10-5-1905 Willmar Gasoline Engine Works Article

Engine Works Sold

Kandiyohi County Bank Now Owner of the Willmar Gasoline Engine Works.

At a special meeting of the stock holders of the Willmar Gasoline Engine Works, Held last saturday at the office of the secretary, H.J.Ramsett, the majority of the stock holders of that corperation decided to sell out the entire property to J.F. Willard, vice president of the Kandiyohi County Bank. Mr. Willard was present as the representative of the bank and his bid,which was accepted, was $5,150. This merely covers the present indebtedness of the corperation, but as no other bid was handed in it was accepted.

The stock holders met pursuant to a notice framed and published by the board of directors of the Gasoline engine works. Those present at the meeting and the number of shares represented by each were as follows; Lars Halverson, 38; C.P. Karwand, 2; A.E. Rice, 10; H.J. Ramsett, 2; Geo. W. Johnson, 1; S.S. Clarum, 2; and Lewis Johnson, 1. After considerable discussion on part of those present, regarding the condition of the corperation and it's financial troubles, Secretary Ramsett Finally offered the following resolution: Whereas, The debts and liabilities of the corperation is $5,150 and the corperation has no way or means with which to pay off same as they mature in the ordinary course of business; and Whereas, It is believed by the stockholders that a greater amount can be realized for it's assets and liabilities and all thereof at private sale in bulk than in any other manner; and Whereas, The corperation is unable to further carry on it's business and as the creditors are about to enforce their claims against the corperation, which act would necessarily throw the business and property of the corperation into the hands of a reciever and thus a large amount of the assets of the corperation would be wasted and spent in expenses and fees: therefor we deem it to the intrest of the corperation to sell out it's entire property to J.F. Willard for the sum of $5,150, that all debts and liabilities now existing against the corperation might be paid. This resolution caused a somewhat lengthy and spirited discussion, considerable opposition being raised by the minority stockholders, claiming that the action was too hasty, but was adopted by a vote of 41 to 15 when put to a vote.

At a meeting of the board of directors immediately after the special meeting, all bills against the corperation were allowed and have now been paid. The Kandiyohi County Bank has not yet decided what to do with it's newly acquired property. it is not probable that any action will be taken to improve the plant for some time.

The Willmar Gasoline Engine Works was organized in April, 1898, and was thus about seven years old. Lars Halverson acted as manager during it's entire period of activity. The present or rather last board of directors of the corperation was composed of Lars Halverson, president; G.P. Karwand, vice president; H.J. Ramsett, secretary and treasurer; and Lewis Johnson and Geo. W. Johnson.