Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-09-19
GO. ASSIGNS
overstock Of Material and Wet
Season Causes Assign.
ment for Creditors
FACTORY WILL BE OPERATED
Assets of $4,000, and Liabilities Of
$212,oo0-A. A. Moore and A.c. Price
Named as Assisnees to Continue the
Business in the Interests Of the
creditors-Banks Protected.


pany. Of this city. recognized in the
commercial world as one of the largest
carriage concerns of the west, assigned
at $50 o'clock Thursday evening for
the benefit of creditors. The assets are
scheduled as $266,567.66 and the LA
bilities $212,262.73. The list Of creditors
aggregates about 100, including many
large eastern manufacturing firms,
Chicago banks and brokers, and bust
ness men in this city. The largest cred
itor is the Marshalltown State Bank
which has a claim of $4,000 fully Sc
cured by collateral. The notes taker
by the buggy company and upon which
it has always obtained money have
been promptly paid in the past and ar.
considered by the bank as perfectly
safe security. Papers were filed
Thursday evening naming Messrs. A.
&c. Price and A. A. Moore, of this city.
as assignees
While the exact nature of the trouble
was not generally understood, and was
grasped at once to be really worse than
the facts Indicate, the news created
more of stir than anything that has
occurred in Marshalltown in recent
years. The institution was generally
conceded to be one of the safest, finan-
cially, In the city, and but very few,
who were Informed of the fact that an
assignment was impending. knew that
the company was in trouble.
Cause Of Assignment.
President N. A. Carmesn, of the
company, was seen Thursday night
concerning the assignment and asked
as to the cause Mr. Carmean said
that the company had bought very
heavily, expecting the usual big fall
trade. The wet weather of the past
summer has so greatly reduced ex :
pected sales that the company was
caught with an immense amount of
stock on its hands, aggregating $780,
900 or more, which it was unable to
convert into manufactured material,
and hence into money. Mr.. Carmeall
says that the stringency in the money
market is Immediately responsible for
the trouble. The company holds great
amount OF paper. which 1t could not
discount properly, and consequently
was unable to handle it.
Last year the company ran short OF
goods and was unable to fill demand
for nearly 1000 Jobs more than they
could make. This year they bought ma
terial for an enormous business which
with the disappointment i'll sales and
limited capital brought on disaster.
Factory Will Be Operated.
Notwithstanding the fact that the
business of the firm was this morning
transferred to the assignees the fac
tory will be operated as heretofore. This
is the wish OF the principal creditors,
and likewise the stockholders. Every
one recognizes that in selecting as
signees two better men than A. A
Moore and A. c. Price could not have
been secured. Mr.. Price has been In
the firms employ and is conversant
with its methods Of doing business. Mr..
Moore is q shrewd business man, has
made success of his own affairs, and
will undoubtedly be successful In turn
ing the stock Of the concern into money,
III OTueI llldl lIAc CIcuilOlS VIII IiOl lOoS
anything. Mr.. Carmean, Mr.. Rhoad as
and Mr.. Price, when asked what the
prospects were for the creditors realiz-
ing on the securities, said that in their
opinion no creditor would lose a penny.
All Of the employees, numbering be-
tween $50 and 200, will be placed to
work just as soon as the inventory can
be made, which will be within ten days
or two weeks.
An Honorable Assignment.
President Carmean, in speaking of
the assignment Thursday evening, said
that 1t was an honorable one in every
L. <,l4