The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-10-05
ONLY BROUGHT $1,000
INDIANAPOLIS CABINET CO.'S PLAT
SOLD BY THE RECEIVER.
Pearson the Purchaser-A Paucity
of Bidders.

The plant of the indianapolis Cabinet
Company, which the Collins valued at over
a half million dollars, was sold by order
of the Circuit Court yesterday for $4,000
10 a local syndicate headed by John r.
Pearson. The sale was begun at 10:15
o'clock yesterday morning, and was COLI
Guided at 1875, there being but two bids
made for the property. The first bid was
submitted by a syndicate headed by Henry
w. Lauter. 1t was in writing, and had
been submitted, prior to the time set for
the sale, to the receiver. Lauter's syndi-
cate offered $4,000 for the entire plant. G.
II. Derby, president of the Derby. Kilmer
& Pond Desk Company, of Boston, was
present when the sale was made, though
he did not bid upon the property. He has
heretofore offered $4,000 for the plant. and
came to Indianapolis with the intention of
raising his bid to 5000 If 1T were neces-
sary. When the bid Of the Lauter syndi-
cate for $4,000 was announced. however, it
put Mr.. Derby out of the bidding immedi-
ately, as he did not care to raise his for
mer offer to that extent. The syndicate
which purchased the plant Is composed of
John r. Pearson, John L. Dickson, George
A. Dickson, August M. Kuhn, Charles
Krauss. Samuel Z. Rauh and Henry Rauh.
The Lauter syndicate was composed of
Henry w. Lauter, W. T. Williams, II. C.
Long and Frank Helwig.
The sale includes the plant, stock. fix
lures, furniture, good will and assets of the
concern. Before the hour when the bidding
commenced the prospective bidders made a
casual survey of the place, going through
the buildings and over the grounds. 1t was
a scene of neglect that met their eyes, a
great contrast with the neat appearance
presented by the entire establishment while
1t was In the hands of the original owners.
Weeds had grown up in the inclosure about
the buildings and covered every bit of the
ground. The stacks of lumber, even. seemed
to careen with neglect. Inside the buildings
the same conditions existed. The machin-
dicative of long rest. At 1915 the people
about the grounds were called into the
private office, where it was announced that
bidder.
After the announcement by Receiver
Frenzel of the proposed sale, s. =. urmston
read the order of sale. He said that, al
though nothing mad been said in the adj
vertisement about the safe and office furni-
ture. it was understood that it was in
cluded with the rest of the property in
the sale. About the provision that one
third of the bid should be paid in cash on
the day of the sale. Mr.. Urmston said If
any of them were not prepared to make
such a cash payment the receiver would
accept a cash deposit, but at least $4,000
must be deposited. either in cash or by
check. Mr.; Frenzel announced that the
bidding had been started with an offer of
$4,000 from the Lauter syndicate. John r.,
Pearson Immediately bid $4,000 This
to hold a brief whispered consultation in
one corner of the room. Mr.. Frenzel wait
clusion. 1t was evident they were discuss
ing the proposition as to whether or not
they should raise the bid. They had ex-
pected that. in raising the offer of Mr..
Derby $4,000, they would so startle pros
pective bidders that they would secure the
property without a struggle. Mr.. Frenzel
called several times that there was no
hurry, and he would wait awhile If the
men wished to consult with each other.
He received no response to his queries,
and the property was knocked down to the
Pearson syndicate at the price named The
property was appraised at $4,000 by the
receivers appraiser. but on the witness
stand during the trial of the Collins they
introduced experts on real estate, buildings
and machinery who testified that the plant
was worth more than a half million dol,
does not amount to two-thirds of the APP
praised valuation, and the sale will nave
to be confirmed by the order of the Circuit
Court before 1t is valid.
1t was reported that a representative Of
the Collins would be present at the sale to
The purchasers say they will probably not
confine themselves to the exclusive manu-
facture of desks, as was done by the cab
met company, but will begin the manufac-
ture of bank furniture in addition thereto.
AS soon as the sale is confirmed by the
court a company will be organized. and
work will be begun as soon thereafter as
the place can be put in shape. A large
number of the old patrons of the COM
pany have continued their dealings with it
under the receiver, and the factory VIII be
started up with a full force in a short
time.
The receiver says he does not know what
mas been yielded by the plant since it
came into his hands, but thought about
10000 would cover the amount. This. with
the amount of the sale yesterday. is not
two-thirds of the appraised price. Receiver
Hawkins. of the bank, says if the bank
gets possession of all the money realized,
another dividend Of 5 per cent. will be paid.