1925 Liquidation of William Galloway Company

| March/April 1996

Liquidating and Trading Certificate

R.R.2. Box508A. Yarmouth. Maine 04096

I have been a gas engine collector and hobbyist for over 25 years, and many times have wondered whatever became of some of the large and well-known engine manufacturers of the past. One of these was the William Galloway Company of Waterloo, Iowa.

In my continuous searches for literature and ephemera about gas engine manufacturers, I purchased some very informative papers about the William Galloway Company and its successor: 'The Galloway Company.' The liquidation of the original company, and exchange program to stock and bondholders of both the old and new companies, was a very complicated and interesting arrangement, to say the least. In order to share this information with GEM readers, I have provided the letter and liquidating and trading certificate, as sent September 21,1925 to Amos F. Braman, Central Bridge, New York.

Mr. Braman was a stockholder in William Galloway Company and recipient of the offering for the new company. Apparently he chose not to respond, as none of the various coupons were ever detached and the return envelope to the Galloway Company was never used.

The letter Braman received reads as follows:

'Dear Friend: