New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-07-26
THE NORTHWESTERN CAR COMPANY.
UNTANGLING ITS AFFAIRs-EsCAPE OF SOME OF
THE LEADING STOCKHOLDERS.
,GY TELEGRAPH TO THE TRBUNEl

SALTWATER, Minn., July 25.-The surprise
last May at sudden appointment OF receiver for the
Northwestern Car and Manufacturing Company, OF
which Senator Sabn the president aud controlling
mind, hardly greater than may eproduced by the an
nouncement that the leading stockholders In the Norn
west have made their escape from the suspended COM
pany. Since the appointment OF l.. g Brown, OF tho u-
Der firm Of IIersey Bean & Brown receiver OF the
company that gentleman and Senator Sabn have gwen
their undivided time and energies to uniaVeiiihs
the confused condition OF the business. IN ti'
last two weeks negotiations have been go"ls
and about completed, OF which the result
promises be the satisfactory adjustment o the co
panys affairs Tie plan thus described by G. d. Gil
han OF the ~. Paul, vcc-president OF the company:
"Thcrc were about SjO0,O0O Of the companyS Stock
owned by various parties besides MI sabn In the N"u
west owned 100000 n. W. Kitson 100000, IL. H.
Porter OF Chicago, 100000 and r. r. Cable, Of the
same place. 700. Mr. sabn has 100000 of stock IN
the Nelson Lumber Company. which he had pledged rs
collateral security at 40 cents The collar. Before
I learned of the pledge l proposed to sahin
to trade my shares in tho company FOR 100000
shares in the lumber company Mr.. sabn refused 10 do
this :or the rcr.On, as | ancrwlrd learned that the
shares pledged and he minus the money to re-
deem Alter learning of the pledge proposed to him to
make trade and offered 10 redeem the lumber COM
p1ny shares myself This proposition Was accepted, 50
that couniing both amounts OF stock at par have ex
changed 100000 for 100000. Ithou-ht II advisable
TO arrange 30 that kispn and Others could MAKE a
similar exchange, and so | got Sann 10 agree to
exchange his remaining 5000 O0O ~ shores in the lumber
company cssrs k-on, Porter "A Gable for thrr
company stock. upon terms similar 10 fho," ~ the eA-
change whicn ha Hide. n these gentlemen desired 10
then informed Porter and the rest OF what had
done. Porter refused 20 make the exchange prricrru-
Wth tHc company, Al thr risk of lc~h-
the amount Dr.. Investment tor tnc purpose OF
asSl>t the ccivcr 10 Unrayl the tangled tur- o the
company and punish IN" slty parties a. soon RS the eF!-
dcHrr become, sufficiently su"stanil to commence Po-
Cctdus. Mt Porter feels bitterly t1warj ~ahn, Who hr
Claims, induced him TO Use bis mhue'ce Wl'h
La.irlr capitalists.
"W We still of the opinion that II the ctr Conpauy
ha Zee properly managed IL would have been proit-
be Institution GGrt1r has nccn strongly the opinion
thai ali putcs ma dD well 10 mold their sa2 q, IL may
turn pui When l tAr asset ai-c1,r NH''n ar
peculiarly mixed with the property at assets %.
other concerns 81 which Sabin has been manager tmi
TIE company j. not really usoiFeat am inclined io
think, oWrtrr. tt3 Pu:!cr and cable have up,h Lt'f
made tH" exchange proposed for tnca. nut an not
'oIt tIIt. i,t t5 / culccracd am gtrI io
be OFT Os tho matter the great sacrifice have
made"