The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-12-06
failure AT CHICAGO
N Andrews Il Co., Attached
by A Creditor, Assign.
ABILITIES EXCEED $3.50. 900.
- Largest school supply House In
the World, Employing Four
Hundred Persons.

r.e-axo. Dec. 5.--Em oarrassed by their
$3.50 70 meet outstanding paper. A h
s.-s~szs Il Co, the largest school supply
- IN the world, was forced 70 c.ose
= 49, today. After confeSsinE judgment
= : .ss esrcgIt court for g.. IA In favor OF
:. flote National Bank, the company
90 Al assignment 20 Frederick a. Hell
s-ook the secretary. The assets We're
- a. between 10000 and 500. 600. and
=. liabilities between $1,000 and 800. 900.
=. Judgment was on two notes executed
..-.-eantsr II. one for 1880 and the other
- nzs9 The sheriff took possession OF
- aaaapsnv'g down town factory and
s.,.sroora. and allowed no one 10 enter but
--snresentatives Of the hank. Just before
- elaxirQ OF the Office OF the county cours
=. citations xsere obtained for the exam
...sion Of the debtors. The petitions were
go 81 the Chicago Farnisn Company and
rgrtor Aehels K Co, OF New York. Judge
v.sss Issued the citations. and made them
.sfurrable Saturday morning. In the cir
80 and superior courts the insolvent COM
.snx was the subject of FIVE attachments
- suaI amounts. The plaintiffs are the
amersczn Screw Company. the Hanson r.
ysngIukle Company. the Yale g. Towne
Manufacturing Company, Schultze e
aarzeh. and Heath Wllbi eek a. Company
n various forms the company has been
a existence thirty years, and its business
s<rrsszsd IN volume every year until two
resrs ago. Since that time, owing TO the
general depression. the business had de-
ereasef a, an alarming rate. For several
-sanths the company has been embarrass-
a ana has been obliged 10 put good deal
N psper or the market. The concern is
A. iucorporated company. The officers are:
n. Andrews, president: s. Il. Holbrook,
vI~s nrsg.dent: F. a. Holbrook. secretary:
n. Carry treasurer. The company en-
,soys about 100 persons.
The assignment was fled by johnson e,
Merrill attorneys for the company, and
nr Johnson said 81 was precipitated by
,ke action Of the bank in entering tudg-
mari upon the notes Of the company. The
attorney said the company had been under
severe strain for the last two years. and
xhea the Judgment for $4,000 was exec
suea It was concluded 1t would be best
"a make an assignment for the benefit OF
rs creditors During the hard times OF
10 mast two years" said the attorney, 'The
company had carried its usual large ex-
ssssss. the payroll amounting TO from s.. 600
saras,1 each two weeks Recently business
has improved greatly. but the company has
hen unable 10 secure the ready money 10
extend It's business and get rid of stock
shlch has accumulated" OF the total in
.
exnx TO the Globe National Bank $4,000
"a the Union National Bank, and the re-
rainder Is distributed among the stock
Aosaers OF the company who have loaned
moaey 10 the corporation and various mer-
cszs.s in the lines of business with which
sas company was connected. The corpor-
sfea has been a good customer of the
hnks and these loans were easily obtain
Il When the date for payment came il
VS. found that the obligations could not bl
ns. and on November is the debts were
sas a the form of judgment notes. The
AnaFsn Company has done business with
be Gss National Bank for years. and
ns si,h reluctance that the hank de-
I'D o obtain judgment on the notes they
At against the company. II was seen.
lexsysr. that the affairs of the company
bad reached crisis. and in order 10 secure
iaesr money the bank officials placed the
ho'ss In the hands of their attorneys with
Instructions 10 proceed at once 10 secure
collection. The formal entering of judg-
msni vas performed and the sheriff put
n charge of the property.
Frederick A. Holbrook. the assignee,
said: This has come upon us like light
nng from a clear sky. our business was
prosperous. and at the present time we
we're In the midst OF very busy season.
Our only difficulty was with reference To
immediate funds. Notwithstanding the
pressure we were under. we had placed
ourselves In a position where we hoped 10
secure sufficient cash within forty eight
hours to carry us past the.urgent demands
OF our creditors. We were carrying, OF
course, heavy load, which began TO be
heaped up on us during the financial de-
preston OF some two years ago. The
weight has increased somewhat. because
business for a long time was not very ac-
I'VE. Much TO our regret, circumstances
- shaped themselves that we were forced
toRn under the pressure. just at time
when the way seemed to be opened TO
clear business run and decidedly more
prosperous season. The Immediate cause
q our failure was the judgment of S25.01o.
We were just about TO consummate a deaf
whereby we We're TO dispose Of our school
supply department. Had this deal heen
put through before the Judgment was en-
tered Ne would doubtless have been able
q cancel the notes held by the bank and
Aus put ourselves beyond the danger OF
financial disaster our property where the
factory Is located at Twenty-second ana
Fisk streets H. worth about 500. 900. ana Is
subject to mortgage Of S9o.ooo. our Az
sresate liabilities are probably not In eN-
eess % Ss5ao0o and our assets are twice
Agt amount"