The Barre daily times. (Barre, Vt.) 1897-1959, 1918-03-07
MONTPELIER
Complications Develop Over Sale of Col
ton Plant.

ton Plant.
Although Eben C.Gitehell, who is now
in bankruptcy, bid soif the equity. over
aud above the mortgages of the Cotton
Manufacturing company Wednesday
afternoon at the auction, yet he will
have TO prove TO the satisfaction of the
chancellor, +. NJ Butler, that he has the
finance to pay the obligations he has as
sumed before he can secure the title to
the properly. Before the receivers, l.. II.
Bixby and A. G. Eaton, left the building
on Winooski avenue following the sale,
they notified Charles Gale, the watch.
man. to refrain from allowing Gtchell
about the place. The sale was set for 2
o'clock in the afternoon. Auctioneer C..
| +. Smith stated before the bidding com
meneed that f. NJ. Harvey, for the re
ceivers. wanted 10 read statement of
! the affairs that those who might bid
would know what they were bidding
| upon. In other words, he explained about
the mortgages held by the Capital Saw
| ings Bank and Trust company, and +.
NJ Cory and the heirs of w. Il. Adams.
These mortgages are signed individually
by w. G. Cotton, j.. A. Cotton, Theron
Cotton and Harry Cotton, instead of by
| the corporation. He further stated what
| the water rights compose and gave those
bidding much information. After him,
| +. II. Deavitt, for the mortgage holders,
made a statement that the successful
bidder must pay cash for his equity and
assume all mortgages. He must deposit
the amount of the bid with the Montpel
ier National bany by noon Thursday,
and ii he failed to do that, that the next
lower bidder would be allowed to de-
posit the amount OF his bid by noon Fri
day.
Mr.. Smith asked for bids He talked
some minutes and then voice, which no
one recognized until Mr.. Smith informed
them that it was Ernest Kaiser, made
the bid This startal the rumor that
the Tenney company, by whom Mr..
Kaiser is employed. was after the prop
erty. The bid set for some time and
some of the men left for over town. tell
ing as they went that the property had
gone to the Tenney company; but such
was not the case, for Mr.. Kaiser asked
f. NJ Cory few questions relative TO
the responsibility of bidding, which re
suited in Mr.. Kaiser withdrawing the
bid
Mr.. Smith then worked overtime to
get another bid and finally w. c. Cotton
bid 81. He was Immediately raised TO - !
by Mr.. Gitchel whose conversation with |
+. NJ. Cory furnished little amusc |
ment. Conferences were held. Efforts TO 1
get a raise in bids failed and finally Mr. |
Smith was told by the attorneys to close |
the deal if the bid was not raised, the |
right TO adjourn the auction having been |
waived bv the receiver, who conducted |
the sale Mr.. Gitchel was awarded the
equity for So He tried to get a receipt |
of MIR. Smith and then Of Mr. Bixhy,
but the latter told him he was not the
bank. to which place Gitchell hurried
and deposited the s., before the bank
was closed. However, the title will not
be good until the court has given its
sanction of the sale. and a hearing on
that matter will take place in few
DAYS. Mortgages, which total $500, are
carried on the property. These are Sc
cured; there are also other mortgages
which are not secured by this property,
while So 500 of the mortgage notes are
overdue and would have TO be taken NJ
as soon as the chancellor sustained the
sale. |,
I
r. Gleason, attorney for the mortgagees,
filed a petition for leave to site the r.
ceivers into a settlement with the mort
gagees that in ease there was not enough
realized to pav the mortgages that the
balance be paid from the money in the
hands of the receiver. and that If the
sum in their hands is insufficient to
meet the mortgage She mortg tgagees be
given authority to proceed against the
Coltons. The balance on hand amounts
to nearly $4,000.
Ten more cars of coal arrived Nednes
iav. of which six went to Barre, while
four were set off at Montpelier, one for
q. W. Andrews and three for IL. NJ.
ODell.
The fourth young man from Washing
.on county has signed TO self-induct into
he carpentcrs' branch of the aviation
service of the signal corps, responding
20 the call received last Saturday. He Is
-rawford Maxwell of Waterbury; so {
hat now three have come from class one
while there has been one signed up from
lass two. and il looks as though the
fifth one would probably appear before =
he end of the business day, Friday.
Letters were received this week from I
henry Ford. who Is with the Massarhu- D
etts contingent in France. that he Is in g
hospital for trouble with his feet and r
hat he j. doing well. John Tomssi Of g
Montpelier j. in the same hospital with I
i'm II j. thought here that both have. ?
cen trench service and arc suffering O
rom trouble with their feet which Dc 8
eloped while they we're in that service. o
.Ir Tomasi was member If Go. n. =
: hen - left here. while Mr. Ford was b
member Of Boston company Of the 9tb
sa- arhuscft--
Armaudo Crc-po. Who was arrested
Wednesday morning BY Chief Connolly. O.,
"a released iu the sfferuooa. having n
ern able o. furnish 81. 900 hail. lie i
rss takes 10 custody originally upou NJ
- complaint under thc federal laws NJ.
81
lContnucd ca eighth pegel