Putnam patriot., 1924-01-18
Local Mill ViCe-PreSident
 NOlU With DdnieLsOn Concern
ROLAND H. BALLOU HEAVIEST STOCKHoLDER IN MAN. HASSET MFG. CO.,. BECOMES SALES MANAGER
 OF CONNECTICUT MILLS CO
Succeeds R. Caldwell of New York CitySuperior Court
 Sanctions Sale Manhasset Assets at Public Auction

That Roland II. Ballou of Provi- dence. viee-president of the Manhasset Mfg. Co. of this city, has made con nections with the Connecticut Mills Co. of Danielson. by which his future interest in the local corporation is niI to all intents and purposes, was the statement that came today from most reliable sources. This is of widespread interest, in both manufacturing and financial circles, and interests Putnam because Mir. Ballou has been so long and prominently identified with the past affairs of the local mill and 10 was hoped would continue to be so.
 Mir. Ballou New S.lesmsnsser
 Ths Patriot is informed that Mir. Ballou has become general salesman ager of the Connecticut Mills Co, which concern operates a large plant at Danielson and maintains others. one in Canada. Whether or not Mir. Ballou has become heavily interested. financially. in the company and has been elected q viee-president as well as director. could not be determined today. But it Is reported that such is his official identity with the neighbor- ing corporation.
 As general salesmanager Mir Balsou succeeds K. ]. Caldwell of New York City. who so represented the concern for years. Mir. Ballou, in his new ea- pacity with the Connecticut Mills Co.,, will maintain offices in Providence.
 Organized Manhasset Mfg. Go.
 IL was back in 1911 that Mir. Ballou first took an active interest in the lo- cal manufacturing enterprise. He was one of the most active ones in f. nancing the purchase of the old Mono hansett mill and getting the present Manhasset Mfg. Go. under way. He was elected treasurer and general manager by the newly organized conf pany and acted as it's salesmanager- As such he continued for years, his tenure ceasing only when the com pany, caught like many other such con cerns when the crash came, was fore ed to accept management by credit ors' committee. William Nermiiye was elected treasurer and general manager in 1921. and MT. Ballou be- came vice-president of the concern, the office he still holds. Mir Nermilye resigned months ago.
 Offer. to Buy Plant
 Il became known some time ago that Mir. Ballou. on behalf of some of the present stockholders ths sBailou hay ing a controlling interest himself in the Manhasset Mfg. Col made an of fer to buy the Putnam mill and it's contents. The receivers have never discussed the matter, but it was re- ported today that the offer has not yet been withdrawn. It was the desire, 1t is stated, of Mir. Ballou and those as- sociated with him in behalf of the stockholders in the present company. to acquire the Putnam plant and it's equipment, organize new company and operate the mill. In this manner, 1t is said, it was hoped that what may be lost by the misfortunes of the pres ent company, would be made up, at least in part. by the running of the mill by the proposed new company These plans. of course, were contin- gent upon successfully bidding for the. plant. Mr Ballou's having become identified with the Connecticut Miiis Go. is taken by his friends as indicat- ing that he is no longer interested ia the local mill property, as its future was planned in theory.
 Auction Sale Next Month
 Judge l.. F. Waldo Marvin of the Windham County Superior court hay ing handed down his favorable decis- ion on tine petition of the receivers of the Manhasset Mfg. Co.,, to sell the property, steps have already been talk en to place the assets of the concern on the auction block. The auction will be Lid, if nothing happens, on Feb ruary 25th.
 The method to be pursued in dis posing of the property by the receiv- CTS, John B. Strongman and Artemas C. Townsend, is new to Putnam, and, it is stated. unique for Connecticut If the receivers believe it best, court di- rects them to get the most cash for the assets of the company in two ways: one. by getting bids for the assets as whole, and second, by getting bids parcel by parcel. Both sales are to be by auction If the receivers, after having the parcel by parcel sale, be- lieve that the assets will bring more cash if offered as whole, they have the right to do SO. Then, if they find that the first method was productive of best results, that method Is to be the one by which the company's assets are to be knocked down to the high