The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-13
THE ST. PAUL FAILURE.
The Receiver Making an Neutrality-suspicious.
of Sahin,s Rnsiness Ventures.


of Sabin's Business Ventures.
ST. PAUL, May 12-Receiver Brown, of the
Northwestern Car Company, will begin the work
of making aninventory of all property OF the con-
Germ without delay The property embraces
small lots of machinery scattered throughout
the country in the hands of numerous agents, as
well as commercial paper held by the company,
the enormous plant and the large amount Of
material on hand at the works Mr.. Brown says
he will pay off all hands on Thursday, the 18th
of the present month. The shops will then be
shut down for a few days, to facilitate the taking
of the inventory.
Senator G. S. Gilflen, first vieepresident of
the car company, says the intention is to con-
tinue operations under the receiver for ten
months in which time it is thought the com
pany will be in condition to continue under
management of its own. The Senator says there
has been Encouragement, but he still believes
the creditors will be paid in full He further
says that Senator Sabin has great activity and
executive force, but he does business in loose
way. "He is engaged in 1 don't know how many
schemes, and it is not possible that some of
them may go down. He is connected with
company which owns 80, 900 or 1000 acres of
hardwood lands back of Hudson, to which
a railroad has been built; also with the Duluth
iron works, and further with a mandatory
near Troy, Wis, which turns out eight to ten
tons of iron day, and which controls 5000 to
a. 900 acres of good land rented as farms Mr..
Sabin promised me, when the car company was
formed, that he would stay out of politics. II
the affairs of the company prove to be badly in
voved, the State will have the prison labor on its
hands"
A Boston telegram SAYS: ''Senator Sabin has
haaO a baavIr for thp NOPthwester1l
Car Company from capitalists of New York,
Boston. and many smaller cities OF New
England He sold stock Norwich, Conn.
Fitchburg, Lowell, Manchester Bangor and
other places ard trust funds are said to be
largely invested in it. Considerable preferred
stock was Sold with half common stock thrown
in bonus. One firm in Boston is said tc
hold nearly 800 900 in stock and paper of the
car company, but it is not expected the firm will
be affected by the failure. Mr.. Sabin has been
East several times lately, making sales Of stock
and negotiating loans Not many months since
a leading firm held nearly 5000, 900 of his stock
and paper Fogg Brothers, bankers, hold some
paper of the Northwestern Car Company, but
decline to say how much. A leading banker
says Sabins paper is in about every bank in Bos-
ton, and is held all over New England, but no
body is going to lose anything, as the assets
abundant. He did not believe Sabin borrowed
much money except at low rates
At Norwich Conn, about $50 900 was invested
in the stock of the Northwestern Car Company,
but the personal loans are small.
Stock of Mr. Sabin's company was sold at Fitch
burg, Mass, by Worcester parties, and by Presi-
dent Lawrence of the Wachuset Bank Mr.. Law
renee says the stock is all held by strong parties,
who will not be embarrassed by the companyS
suspension. He is confident the company will
pay all its debts and that preferred stockholders
will lose nothing.
A special from Saltwater Mimi, says
was made on the First National Bank this morn
ing, growing out of the car company complication.
The run was soon checked when all demands
were met Only about $25 900 was checked out.
The car company crew and the Townsend mills
are still at work
The feeling here to-day is much better than
yesterday Receiver Brown has entered on his
duties and has announced his intention of con
tinuing operations kilograms were received
from Senator Sabin, saying he leaves Washing
ton for St Paul tonight. Until he arrives it
will be difficult to secure statement as to the
exact standing of affairs Townsend & Co.
have not suspended They say they can make
no statement as to their condition until Mr..
Sabin returns as they do not know themselves
how they stand, or how Mr.. Sabin, who is a
partner, is involved
The sympathy of everybody is with Sabin, but
no one seems to have any idea of his financial
condition 1t is stated that he is interested in
so many different schemes that in crisis like
this he will be unable to command cash to see
him through; therefore, all companies in which
he is interested are looked upon with certain
amount of suspicion The panicky feeling among
business men has entirely disappeared, and the
general belief is that the loss, if any, will be
small