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

On learning that the report of Mt. E. S.
featuring 81 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
salutations Of the reporter, which were recip-
rocated With the usual cordially which
forms so pleasant feature of the
gentleman's every day life, the
question of business was at once introduced
and to the statement of your reporter, that
the proprietors of the GLOBE. desired such
general information relating to the business
and prospects Of the concern as he might
see tit 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 / shall be
pleased to give you any information within
my knowledge"
"You, of course, arc aware" said your
reporter, shat much interest ia 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 centenng 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"
swell that covers pretty broad field,'
remarked the Senator, "and to undertake a
history of the concern, giving the present
status Of it and prognostcate the future, is
perhaps more Of contract than l 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 viii warrant or cUrtail as your space
will require.
The Northwestern Manufacturing & Car
company succeeded, as is generally known,
TO the corporation and business of Seymour.
Sabin & company, under organization of
March. 1852: capital stock, 5000. 900, d.
vided into two classes, 80, 000. 900 preferred
and $1,000. 900 common stock. OF this
amount 80, 800. 0O0 preferred was Issued and
81 500, 900 of the common stock was issued
to the Oil irm of Seymour, Sa5in & COM
panv, on basis of fits cents on the dollar,
in payment Tor their patents, patterns, gen.
eral expenses in building up the
business and the good will OF the
same. OF the Issued preferred
stock 81, 617, 600 was turned over to the old
firm of Seymour ,Sabin & Co., in payment of
the assets OF tina: conf any, which was made
By Z full appraisal ty a committee appointed
for the purpose. which committee selected
experts for different departments, etc. This
amonnt Of stock going TO the old concern Of
Seymour Sa5in & Co. left but 1888, 900 OF new
money 10 90 into the Car comPsny's treas
ury. OF the amount Of assets turned over
BY Seymour, Sabin & Co. about 81, 900, 900 of
the same consisted of bills receivable or
farmers notes taken for ttreshing machines.
The addition 10 the business Of the con-
earn Of engine building, which was necessi-
tated r. the radical changes which have been
worked in the threshing machine demands
in the past three years. necessii2ted large
outlay Oh ready Casns t1e engine Oeing ma1e
entirely Of iron, and the other expenses con-
sisting Of labor charges. This additional
business, with an increase Of cur thre.her
building, increased our bills receivable last
fail to nearly 8, 500, 900, of which eollec-
tons were made OF only abo1:
$500, 600, instead Of 81, 500, 900, as
was expected, AMI the con-
Germ found itself in March last, at the close
Of its fiscal year, with about 50 ZOO, 900 OF
] farmers notes instead Of 81. oO0. 600 Of note.