The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-03-21
FAILURE OF A MERCHANT
Andrew Dickson, Proprietorofthe Trade
Palace, Makes an Assignment.
The Court Places Charles Mcguire in Charge
of the Store-Trial of the Transfer Car
Nuisance Case-COurt Items.

For several months it has been known in
financial circles that Andrew Dickson, pro-
prietor of the Trade Palace dry goods store, at
Nos. &c and % West Washington street. was
financially embarrassed, and it was therefore
not surprise when he made an assignment
yesterday morning for the benefit of his cred
itors. In buying goods for the fall trade last
year he overstocked his store. and in conse-
quence. when his bills fell due to II. B. Clafin g.
Co, of New York. Of whom all his purchases
were made. he could not meet them, and in
order to bridge over his pending failure he eye
cuted TO the firm on Dec. 20 two mortgages to
cover an Indebtedness to them, aggregating
SIG, 320.2o of which 81, 900 vas money the firm
advanced him in order that ne might continue
In business.
With no other pressing debts, Mr.. Dickson
hoped to come ont all right. 1t was arranged
that he should pay of the mortgages in small
installments through Messrs. Morris. New
berger 81 Curtis. About the same time the
mortgage was given to Clafin g. Co., Mr.. Dick
son executed to his wife, Josephine NJ. A. Dick
son two notes one for SCI 900 and another for
SO, 800 20, both payable ninety days after date.
The notes were executed to secure to her sums
OF money agRreRatinR that amount that he had
borrowed at various times since he embarked in
business. Business continued bad after those
steps had been taken, and Mr.. Dickson found it
impossible to NEST the payments on the Clafin
mortgage.
something like ST. 600. and on Monday night,
after the adjournment of court, Messrs. Morris,
Newbereer e. Curtis, acting the advice
OF Claftlin d Co., made application to Judge
Walker for the appointment of q receiver for
Mr.. Dickson. The matter rested until yester-
day morning when Judge Walker referred the
application to Judge Howe, who, acting for
Walker, took MP the case. and with the consent
of both the plaintiffs and Mr.. Dickson, appointed
Charles Mcguire receiver However, shortly
before the matter came rp before Judge Howe,
J. M. Winter, attorney FOR Mr. Dickson, filed in
the recorders office an assignment. naming Mr..
Mcguire as assignee. According to the assign
ment Mr. Dickson transfers all his property, OF
whatever description, TO Mr. Mcguire, to be dis
posed of for the benefit of his creditors. It in
cludes the Trade Palace store and his home on
North Meridian street Mr.. Mcguire qualified
as receiver, as well as assignee.
$25, 900. with D. P. Erwin and Nathan Morris as
sureties. He is proprietor of the Granger store.
West Washington street. and is we'll quail
fed to settle mp the business intrusted to him.
Mr.. Dickson's liabilities are placed at $50, 900,
and his assets viii reach $4,000 and perhaps
moro, and it is thought there can be no possible
loss to creditors.
The store has been closed for the present,
but 1t will probably be re-opened under the in
structions of the court. for the benefit of the
creditors. William Mansur, and others who
own the block in which the store is located
have brought suit in the Superior Court to have
Mr.. Dickson's lease forfeited Il dates from
July. 1885, and runs three years, and stipulates
that the lessee shall pay S., 900 per annum. It
is alleged'that the rent for February was not
paid.
Mr. Dickson has conducted the Trade Palace
store for the past eight years. Prior to that
time he owned store in Milwaukee, and before
that he was connected with the New York store
the firm then being Pettis, Di ckson e. Co. He
says that his financial trouble dates back two
years. when he Endorsed for friend and
compelled to make good thu entire amount The
loss crippled him so that he was not able to gain
his feet again.