Omaha daily bee., 1895-12-06
PRESSURE WAS TOO HEAVY
Largest School Furniture and Supply Firm
in the World Assigns.
ASSETS GREATLY EXCEED LIABILITIES
Unable to obtain Cash with Which
to Meet Immediate obligations
Creditors Largely stock
holders of the Company.

CHICAGO, Dec 5.-Embarrassed by their
inability to meet outstanding paper. A. II.
Andrews & Co., the largest school supply
house in the world, was forced to close its
doors today After confessing judgment In
the circuit court for $25,744 in favor of the
Globe National bank, the company made an
assignment to Frederick A. Holbrook, the
secretary The assets were between 100000
and $500 900 and the liabilities between $780,
600 and $40O0 900. The judgment was on two
notes executed November Is, one for $16,5O0
and the other for $500. The sheriff took
possession of the company's down town fac
tory and salesroom and allowed no one to
entor but representatives Of the bank.
Just before the closing of the county court
two citations were obtained for the exam
ination of the debtors. The petitions were
filed by the Chicago varnish company and
Victor, Achelis G. Co. of New York. Judge
Yates issued the citations and made them re-
turnable Saturday morning. In the circuit
and superior courts the insolvent company
was the subject Of five attachment suits for
small amounts The plaintiffs are the Amer
lean Screw company, the Hanson & Van
Wrinkle company, the Yale & Towne Manufac-
turing company, Schultz & Hirsch and Heath,
Witbeck & Co. 'A"'
In various forms the company has been
in existence thirty years, and its business
increased in volume every year until two
years ago. Since that time, owing to the
general depression, the business has de-
creased at an alarming rate. For several
months the company has been embarrassed
and was obliged to put good deal of paper
on the market. The concern Is now an in
corporated company The officers are: A. II.
Andrews, president; s. 2. Holbrook, vice
president; F. A. Holbrook, secretary, and A.
H. Carey treasurer. The company employs
about 400 persons. ''''
The assignment was filed by johnson G.
Morril, attorneys for the company, and Mr.
johnson said 1t was precipitated by the action
of the bank in entering judgment upon the
notes Of the company. The attorney said
the company has been under severe strain
for the last three years, and when the judg-
ment for $4,000 was executed 1t was con-
cluded 1t would be best to make an assign
ment for the benefit of it's creditors.
During the hard times of the last two
years." said the attorney, "the company has
carried its usual large expenses, the pay
roll amounting to from $4,000 to 1000 each
two weeks. Recently business has improved
greatly, but the company has been unable
to secure the ready money to extend it's bus
insss and get rid of stock which had ac-
cumulated."
OF the total Indebtedness of the corpora
ton $4,000 is owing to the Globe National
X,
the remainder is distributed among the stock
holders of the company who have loaned
money to the corporation and various mer-
chants in the lines of business with which
the company was connected. The corporation
had been a good customer Of the banks, and
these loans were easily obtained When the
date for payment came 1t was found that
the obligations could not be met, and Novem-
Der IS the debts were cast in the form Of
judgment notes.
The Andrews company had done business
with the Globe National bank for years, and
It was with reluctance that the hank de-
cded to obtain judgment on the notes they |
held against the company. 1t was seen,
however that the affairs of the company
had reached a crisis and in order to secure
their money the bank officials placed the
notea in the hands of their attorney, James
l.. High, with instructions to proceed at
once to their collection. The formal entering |
Of judgment was performed and the sheriff |
was put in charge Of the property.
Frederick A. Holbrook the assignee, said |
This has come upon us like lightning from |
a clear sky. Our business was prosperous |
and at the present time we were in the midst |
Of a very busy season. Our only difficulty |
was with reference to immediate funds Not |
the pressure we were under, |
we had placed ourselves In position where |
we hoped to secure sufficient cash within |
forty-eight hours to carry us by the urgent |
)f course, heavy load, which began to be
leaped upon us during the financial depres-
,!on of some two years ago. The weight has
increased somewhat because business for
ong time was not very active. Much to our
'egret, circumstances SO shaped themselves
hat we were forced down under the pres
sure at time when the way seemed to be
opening to clear business run and a de-
dedly more prosperous season. The imme-
late cause Of our failure was the judgment
II s25,0O0 We were just about to consum
nate a deal whereby we were to dispose of
ur school supply departmepf. Had this deal
'een put through before the Judgment was
ntered we would doubtless have been able to
ancel the notes held by the bank, and thus
'ut ourselves beyond the danger of financial
saster Our property where the factory is
ocated. at Twenty-second and Fiske streets,
D worth about 10000, and is subject to a
mortgage Of 100000. OUR aggregate liabil-
ties are probably not in excess OF $4,000
nd our assets are twice that amount"
Polk County Pioneer Dead.