The Bad Lands cow boy. [volume] (Little Missouri, Dakota [i.e. N.D.]) 1884-1886, 1884-05-22
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H.E- Grown Appointed Recoiv stMe
Horthwestsrn Car and Manu- faotufing
Company saltwater.
|is On Saturday last the announcement was
made that the Northwestern Oar and Manufao-
turing Company Of Saltwater, (which Senator
D. N, Sabin is President had failed and gone
Into the hands Of b receiver. II had been Rhowh
for some time that the company was embarras-
seds but still the failure caused great ssansas
hon IN monetary and business circles; I. r.
bsemson vice president end smanag srqaaysl
THE stoppage, in all reliability EilE heteM
poraIy ,SasI the company iahiiles hIaS about
Sll0o COO with availablef sssets of "a 0e0 Geo.
OF which 81 OO0 600 is in accounts and bills re-
celyab!e. The receiyeraedp lis caused by the
general depression which prevails, low prices
Of wheat in market slow collection from fs a
Mr.. ". s. Goodhue, secretary Of the com
pany, says the cause is indirectly attributable
city. MI. Sabin had been negotiating stockSin
that city and had nearly completed the sale
when the failure came and the parties about
invest withdrew from further Regulations, and
INF: R,ss Brown, WHO is ths reaeisor ssya
he believes! was making money and only needed
time to come out all right The 81, QUO, 800 ii
the farmer's paper, he believed, was good For
fully 90 per cent II b tGfit .f,a9 .'ysgStg
9; D; Gillfllan Of ST PAU, frat vice pIeai-
~ ~ SrS anQ anterested nold-
ng sl00, QQ0 Of the stock, ssys the Ebanksinst
Pau, he Ibelieved, did moi, hold So 900 worth
of the car scompany's paper he 2iad faith ID
the company's ability5 toimestaall lits obllga-
tons II time were given for it to do 30. Tie
company holds about 81, 90I, 600 worth Of pa
had shown him that tbs company cotddcdas
pend on collecting II about, !, IS par, cent
on that paper IL time. After ! The
failure i # tie eastern nsgot citations money
M hap ssa tnaW ssSas E Re
what appears On tho books. and the books
shbw aprapork on Of assehSto liabilities Of four
10 one. I believe that substantially all Of these
assets are good The liabilities include $3.50, 900
held BY banks, and the balance by indiyidl
nails. st1he Banks holding thesp& peraf 2liefy
In New York and oston though RMe ts held
tby interest anks ID Massach usetts. NNearly an
It,, these netas are sesSred sls
payable amount to S4oo oea M. o00a iii
hllan telegraphed Senator Sabin at
Washington Saturday afternoon, informing
him of the determination to place, the affairs Of
the company in the hands Of % receiver, Il Me-
sabin replied promptly to go ahead, that he &as
fright He will return e Minnesota at once to
arrange matters s. The senator will not be per-
Bonally involved in the matter, except SO far as
he may be inclined to endorse for the company.
1T know, said he, ethat matters will come out
all right AL we want is little time to wealth
Fee the capes, and we will be. all right
Mr.. sabin said furt Their that he, could have had
al the money needed to go on, as it was of
fered by friends, but he thought best to sus-
pend temporarily without risking or involving
Eother persons it is asserted positively thatno
of the company's paper Is il the St Paul banks.
\ There was a meeting Ut the directors 81 Fri
day, the day before the failure, at which q, f.
financial exhibit was made. In conclusion the