Putnam patriot. [volume] (Putnam, Conn.) 1872-1962, 1924-04-25
MANHASSET PAYING
S624,747 OF DEBT
Superior Court Authorizes Par
tial Distribution on Account
of Claims
This First Payment Represents Tea
Percent og Heavy Indebtedness

Payment Of s624.74T1l by the re-
eeiyers Of the Manhassct Manufacture
+ ing Company Of this city. 70 the cred
I itors OF the concern, as n partial dis
/ trihution on account Of their claims, Ia
authorized. ii became known today,
when the Superior court granted the
order sought by the receivers to make
such payment Court specifics that
the s624,747.il shall be paid to B. C..
Chase. Jr.. X. Il. Cox, II. r. Deminx
and F. NJ. Howe. who comprise com
mittee representing the nearly 200
creditors Of the defunet company.
Winding Up Company Affair.
In this court order Is seen one of
the final moves by the receivers Ia
wind up the affairs Of the local cor
poratiou. Creditors have claims
against the company Tor more than
Sh,0ae,0oe and this payment author
lied by court, represents a ten per
cent recovery Of the total due from the
company 70 those 10 whom il owes
money. That further such payments
VIII be made seems assured, but their
amount Is an uncertainty at present
The court order covering this ten
per cent payment states that the
amount of the payment Is item per cent
of the aggregate original face value
of the notes on account on which said
claims were allowed after deducting
set-offs and counter claims
In applying for this court order the
receivers made known 10 the presiir
ing Judge that they had cash bal
ance, in currency and United States
Treasury notes, amounting to more
than $500. 900.
Organize New Company
There was incorporated in Rhode
Island this past week, the American
Rhea Spinning Co, with authorized
capital Of 100000 preferred shares
and 10000 shares of common stock of
no par value. Its incorporators are
II. G. Hicks. w Eecleston and NJ Bri-
mau.
II Is reported that IL is this company
that will take over part Of the Man
hasset property here. undoubtedly the
whole or a part of the plant erected
on the east side Of Canal street.-The
newest one of the manufacturing
group.
That this structure will be equipped
with special machinery for the spin
ming of rhea Tor, as il Is also known.
ramiel. is the statement made by n
textile journal. which The Patriot was
able 10 confirm.
Spin Ramie Under Contract
The textile journal also states that
the spinning Of ramie will be carried
on here under contract entered into
with the Rheabat Corporation OF East
Pepperell. Mass. This is concern
organized under the laws Of Massa-
chusetts. By recent authorization, the
capital Of the corporation has been in
creased 10 81 800, 900 by the addition
of 10000 shares OF preferred stock.
The company also has outstanding 3D.
600 shares of common of no par value.
Il il further stated that the Ameri-
can Rhea Spinning Company will be
controlled By the Putnam Land and
Mill Company. II Is this latter com
pany that was organized in Rhode Is
land fortnight ago, to take over the
entire Manhasset property as purchas-
ed at public auction by interests rep
resented by William Muir. II this re-
port Is true. the American Rhea Spin
ming Company is the child OF the
group Of Stockholders In the Manhns-
set Mfg. Go. which bid in the local
property at public auction and then or
ganized the Putnam Land and Mill Co.
to take il over.