St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-30
Senator Sabfn Interviewed.

On learning that the report of Mr.. E. S.
Brown, receiver of the Northwestern Manu-
featuring & Car company, was filed with
the clerk Of the court, your correspondent
proceeded to obtain copy of the same and
Immediately repaired to the Office of Mr..
Sabin, president of the company. He fonnd
that gentleman evidently intent on cleaning
up desk full of mail, and after the usual
SITUATIONS of the reporter, which were recip-
rocated with the usual cordially which
forms SO pleasant a feature of the
question of business was at once introduced
and to the statement of your reporter, that
the propretors of the GLOBE desired such
general information relating to the business
and prospects of the concern as he might
see ht TO give, the Senator replied:
81 am more than happy to reciprocate the
courtesies which your paper has uniformly
extended to the company since its trouble, but
hardly know where to begin with this oft told
tale. If you will indicate about
which points you wish to cover 1 shall be
pleased to give you any information within
my knowledge"
''You, of course, arc aware" said your
reporter, ''that much interest Is felt by this
community, and no doubt all over the state,
in the future of the car company, and many
rumors have been prevalent since its
troubles, as to the causes, condition, pros
poets and general interests centering in it.
We would very much like to know your
views on the whole situation, past. present
aud future, given in your own way, If you
feel so inclined"
"wen that covers pretty broad field, -
remarked the Senator, land to undertake a
history of the concern, giving the present
status of it and prognosticate the future, is
perhaps more of contract than / would care
to undertake, especially if details are to be
attempted, and it would require much more
space than your good paper would feel dis
posed to accord. will, however, give you a
short summary of the principal points of
interest which you may enlarge upon as the
facts will warrant OF curtail as your space
will require.
The Northwestern Manufacturing & Car
company succeeded, as is generally known,
/ to the corporation and business of Seymour,
CaUl0 Vi
March. 1882; capital stock, 5000, 900, d.
vided into two classes. SO, 900, 900 preferred
and g, 00O, 900 common stock. OF this
amount 50, 800. 900 preferred was issued and
/ 81. SOC. 600 of the common stock was issued
/ to the old firm of Seymour, Sa5in & COM
/ pany, on basis of fifty cents on the dollar,
/ in payment 1or their patents, patterns, gen
/ eral expenses in building up the
/ business and the good win of the
same. OF the issued preferred
stock 81, Gil 600 was turned over 10 the old
firm Of Seymour ,Sabin & Co., in payment OF
/ the assets OF that company, which was made
I by full appraisal By committee appointed
for the purpose. which committee selected
experts for different departments, etc. This
aniOnnt Of stock going to the old concern 81
Seymour Sabin & Co. left but 1888, 900 of new
money 70 90 into the Car company's treas
I ury. OF the amount CT assets turned over
by Seymour, Sabin & Co. about 81 600, 600 Of
the same consisted of bills receivable OF
farmers notes taken for threzhing machines
!. The addition 10 the business Of the con
esrn Of en- Zine building, which was necessi
tAted ty the radical chan es which have beer
worked in the threshing machine demand:
In the past three years, Decessitated large
outlay of ready cash; the engine being made
entirely Of iron, and the other expenses con
sisting of labor charges. This additional
business, with an increase of our threshel
building, increased our bills receivable las
fall TO nearly s., 500, 600, Of which eollec
tons were made OF only abou
$500, 900, instead Of 81, 500, 600, a
was expected, AMI the con
Germ found itself in March last, at the clos
of its fiscal year, With about $1,000, 900 o
farmers notes instead Of &. 900. 900 Of note