The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1895-06-14
MANKATo FREE PRESS.
AN ASSIGNMENT.
THE CASSIDY PACKING co. In
DEEP WATER.
The Company flakes Voluntary
Assignment to Geo. Schwartz this
Afternoon, for the Benefit OF its
Creditors--Assets do Not Equal
Liabilities.

Oscar Cassidy, as the Cassidy Pack
ing Co., made voluntary assignment
Wednesdays at 2:30 o'clock for the
benefit of his creditors. The assign
ment was made to Geo. Schwartz,
who has been. manager Of the pack
ing house business. All of Mr..
Cassidy's property is included in the
assignment. A schedule of the
assets and liabilities has not yet
been made out and no definite figures
can be given. Mr.. Schwartz states
that something definite will be
known in few days.
Edward J. Cnnnon, st. Paul attor-
ney, who has had charge of the st.
Paul end of the firms legal affairs, was
in the city today and filed the assign
ment papers. AS soon as he had done
this he took the train for Blue Earth
City to secure the necessary signatures
from Judge Severance.
The Cassidy Packing company has
been in financial straits for some time,
and has been understood to be heavy
borrower from the National Citizens
bank, which is said to be one of the
heaviest creditors. The banks presi-
dent, Mr.. Jno. F. Meagher, when seen
this afternoon, stated that the amount
due the bank was not large, and that
it was partly secured by warehouse
receipts.
A suit was started few days ago
by the National Citizens bank against
Oscar Cassidy and Geo. r. johnson,
his brother-in-law, to recover the
balance of 81, 900 due on promissory
note for SO, 800 given Dec. 10th, 1894,
by Mr.. johnson to Mr.. Cassiday and
guaranteed by Mr.. Cassidy and given
by the latter to the bank. 1t is al
legged that payment of $4,000 was
made on the note April 26th, 1895, one
of 81, 900 May 18th, and one of 81, 900 on
May 31st. The S400 represents inter-
est due and unpaid. The suit was al
so to secure a bill Of foreclosure
and the appointment of receiver for
the company. On June 18th Judge
Severance granted temporary in
junction preventing the company
selling, collecting, paying, or meddl-
ing with any Of it's property. Neither
the suit nor the injunction have been
placed on file, probably to avoid the
results of publicity.
Mr.. Cannon states that the assets
will probably not eqnal the liabilities,
or in other words that the claims can
not be paid dollar for dollar.
The plant of the Cassidy Packing
Co. was built about four years ago, land
the entire cost of buildings and
ground was $4,000. The company
has been doing good business, max
ing shipments to all portions Of the
country, and employing many men.
1t has ,made a good market for live
stock and has been a great benefit in
many ways to Mankato, 1t has been
hampered by lack of money.
NIL. DCllW dl w oUdUOo UlldU UllC QOSCSU
consist of the plant, stock on hand
and book accounts.
1t is to be hoped that the matter
may be fixed up in some way, so that
the business may go on. Mr.. Cassidy
has lost heavily, as has also his broth
er-in-law, Mr.. Johnson, and they de-
serve the sympathy of all in their mis-
fortune. We hope that some way may
be devised whereby they may be
placed on their feet again.
The meat market on South Front
street will not be affected, as we un-
derstand that for some time past it
has not belonged to the Cassidy Pack
ing Co.