The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-28
IT WAS FORCED TO ASSIGN
Financial Troubles of the D. E. Stone
Furniture Company Bronghtto Head.
Assets and Liabilities-Germania Park Case
Won by hr. Woollen--vsri0us AZ
fairs in the Courts.

At s o'clock yesterday morning the ID. Z.
Stone Furniture Company made volun-
tary assignment to Smith II. Myers. for
the benefit of all its creditors. The assign
ment includes fourteen lots In Cooper *
Pickens's northeast addition and the real
estate on the Belt. northeast of the city.
upon which the mandatory of the COM
pany Is situated. together with all the
buildings and machinery owned by 1t. and
all lumber and stock manufactured or bs-
ing manufactured. and all notes, accounts
and bills receivable. amounting in the ag-
gregate to about 5000.
On the 9th of this month the company
placed on record q mortgage to the Bank
OF Commerce TO secure TO the bank pay
ment OF notes aggregating So. 900.
The liabilities are estimated at S4S. 700
and the assets ct about the same. depend
ing largely upon the value of the real es-
tate.
ID. E. Stone g. Co. commenced business
on Massachusetts avenue. In buildings
owned by Adams Il Williamson, which
they occupied until two years ago. The
firm had not been in business long before
1T had built up an excellent reputation for
the character of desks and the cabinet fur
niture II manufactured. The business grew
so on them that they decided to put MP
buildings on q larger scale. and purchased
several acres of ground Just north of the
Atlas engine works, On which they erected
two thrse-stOry buildings and increased
their force to over one hundred men. The
works had q large trade In New England
and on the Pacific coast. as well as in sew
eral of the Central States. and recently they
have been exporting some of their product.
A few months ago Mr. Stone, founder of
the works. did not like the manner In
thlnQa from
the company. still holding some of its stock
and allowing his name to be used under the
new title. the Stone Furniture Company.
Prior to the reorganization rumor had 10
that there was a good deal of friction be-
tween the ckholdeTs some of the larger
holders being DESTROYS of controlling the
whole thing and il is believed that this
friction led TO the financial trouble
Won by Wooliep.
In the case of Henry L. Baugher against
GreenIey V. Woollen and others to quiet
title. Judge Harper. yesterday. gave juds-
ment for the defendant WoOllsn, on his
cross-complaint. quieting title IN him. The
property in dispute is about nineteen acres
of land lying on Central avenue. north of
Twenty-slxth street. and known as the old
Germans Park The trouble all grew
out of the misspslling of Baugher's
records thereof. In July. OF 1876. Eli ii.
Wleland, who was the owner in fee SIM
pie of the property, executed to the
Thames Loan and Trust Company q mort
gage on 1t to secure payment OF three
prOmissory notes for 81. 600 each. due in five
years, and one interest note for $3.50. due in
thirty months, and also thirty coupon
notes for S45 each. the last of which was
due in sixty months. Later in the same
year he executed second mortgage on the
same property to Baugher TO secure pay
ment OF note for $1,000. In this
mortgage, by mistake. the letter 'h' in
Baugher's name omitted. and the name
could be read "Bsugey" Bangor" "Buu-
ger" or "Bunger." but in the note the namo
was correctly written Baugher. When
tho mortgage was filed for record 1t was
entered IN the entry book by the deputy
recorder as TO Bangor. and the deputy
recorder who spread the mortgage upon the
record read the name Bangor" and SO
wrote 1t on the record. and it was indexed in
the same way. The plaintiff held the mort
gage tifty-fOur days before recording with
out correcting or changing the spelling.
and made no effort to do 80 until
after the filing of this suit. In 1878 the
| mortgage of the Thames Loan and Trust
| Company was foreclosed in the United
| States Circuit Court, notice of pendenoy of
| tho suit being given to Wieland and
| Baugher by publication; judgments was
| given for the trust company and decree
| of foreclosure entered. and the property
purchased by Charles Bard, trustee for the
| Thames Loan and Trust Company. After
| the expiration of the equity of re-
demption Bard transferred the prop
| erty to the trust company, which
| afterward sold it to Greenley V.
| Woollen. who had had the title examined
| by reputable practicing attorney, and
upon his advice that the title was clear
| purchased the property. and had no actual
| knowledge of any claims of the plaintiff
| till the filing of the suis by him to quiet
| title Woollen bns since paid the taxes
| and spent money improving the property.
Woollen filed crOss-cOmplaint upon
| which he was given Judgment. After the
| usual preliminary motions for a new trial
were hled and overrulsd the plaintiff
| prayed aud was granted an appeal TO the
general term.