The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-09-30
CABINET PLANT SALE
RECEIVER HAWKINS WILL AUCTION
OFF THE CONCERN THURSDAY.
Little Hope for an Early Dividend to
~ Bank DepOsitOrs - Trial of
Schuyler HauShey.

The outlook for another dividend among
the creditors of the Indianapolis National
Bank is not at all encouraging. although
the receiver is hopeful. The amount of the
next dividend, if one is declared, will de-
pend largely upon the disposition of the re-
ceipts from the sale of the Indianapolis
Cabinet plant. which is advertised for next
Thursday. Receiver Hawkins has had in
formation to the effect that a company of
indianapolis capitalists, who understand the
desk business, are preparing to purchase
the plant at the auction sale an. expect
TO bid it off at a figure something near
it's real value. This statement, however,
is based upon rumor and nothing authentic
Is known. Should the cabinet works sell
for 100000 the funds will doubtless fall into
litigation. There are sixty creditors of the
Indianapolis Cabinet Company who have
signifed their intention of contesting the
claim Of the receiver for all of the money
and have already employed attorneys to
look after their interest. Should the courts
decide that these creditors have a legal
claim on a share of the receipts the re-
ceiver cannot hope to realize more than
5000 900 out of the amount, conceeding that
the plant brings s1oc. 900 at public sale.
In the United States Court it has already
been decided that the National Bank Of
Noblesville and the Cooper Insurance Com
pany are liable to the receiver for the
dianapolis National. The Cooper Insurance
Company held 5000 worm of stock in the
insolvent institution and the Noblesville
bank was assessed for si2,O0h. Two New
Hampshire banks have been found liable
for their assessments, the suits against
them being identical with those flied against
the Indiana stockholders. Had these stock
assessments been paid as directed by the
court the funds already in the hands of
the receiver would have been swelled ma
terially. However, 1t is understood that
the stockholders will appeal from Judge
in the higher courts for years. The amount
of money and good commercial paper now
held by Receiver Hawkins would not ag-
gregate a sufficient sum to justify a divi-
dend and unless the judgments of the courts
favor the receiver in the suits that will no
doubt be brought within the next year
an early dividend is out of the question.
The trial of Schuyler c. ~..aughey. for
apolis National Bank. will probably be
called early in November. District Attor-
ney Burke says that the statements TO
the effect that Haughey will not be tried
until the Collins have been disposed Of
by the United States Supreme Court Is
absurd and has no foundation whatever.
because Of the inability OF the court and
attorneys in the cause to get at it. Jonn
r. Duncan, chief counsel for ~naugley,
could not conveniently devote his time to his
clients interest during this month and the
case was postponed until October. Judge
Baker now announces his intention of get
ing rid of a large grist of jail cases before
taking up the more important ones hence
the Hauglley case cannot be considered
next month"; The trial will be short and
the district attorney is OF the opinion that
the case will come up Immediately after the
adjournment of the federal grand jury in
November