The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-12-17
CAR.WORKS RECEIVERSHIP
Matthew Henning Files His Report
Showing Handling of the Property.
His Figures Demonstrate that the Plant Can
Be Operated at q Proft-Worthless
Stock Held by the Company.

The report of Matthew Henning receiver
for the indianapolis Car and Manufacture
ing Company. was filed yesterday with the
clerk of the Superior Court. Judge Taylor
will suspend action on it until next Thurs
day, in order to give all interested in the
operations OF the company time to ex-
anime it.
Mr.. Henning was appointed receiver for
the company Oct. TO- 1890, and the report
covers the time from this appointment up
to Dec. "a. 1891. The plant was operated by
the receiver. under orders of the court, un-
TIL Dec. Is, 1890. when all the contracts on
hand at the time of his appoint ent were
completed, the works shut down and tho
employees discharged. The plant was sold
Dec. IS, 1890, under order of court, for
$4,000. onethird of which was paid in
cash. and the balance in two equal INSTALL
ments of three and six montha. respective
ly, from the day of sale, with interest
at per cent. per annum. The notes
given for the deferred payments were paid
promptly at maturity. From the date of
the sale until June 81. 1891, Mr.. Henning
was principally engaged in collecting the
assets Oh the company, consisting OF ac-
counts and bills receivable, due to it at the
time OF his employment as receiver. and
WulCu O6Cdlne uuc TO III ITODl MS operations
as receiver. In carrying on its mannfactur-
ing business and adjusting the claims filed
against the com pany by its creditors.
The total number of claims filed were 167.
Prior to March 81, 1891. one hundred
claims were adjusted, aggregating $780,
COZ: 43. and in consequence the court
ordered dividend OF per cent. paid
on oil claims In excess of 800. At this
time sixty-seven claims and parts of claims
aggregating $3.50. OS6.5l, were suspended tor
further proof and on June 81, 1891, the re-
ceiver reported that further proof had
been filed in support of said claims to
the amount of s2Sl. $50 and another per
cent. dividend was ordered by the court
The disbursements for such payments ag-
gregated 1,97s.53. The residue of the
claims filed to the amount of Sl4S. 1861
have been suspended or disallOwed by the
receiver and are now waiting the final dis
position of the court.
AT the time the receiver was appointed
there were claims against the company for
labor to the amount of $12. SOS 90 which con-
stituted preferred debt, and were paid
Immediately upon the appointment of the
receiver by order of court. also Judgment
recovered against the company in favor
of John NJ. Bohmie, administrators
promised for S1.2Ol.65 and paid. The un-
paid second installment of taxes for 1889
and for the time subsequent, amounting to
S2.564.6O. was paid. The total disbursc-
ments by the receiver in payment of such
| S6S,55S1.
The total receipts, exclusive of all sums
collected from the assets of the company
as they existed at the time of his appoint
msns were The total as6uIs Ss
plant. including s3.59s.39 paid for
new machinery ordered previous to
his appointment, were S235, 4240S, show
irg n gain of 3.26aH in the opera
ton of the plant. The total expenses. in
Guiding the receivers salary of s3,SS5. of
the feceivership proper are IS, 223. ". show
ing a net gain of S25, C42.67.
The cash assets of the company at the
time of the appointment of the receiver
were $50 2O6. 60. making Sl05. 249.47 total net
assets ava al BILE for istr button TO creditors,
of which sum S6S5j3 II has been expended
In the payment of debts, leaving net cash
balance of $50, 695. &c in the receivers hands.
which, owing to pending litigation for the
adjustment of claims cannot be disturbed.
The assets Of'the company not converted
into cash ash are as follows; Mu sla
Cell; Empire Lumber Company. shares
| of it's capital stock. face value.
$4,000; Donnivan 81 Bows. Chicago. two
notes. exclusive of interest. S11, S4S54; total.
| ISL. 5lT.6s. The Muskeoon Car Company is
| in the hands of q receiver and claims that
| there was an arrangement between the
! two companies whereby the former was to
take shares of the capital stock of the lat
ter ssss in aPS payment ps Of duo any balance 9Ss
| dealings between the two companies.
| The Empire Lumber Company is also In the
| hands of q receiver. and is hopelessly in
| solvent. and the $4,000 worth of Its capital
stock. possessed by the Indianapolis Car and
Manufacturing Company is of no value.
| The claim against DOnniyan IL Bows con-
sists of two notes. one for 5,S07.49 and the
| other for S5,9l5. They are secured by a Sec
ond mortgage upon twO-thirds of IS 66j1O0
acres of land in Cook county, Illinois, val
| ued at g. 0C0 per acre. The prior mortgage
| is in process of foreclosure at present.
Only two claims growing out of the re-
celvers operations remain uncollected.
the receiver from all sources is S34S, 697 32,
and his total disbursements have been
S312, POI. 56.