The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-28
TO BENEFIT THE CREDITORS.
The Drug Business of Browning & Sloan
Placed in the Hands Of a Receiver.
A Step Said to Have Been Made Necessary by
the Senior Partners liability on the
Bond of Treasurer Pattison.
AN OLD FIRMS TROUBLES.
A Receiver Appointed to Take Charge o
Browning & Sioan's Business.

Browning e. Sl0an's Business.
Yesterday morning George w. Sloan, partner
of Robert Browning, under the firm name Of
Browning & Sloan. the oldest drug house in the
city, the best known drug house in the State,
came before Judge N. B. Taylor and petitioned
for the appointment of receiver, as he had given
Mr.. Browning notice of dissolution of partner
ship. In making this petition Mr.. Sloan placed
his interest in the partnership at one fourth
the remaining three-fourths belonging to Mr.
Browning.
The order Of court appointing the receiver
reads as follows:
Estate of Indiana, Marion County, IS:
''Be it known that on the 9th day of January,
1886, being the twenty-frst judicial day of the
Marion county, held at the court house in the
city Of indianapolis, county of Marion and State
OF Indiana before one of the judges of SAID
court, the following proceedings were had in the
case of George w. Sloan, plaintiff, versus Robert
Browning, defendant
comes the plaintiff herein, George W. Sloan, in
his proper person and also by counsel, and it APP
pearing to the court that the defendant herein,
Robert Browning, has been served with process
in court in person, and this cause coming on to
be heard on the complaint of the
plaintiff and the motion of the plaintiff for the
appointment Of receiver herein, the court finds
that the appointment OF a receiver is necessary
for the protection of the rights and interests of
the said partners and of the creditors of said
firm. and of all parties of interest. And the de-
PENDANT Browning consenting thereto the court
now orders and directs that John r. Elder be
appointed receiver herein to receive possession
Of collect and get in all of the estate, real and
personal, belonging to said firm.
Before entering upon his duties herein the
said receiver is required to take the oath and ex-
ecute the undertaking required by said statute.
And now comes the said John r. Elder, re-
ceiver, heretofore appointed in open court. and
makes oath, in due form of law, that he will per-
form his duties as such receiver with fidelity,
and now presents to the court his written under
taking in due form of law to the effect that he
will faithfully discharge the duties of receiver in
this action and obey the orders of the court, the
judge thereof, and he offers James M. Bradshaw,
John Hardness and William L. Elder az mis- sure
ties upon said undertaking. And the court hav-
ing inspected the said undertaking, approves the
same and the sureties thereto, and directs the
same to be filed.
'And George W. Sloan and Robert Browning
are directed and required to deliver over to said
receiver all property Of every kind and deserip-
ton belonging to said firm, including all books
and accounts thereof And said receiver is di-
reeted to proceed forthwith to make an inventory
OF said property and report the same, with the
debts and the condition Of said property, to this
court. and for the time being, and until further
order of this court he is directed to continue the
business heretofore carried on by Browning &
Sloan as a going concern"
[The certificate of Moses G. McIain, with the seal
OF the court is here appended to the Instrument
The receivers sureties are bound in the sum Of
$1OO, OOU.
The, county recorders books show the fol-
lowing mortgages: The business building oc-
cupied by the store, Nos and East Washing
ton street. and owned by Robert Browning, is
covered by two mortgages, SIG, 900 each, in favor
Of the John Hancock Mutual Life Insurance Com
pany, and another mortgage for $23, 200 in favor
of the First National Bank Of this city. Mr..
Brownings residence is mortgaged to the John
Hancock Mutual Life for So 600; lots Nos LOG
and 107 in Ingram Fletchers addition for So, 900
to Richard T.. Stanton; lot No. 20. in outlet LAG
West Washington street), for 900 to George
P. Bissell, trustee.
John r. Elder, the receiver, formally took
charge Of the business of Browning & Sloan at
2 o'clock in the afternoon. Shortly afterward
he called the employees together in the Office,
and, addressing them, said: II am sorry to saw.
gentlemen, that the firm of Browning & Sloan
has considered it necessary to have a receiver
appointed. The court has appointed me- and
am now here to take possession. would not
have taken the position had / not believed
erty enough to pay all their debts, and ask you,
gentlemen, to work with me to do this. Mr.
Browning and Mr.. Sloan will remain here and
have immediate charge of the business under
the receiver. | shall be responsible for every
thing, and business will 60 on under my direc-
ton, and I hope you will give me your best
assistance. l want to be able to continue this
business so that it will be turned over to them
again, after paying their debts, and want you to
share the responsibility with me, and pull to-
out. l have known this house since boy, and
there is not a man in this community that does
not, as do, give his heartiest sympathy to
Browning & Sloan"
Robert Browning, replying to the reporter,
said: ''You understand, of course, that this
could not have happened had I not been on Mr.
Pattison's bond. The action of the Board of
Aldermen at their meeting Monday night
made necessary the course we have taken to-
day"
cipitated by the action of the Board of Alder
men ordering suit to be brought against the
bondsmsn of Mr.. Pattison. The action taken
to-day was to protect the creditors of Browning
& Sloan. There were demands pressing us,
and this has come ont of Mr.. Browning's surety
ship. That would affect the credit Of
Browning 81 Sloan, and cause a pressure
that otherwise would not come. We took an in
voice recently, and that invoice showed that we
had stock amounting to $50, 600. We have notes
There are no suits and no judgments against
tue Arm or either member of the firm. This
building lin which the store isl belongs to Mr.
Browning The building next door, in which
the Indiana National Bank is, and which is not
as wide frontage ner near as deep as this. sold
a shor. time ago to Mr.. V. T. Malott for $45, 600
cash. l think by comparison, this building is
certainly worth $50, 000."
The house of Browning & Sloan is over forty
years old, and Mr.. Sloan, the junior partner has
been associated with it Tor twenty five years
The business was begun ~ DR.. Craighead, who
afterwards made partner of Robert Browning.
the firm being then known as Craighead e
Browning Some time after DR.. Craigheads
death Mr.. Browning took into partnership Mr.
Sloan. who, like himself, though years after
ward, had come into the house as an apprentice
Mr.. Browning's liability on the bond of MIR
Pattison has brought about the present state of
nffaira The firm desira fha flIl nrofacfion nf