The Indianapolis journal., 1903-03-13

of twenty years. The notes will be secured
by a consolidated mortgage on the plant
The loan was made TO meet obligations 10
be Incurred I'm carrying out government and
other contracts, for which more than the
sum named will be eventually received.
Satisfactory arrangements have been made
and papers signed between the government
and the Chandler-Dunbar Water Company
for mill and dam at Sault Ste. Marie,
Mich. By the arrangement a strip of land
Of the water power company is reserved
by the government in case il is needed for
widening the canal and a third lock, while
the company secures certain privileges in
St. Marys rapids. This clears up every
thing for the construction of the plant of
the American 500 Paper Company. Every
thing is In readiness to begin work on what
will be the Soos second largest water pow
er development.
Frank c. Pingree. who was president OF
the wrecked City Savings Bank at Detroit
at the time of it's collapse through unlawful
use OF the banks funds by it's vice pres
ident. Frank G. Andrews, now prisoner In
the State Prison at Jackson. to-day filed
petition I'm bankruptcy. His liabilities
are given as approximately $S25,OOO, assets
$124.G0. The liabilities are almost entirely
I'm bonds given to the Detroit School Board,
the city of Detroit and the State of Mich
igan for public funds confided TO Harry Z.
Andrews as cashier of the wrecked bank
The principal item of the assets consists Of
$4,000 stock i'm the Pingree Shoe Company.
The effort to remove the effects of the
defunct Boughton. Ford & Co.'S bank at
Burton. o., from the state court TO federal
jurisdiction crystallized at Cleveland in a
petition for involuntary bankruptcy filed
in the United States District Court. The
petition is in the name of William "A.
Halves, Emma Miller and Henry Hodges,
all of whom were despositors in the bank
They ask that the copartnership OF George
III. and r. n. Ford. who did business under
the firm name of Boughton. Ford & Co, be
adjudged bankrupt by the Federal Court
According to the latest figures given out
by the receiver for the bank the liabilities
are s1,02S,l65 and the appraised assets
| 5000
neer, recently secured from the Aqueduct
| Commission of New York contract for
| building fourteen highway bridges In the
| that he was the fortunate bidder he said he
did not want the contract and begged the
city officials to take the job of his hands
The aqueduct commissioners told him that
his bid was guaranteed by fidelity COM
pany of Maryland and that they would hold
him or his sureties to faithful perform
ance of the work. After thorough investi-
CATION however, the commission decided it
would be useless to try to compel Webster
to take the contract, and, as there was so
little difference between his bid and the
next higher one, the latter was accepted.
Control of the Standard Steel Car Com
pany, of Pittsburg, with it's fine car works
at Butler. Pa, has passed from the orig
nal owners to the American Car % and atro1 nf
the Southern Car and Foundry Company,
which was not long ago purchased by Pitts
burg interests, and has since been operated
| by the Standard Company. The deal In
volved an exchange OF properties valued
at Sc, 500, ,OOO and will give to the American
| Car and Foundry Company well-equpped
steel car plant to build up its trade In steel
| cars. With the sale OF the Standard inter-
| ests IL is said that the interests of Schoens
| in steel car building will cease permanently
and that the whole attention of the Schoens
| will be directed to the manufacture Of steel
| car wheels.