The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-04
A CYCLE COMPANY FAILS
PLANT OF THE "BEN-HUR" MAKERS
IN A RECEIVERS HANDS.
Liabilities About $4,000 and Assets
$I25, Receivable $45,-
OOO-TOo Many High-Grade Wheels.

On the application of the Indianapolis
Chain and Stamping Company, Judge Car
ter yesterday afternoon appointed Charles
E. lockwood receiver of the Central Cycle
Manufacturing Company manufacturers
of the Ben-Hur bicycle. Receiver Rock
wood was ordered to continue the business
of the company, and all orders on hand
will be filed without interruption. Lucius
Nj. Wainwright, president of the company,
expressed the hope that the company
would be able to recover from the business
depression that led to the receivership.
For a statement of the liabilities and as
sets of the company, he referred Journal
reporter to Jameson & JOSS attorneys for
the company 0. b. Jameson said that the
estimated liabilities of the company are
about $94 600, with assets worth aboEss&125,-
900. including a plant valued at $4,000, &c
counts and bills receivable amounting to
$4,000, with real estate, materials and
stock on hands to bring the total up to the
figure mentioned.
Yesterday morning mortgages executed
by the company were recorded securing
the Indiana National Bank to the extent
of $4,000 and the Capital National Bank to
the extent of $4,000 more. Nathan Morris,
of Morris. Newburger & Curtis, was named
Ownership proceedings. 1t was the filing of
these mortgages making the banks pre-
ferred creditors that probably precipitated
the receivership. In the complaint of the
indianapolis Chain and Stamping Company
II IS alleged that the Ben-Hur Company is
indebted to 1T $l,286 besides which there
are other claims due or about to become
due aggregating $4,000. 1t is alleged that
the company has not the financial ability
TO meet these claims, and is, or will be-
come. insolvent. Reference is made to the
chattel mortgages in favor of the banks
executed to Nathan Morris as trustee, and
the court is informed of the emergency for
the immediate appointment Of a receiver
1t was practically admitted by the defend
ants attorneys that the allegations were
true, and the court named Mr.. lockwood
as trustee. He gave a bond of 5,000 with
the Union Trust Company as surety.
Last year the Central Cycle Company
ure of Davidson & Son, a large
also suffered. This, with the general bust
ness depression. placed the firm in close
quarters. The company heavily
stocked with high-grade wheels, in which
there was but little trade early in the sea-
son, manufacturers generally complaining
that low-grade wheels were being given
preference by purchasers. Recently, how
ever, trade has picked up in high-grade
wheels and the Ben-Hur people were much
bills for supplies purchased early in the
season began to mature, and owing to the
!dtelleSS Oh the season money was not COM
ing in to meet them. AS shown above, the
firm has a very large amount of accounts
and claims outstanding on which it has
been impossible to realize.
Probably no firm of bicycle manufactur-
ers stands higher than the Central, of
which L. NJ. Wainwright is president and
A. d. Johnson secretary Associated with
them were Mr.. Snitzer, formerly of ST.
Louis, but now a resident OF this city. and
l.. J. Keck, manager of the uptown retail
store. corner Of Pennsylvania and Market
1rn oil
popular and the firm had an excellent
standing. Much regret was expressed by
bicycle dealers that the firm had to sue
cumb to its misfortunes. The capital stock
of the concern was 81, 800.