization or employees. At pres.
the books of the company are be.
examined and audited by Price,
terhouse Il company, public ae'
ntants.
In the opinion of its directors and
GERS the Hardware and Woodenware
nufacturing company is entirely
sent. Apart from its fixed assets,
sisting Of real estate, buildings, ma.
hery and equipment inventoried at
n $l,S00,000, there is believed to be
large margin in the amount of the
bpany's quick assets, consisting OF
Dunts receivable, merchandise, ma
al and supplies, over and above
entire amount of the liabilities,
mated at $l,l60,000.
lanes r. Burnet, counsel for the re-
yer, has made the following state
BIT in New York: "The Hardware
Woodenware Manufacturing com
by is a New York corporation which,
l907, took over the property and
ness of the National Novelty cor
tion, a consolidation of hardware
toy manufacturers owning and
hting some 16 manufacturing
Is in Connecticut, Rhode Island,
bachusetts, New Hampshire, Yer
Pennsylvania, Michigan, Ohio
Missouri. The company is capital
at $3,75O,OOO. According to its
statement the assets Of the com
amounted, exclusive of goodwill,
approximately $3,5OO,00O, against
lities of approximately $1,l6O,O0O.
believed that the quick assets of
company, consisting of materials,
lies and merchandise in process of
nfacture and on hand, exceed the
k liabilities.
X am informed that the company's
rrassment is due to the contrac-
BIZ its bank credits during the re-
Financial stress. During the past }
the company has retired an issue
BIT mortgage bonds on its property I
hting to $l,250,000, together with
mortgage liens amounting to :
100000, and in addition it has
10 face contraction of bank Z
amounting to over 100000. $
he officers of the company state
under prevailing conditions they q
liable to procure adequate loans to
on the business, and action has ?
ore been taken to secure the pro- n
of the courts for all the credit :
pd stockholders and prevent any II
br obtaining a preference in the ?
ny's assets. A plan for financial D
of the company, looking to the Il
int of all its liabilities and the P
VI tion of tho business is now II