St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-06
THE MAZEPPA FAILURES.
Hopes That Senator Lawrence
May Bridge the
Disaster.
Universal Sympathy With Gov. Hub
bard and MIR. Brown.
Assignee's Statement Preparing Limited Eff
feet in Wabashaw and Red Wing.
Especial Telegram to the Globe. /


WABAsHAw, Mimi, Sept 5.-The excitement
caused by the run on the First National bank on
Wednesday has subsided and confidence in the
stability of its financial standing has taken the
place Of the uneasness caused by the suspension
of the Elevator and Mazeppa Mill companies.
AS the suspension of these companies effects
none of the business interests here except that
of Senator Lawrence and those which he repre-
sents, the only cause for uneasness is the IN
certainty as TO how much the failures will affect
him. lie has a large number of friends through
out the country, and 1t is confidently hoped and
asserted that he will be able to bridge the cri-
sis. Had the Mazeppa company been able to
pay for the wheat bought of the Elevator com
pany, the latter would not have been compelled
TO make this assignment, as il had been doing a
good business and was in prosperous way of
increasing its assets. As it is, the officers yet
assert that they will be able to pay all its abil
ties in full
Especial Telegram to the Globe.
RED WING, Mimi, Sept. 5.-The assignment
of the Mazeppa Mill company was completed this
morning. Mr.. W. II. Putnam, the assignee,
went down to Wabashaw and filed the assignment
as required by law. Mr.. W. P. Brown came up
on the evening train yesterday and will return to
Mazeppa at once and assist in taking an inven-
tory. Until an inventory is taken it will be diff
fcult to state any more definitely than has al
ready been done the amount of assets. This the
law requires the assignors to make in ten days.
The assignment is very great misfortune and
viii seriously injure the fortunes of Gov. Hub
bard and W. P. Brown, of this city, who have
always been hard workers and shrewd, careful
business men.
1t was thought at first that the banks here
would not be losers, but ii is thought now that
some loss besides wiping out the property cannot
be avoided, though it will not cripple either Of
them in tho least. They have known pretty
well the condition of the companies, since Janu-
ary at least, and while treating them most liber-
ally have been their guard and prepared to
meet any such calamity should it come.
In the streets here there Is nothing but ex-
pressions of sympathy, with the unfortunate
gentlemen in trouble. The failure affects bust
ness here but vely little, for while the general
Office was located here and one warehouse. the
bulk Of the employees as well as the business was
at Mazepa, where the mills are located, and
along the line of the Midland railroad. Some
five or six book keepers will be thrown out of
employment in this city and the banks viii be
slight losers. Aside from that, business here
will not suffer loss.
acted in the same Office and the book keepers
are faithfully at work to make out a statement
of affairs of the Elevator company which are ex-
tended and much more complicated than of the
Mill company.
The statement that has somehow got in circu-
lation in some qnarters as the statement of Gov.
Hubbard, was not made by him. He was not in
charge Of the business, and had no means OF
! making such statement. The figures given
! were by other parties and should never have
! been credited to him.
1t is very possible that in this, as in nearly all
such cases, the careful final statement will show
some change in the figures. 1t would be strange,
with business so extended and complicated, II
| it should be otherwise. But whatever may be
made to appear, it is evident that there has been
no attempt at concealment, and there will be
nothing to shake the firm confidence of the com
munity, everywhere manifest throughout the
state, in the honor and integrity of the gentle
men whose fortunes have been swept away by
! the calamity