The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-09-13
COURT PROVIDES FOR coNTINU-
ANcE OF AFFAIRS UNTIL RAW
MATERIAL AND PRESENT STOCK
s DISPOSED OF.
ANOTHER PLANT PROPOSED
probable That Car Brake Manufac-
tory VIII Take the Buildings and
Germ.

Late yesterday afternoon Robert e.
Stimson, president of the Richmond.
Ind, Manufacturing company, and one
of the largest stockholders in the con
Germ, filed suit in the circuit court pc
titioning that a receiver be appointed
for the plant, which Is one of the
largest manufacturing concerns in
eastern Indiana. Shortly after the
suit had been filed, Judge Fox ap-
pointed the Dickinson Trust company
of this city as receiver. In the COM
are given at $4,000 and the assets
at $4,000. Mr.. Stimson's grounds
for asking that the concern be placed
in the hands of receiver are for the
collecting of personal claim against
the concern, amounting to $50,
The court has instructed the re
ceiver to operate the plant for thirty
or sixty days SO that the unfinished
products can be completed and
placed on the market and to use up
the raw material now on hand. Aft
er this has been done the receiver is
instructed to sell the plant at public
sale so that the Indebtedness of the
concern can be met. The only local
creditor besides Stimson is the Sec
ond National bank, but it is not known
what it's claim against the concern
amounts to.
1T is expected that the amount
realized from the sale of the plant
will not equal the amount of the in
debtedness. However whatever the
deficiency is, 1t will be made up by Mr..
Stimson and his associates" stated
Charles e. Shiveley, who is Mr.. Stim-
sons attorney. The stockholders will
IN all probability, realize nothing from
the sale of the plant.
Causes for Failure.
Mr.. Shiveley states that the cause
OF the failure was the financial strin-
gency and increased competition. 1t
is understood that for some time the
company has been in distress, but was
kept going by funds advanced by Mr..
Stimson. 1t has been known in local
that the Richmond. Ind. Manufactur.
ing Company might within short
time go into the hands of a receiver,
so when 1t was announced yesterday
afternoon that Mr.. Stimson had ap-
piled for receiver little surprise was
occasioned.
The principal stockholders in the
son. E. E. Perry. j. F. Wild of In.
dianapolis E. F. Claypool of Indiana
polls, and Mr.. Stimson's father who
resides in California. Stock in the
concern Is also held by several In
dianapolis parties whose names are
not given. The company was organ
lied in 1901. The plant was purchased
from E. E. Perry and J. F. Wild oi
Indianapolis. The company was in.
corporated with capital stock oil
S125.Ooo and since its organization
has manufactured iron bedsteads and
vehicle and bicycle lamps. For sew.
eral years the concern did flourish.
ing business and just prior to the fin
Gncial stringency last fall it had pay.
roll of about go men and women.
Mr.. Shiveley states that 1t is quite
probable that the plant will be pur.
chased by company soon to. be or
ganized to manufacture car brakes
The majority of people interested in
this new company he states are local
men. md he predicts this company
will be one of the largest concerns in
the city.