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

THE STILLW- TER CAR COMPANY.
The statement of the receiver of the North
western Manufacturing and Car company,
and the accompanying il terview with Sen
ator Sabin, will be read with interest and
also with pleasure by good many people.
While they develop mistakes and unforeseen
disasters, the figures do tardy justice to Sem
ator Sabin, who has been generously but ev-
identity unjustly censured for his manage
ment Of the business
There has been a great deal of talk relative
to the firm of Seymour, Sabin 81 Co., absorb
Ing the Car company, or money which prop
erly belonged to the Car company. The pnr-
chase of the plant of Seymour, Sabin & Co.,
was made on most careful appraisal, by
parties having no interest with the
firm. The price paid on the estimate
of experts left but 1888, 900 of fresh money
to go into the new company. The public
have generally treated the matter as though
Senator Sabin had had three million dollars
of money placed in his hands to conduct the
Car company business and that
he had squandered it by mismanage-
ment. 1t is now developed that
instead of three millions he had less
than four hundred thousand dollars of work
ing capital to conduct the immense business.
When depression came, causing losses on
the manufacture of cars, and a terrible
shrinkage in collections for threshing ma
chimes, embarrassment was precipitated, but
not dishonesty. 1t was a result which no
foresight or management could avert, with
the available capital at command.
1t is developed further, that instead of the
Car company being weighed down by the
firm of Seymour, Sabin s. Co., or other COM
panies in which Senator Sabin was inter-
ested, that they were carrying the
Car company by accommodation endorse
ments and that Senator Sabin sacrificed
all personal and other company financial in
terests which he had, to keep the Car company
afoat. Over million dollars were thus sup
piled the Car company by Seymour, Sabin 6
Co., and other companies in which Senator
Sabin was interested who supplied "accom-
mediation endorsements" to their own ruin.
When half million loss by fire and half 6
million in dividends is taken into account, a
good deal more money is accounted for, and
the assurance of the receiver that he found
the books entirely correct and straight, puts
at rest malicious reports which persons al
ways ready to believe evil have taken appar-
ent pleasure in circulating.
While the disaster which overlook the Cal
company is greatly to be regretted it is a mat
ter of congratulation that Senator Sabin is
able to show that he and the other companie:
in which he was interested carried the load
until it became impossible to longer bear the
burden, instead of adding a straw's weight
to the financial embarrassment of the Cal
company.
The assets, which are placed at least 25 pei
cent. under their face value, show an excess
over liabilities of nearly a million dollars
which will stand to the credit of the stock
holders. The statement is one which war
rants the hope expressed by Senator sabin
that speedy reorganization of the company
can be effected. 1t is simply case of hon
est misfortunes, which were produced by g
combination of circumstances impossible tc
foresee or avert.