The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-12-06

A. H. Andrews q Co, or Chicago. Oppressed
by the Burden of Outstanding Obliga-
lions for which there is No Ready
signee, with Assets Double Their LA
bilities of Three Hundred and Fifty
Thousand Dollars Firms Business
Career of Thirty Years
Chicago, Dec. 5.-Embarrassed by
tlrsir inability to meet outstanding pa
par, A. H. Andrews & Co, the largest
school supply house in the world, was
forced 10 close FITS doors today. After
coufessing judgment In the circuit
court for s25, IA in favor Of the Globe
National bank, the company made an
assignment to Frederick A Holbreck.
% The secretary. The assets were given
as t4atween $500. 900 and $500 900 and fine
liar5h7tfes between S350. 900 and $500. 900.
The Judgment was on two notes execut-
al Nov. IS. one for s16 500 and the other
FOR 1856. 900. The sheriff took possession
d the company's down town factory
and ealesroom and allowed no one to
enter but representatives of the bank.
Just before the closing Of the office Of
The county court two citations were OBJ
tsEioned from the examination Of the
debtors. The petitions were filed by
the Oh6ca go Varnish company and Vic
tor Achelis & Co, of New York. Judge
Yates issued the citations and made
them returna bic Saturday morning. In
the circuit and superior court the in
solvent company was the subject of
FIVE attachment suits for small amounts
hot q
2ompscly, the Hanson and Van Wrinkle
company, the Yale and Towne Manu-
Featuring company. Schultz and Hirsch
and Heath, Whitbeck & Co.
THIRTY YEARS OLD.
In various forms the company has
been in existence thirty years and ITS
busine ss has increased in volume every
year until TIVE years ago. Since that
time owing to the general depression,
The business has decreased at an alarm
ing rate. For several months the com
pany has been embarra ssed and was
Obliged to put good deal Of paper on
The market. The concern is now an in
cOrporared company. The officers are
~ H. Andrews. President; s. T. Hol-
brook, vice president; F. A HoIbrook,
secretary, and A. II. Carey, treasurer.
The company employees about 400 per-
sons.
The assignment was filed by Johnson
and Morrdl, attorneys of the company
and Mr.. johnson said IL was precipaat-
cd, by the action Of the bank in enter
Ing Judgment upon the notes of the
company. The attorney said the com
pany has been under severe strain for
the last two years and when the iude
inent for the S25. 900 was executed 1T was
concluded 1t would be best to make an
assignment for the benefit Of its creif-
tors
During the hard times Of the last
two years" said the attorney. 1.-The
company has carried its usual large ex-
penses, the pay roll amounting from
$4,000 to $1,000 each two weeks. Re
Gently business has improved greatly
but THE company has been unable TO
secure the ready money to extends its
business and get rid of stock which had
accumulated
THE CREDITORS.
"Cf the total Indebtedness of the cor |
pol2i-aoll, $50, 600 is owing the Globe Ma |
tloEsal bank $4,000 TO the Union Nation
al hank and the remainder is distrib- |
cited among 1.-THE stockholders of the |
company who have loaned money to |
the corporation, and various merchants |
IN Wfle lines OF business with which the |
company was connected.
The corporation had been a good |
customer Of the bankers and these /
loans were easily obtained. When the !
GaIte for payment came IL was found |
uhat he obHgatnns could not be met /
and on Nov. IS the debts were cast in |
the form Of Judgment notes The An |
drews company had done business with
the Globe Naittonal bank for wears and ,
Ut was with reluctance thar the bank
decided 10 obtain Judgment on the notes
they held against the company. II was
seen, however, that the affairs of the
company had reached a crisis and In
order to secure their money The bank Of
i1cials placed thenCdes in the hands of
nhelr etstorney, Pos. l.. High, with in
SeITlctaons TO proceed at once with their
collection. The formal entering Of
Judgment was performed and the sheriff
was put In charge of the property"
COMPANY'S CASE.
Frederick A H0Ibrook. the assignee
eayd: This has come upon us like
lightning from a clear sky. Our bust
ness was prosperous at the present time
and we were in the midst Of a busy sea-
SON Our only difficulty was with ref
erence TO immediate funds Notwfra1-
SJahdlnS the pressure we were under
we had placed ourselves in a position
"h ere we hoped to secure sufficient cast
WITHIN ~ hours ITO carry us by the ur-
gent demands Of our creditors. We werNa
carrying. Of course. a heavy load. ythiysh
began TO be heaped upon US during the
depression Of some two wears
ago. The weight was increased some
What because business for a long Time (
was not very active. Much 10 our re-
greet, circumstances so shaped them
selves THAT we were forced down under
The pressure just a 1.-THE very time when
The way seemed to be opening to a clear
business run and n decidedly more pr,os-
porous season. The immediate cause
u our Failure was the Judgment Of s25.-
100 We were just about TO Cs0nsurn-
mate deal whereby we were 70 diSrose
u our school supply depsvmenr. Had 1
MS deal been put Through before che
Judgment was entered we would doubt
esS t1aVe been able to cSucel The no Is
leld by 7he bank agd mus put ourselves
beyond The danger Of financial disaster
pur property where the factory is To-
'atei at pwer.y-Secon5 and Fisk
'tre9tS is worth about $500 600 and II *
uhjsSt no 4 mortgage % sac. 900. orr
aggregate liabilities are probably n..r {
n excess Of SS50o0O and our assets are !
hr,ice that amount
WICHITA FELLOWS ON HAND
iany Turn Up 81 the "a ~nce at the Chi !
ct=" Kansas Meeting