Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-08-22
ONLY TEMPORARY.
Embarrassment of the Ameri-
can Wheel Co.
THE CONCERN WILL PULL THROUGH

Head of ATairs-The Principal stock
holders Gathering at Chicago for Con-
ference-Reeeiver Butler Goes to Work
on His Big Financial Job-Resump
ton OF Business Confidently Expected
In Short Time.
CHICAGO, Aug. 22-Although the affairs
OF the American Wheel company, which
has Just passed into the hands of re-
ceiver, remain in an uncertain condition
and will SO remain for several days, az
least, it is still asserted, and with every
indication of truth, that none OF the cred.
itors will lose penny Nor will the Gus
toners OF the big concern, who were ex-
tremely solicitous over the question of
supplies, be disappointed. 1t is not sur.
prising that they should have been anx-
tous, as the embarrassed company. since
its organization in 1889. has been furnish.
ing wheels for nearly every vehicle manu-.
facturer in the country
Receiver Butler AT His Post.
Noble c. Butler, receiver of the Amer
ican Wheel company property, is in this
city, and will remain for a week or more
to examine the accounts at the general
offices here and prepare himself to admin.
lister the estate. In Illinois, although the
general offices are located in Chicago, the
company does not own very much proper
ty. Mr.. Buffers bond has therefore been
fixed at only so, 400. In Indiana, where
the company owns 81, SOC, 0o0 worth of pro.
Id l..
100000 in Michigan .he receiver was re.
qnired to furnish surety for 100000 de
has already qualified in these Jurisdictions.
snd will GO so IN the others as soon as
possible
Stockholders Getting Together.
Besides Mr. Butler several of the direc-
tors who control most of the stock have
reached the city, and others are coming,
julius +. Pratt, the treasurer, and heavy
stakeholder, who lives in Indianapolis.
was at the general offices in the Home To-
surance building yesterday. He is COM
plainant in the litigation that has resulted
IN the receivership. \. G. Allen, the sec
rotary. is a Chicago man. Thomas Hopes,
of West Chester Pa, another heavy stock
holder, s also in the city Others will
probably reach here in a few DAYS, and
then q meeting of the directory may be
held. The officers say they have yet
formed &c definite plans for future action.
Hope to Fix Things and Resume.
They hope 10 end the receivership and
resume with reorganization or radical
change in methods The directors WIS
will mold the future action of the COM
pany are Crawford Fairbanks and
Josephus Coliett, both heavy capitalists
Of Terre Haute, Ing Henry G. Olds.
president, Fort Wayne, Ind; J. +. Pratt.
treasurer. Indianapolis; Addison Bi,,bee,
indianapolis: d, g. Allen. secretary, Chi
cago, and Thomas Hopes. West Chester,
Pa. These men own 81 800 900 out of the
81, 800. COO capital stock. Other stockhold-
ers are scattered throughout the country.
Many of them We're owners of mills that
the now embarrassed company purchased.
Says the Company VIII Pay Up.
When the wheel company was organ
lied two years ago its object was shown
to be the acquisition of the control of the
wheel trade. OF the fifteen or more plants
some were purchased from owners. others
leased and still others built. Nathan
Morris, of the legal firm of Morris, New
berger d Curtis, of Indianapolis. the
lawyers who began the litigation, was
seen at the wheel company's Office yester-
day. He repeated the assurance that the
company would pay all its debts and that
the only possible losers would be stock
holders, on whom the expense of litiga-
ton would fall.