The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-11
o'BRIEN WAGON WORKS GONE UP.


Where Hard Times Caused the Failure,
Special TO the Indianapolis Journal.
LAFAYETTE. Ind. Aug. 10-This morn
ing the OBrien Wagon Works Company.
of this city. went into the hands of Jacob
F. Marks. receiver. At the beginning of
the month the company notified their en-
ployes that there would be q reduction of
10 per cent. In wages. The men. or q por-
ti0n of them. refused TO accept the cut. and
the company closed down the entire plant.
throwing out l65 men. The firm was doing
o good business and was making steady
shipments of wagons. and, until the strin-
gency IN the money market came along,.
was able to promptly discount good paper.
Collections among the wholesalers and re.
tallers were poor, and the com pany reached
q point where their paper. although first
class. would not be cashed BY the banks
They have large amount of material and
orders on hand. but concluded 1t WAS bet
ter not to make up the wagons and scatter
them all over the country and wait for the
money, so the receiver was appointed.
rough estimate of tho obligations of the
firm puts the figures at $4,000 or 100000.
They have q good plant. located on the line
OF the Belt railway.
Other Bu.iuess Troubles
ST. PAUL, Aug. 10.-The Seven Corners
Bank, which closed It's doors Aug. 4. was
not the victim Of the financial stringency.
The showing made by the official state
ment of the assignee was filed late this
afternoon, and shows the institution was
wrecked by It's cashier. G. A. Hawks. who
losred from e25. 900 TO $50. 900 of the banks
money to some people almost without So
curity.
HUTCHINSON. Kan. Aug. 10.-The Hutch
inson 81 Southern railroad. with headquer-
ters in this city. and operating letween
Hutchinson and the Indian Territory,
passed into the hands Of. q receiver to-day.
was appointed receiver by the United
States District Court for the district of
Kansas.
KINGSTON. Mo-. Aug I0.-The Cald dwell
County Bank. of this place. and the Ex-
change Bank at Polo have closed their
doors. Both banks were owned by John
ID. Cox. The Polo bank was the county
depository and all of the county revenue
Is tied up.
SEDALIA. Mo-, Aug. 10-The Evening
Bazoo. having been published for nearly q
quarter of q century without missing an
paper is owned by the j. West Goodwin
Printing Company.
LEROY. n. Y. Aug 10.-Frank c. Lath-
rop's Bank has closed it's doors. He has
made an assignment to James Kinny. He
claims all dep0sitors will be paid in full
the money market.
MARsHALLTowN, Ia, Aug. 10-The Ham.
ilton County State Bank, of Webster City,
closed its doors to-day. but the officers say
it will only be temporary. The assets are
reported at S145,C and the liabilities az
2lS0O00.
EBENsBURG. Pa, Aug. 10-Johnson,
Buck IL Co.'s bank. of this place. with
branches at Carroltown and Hastings,
closed its doors at noon to-day. Assets In
excess of liabilities.
CINCINNATI. o.. Aug. 10.-The Central
Furniture Association. a co-operative con.
Germ. was to-day placed in the hands of G..
+. Spreen. receiver. Assets. $4,000; liabil.
tiles. $4,000.
NEW ORLEANS. Aug. 10-The commercial
community uniformly approves the action
of the clearing. house banks of this city in
deciding TO limit cash Withdrawals to $50
per day.
New YORK. AuR 10.-Judge Ryan has
appointed Miles M. OBrien and Peter +.
Meyer receivers of the Madison-squa
Bank. Their bond Is placed at 5000 600.
BosTON. Aug 10.-Henry A. Hartley q
Co.. carpet dealers, doing business on the
corner of Washington and Elm streets,
made an assignment yesterday.
CINCINNATI, Aug. 10.-Henry Brackman.
dealer in gentlemen's furnishing goods has
assigned. Liabilities. S40.0 zoo; assets nom.
inally the same.