The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-06
the company's Indebtedness exceeds $4,000
and that II is hopelessiy fnsolvent. The

the company's indebtedness exceeds $4,000
and that 1t Is hopelessly fnsolvent. The
company consented to the appointment OF
the receiver.
Instructions have been forwarded to the
managers of the cotton mills of the China,
Webster & Pembroke Manufacturing COM
panfes at Suncook, n. H., to shut down
the thrNe corporation OH Saturday next
until Aug. "a The action was decided upon
because of the high cost of cotton and the
unsatisfactory condition of the market for
print cloths. in the production of which all
the Suncook mills are engaged. The Pitts
field IN. H.) cotton mills will shut down
the same day for several weeks. The Clin-
ton mills. of Norwich, Conn.,, have closed
for fortnight.
The plan for the merger of the Western
National Bank of the United States and the
National Bank of Commerce, in New York,
was ratified Wednesday by the shareholders
of the National Bank Of Commerce. The
plan authorizes the increase OF the capital
stock of the National Bank of Commerce to
S25. 900 900 by the issue of 10000 additional
shares of the par value of 800, of when
stock l25,000 shares may be used to acquire
the assets and business of the Western Ma
tonal Bank, and the residue is to be offered
TO the shareholders of the National Bank
of Commerce for subscription at the price
of sl40 share.
At Chicago Wednesday, Judge F. A.
Smith. in the Circuit Court, denied the ap-
plcation of former City Controller o. D..
Wetherell for a receiver for the National
Life Insurance Company and the National
Life Building Company. In the bill 1T was
alleged that Albert NJ. Johnson. Eugene
Prussing Edward Shedd and others had
entered into conspiracy TO defraud the COM
plainant of 900 shares Of the capital stock
of the National Life Insurance Company.
In his decision Judge Smith held that the
bill made no allegations against either COM
pany that entitled the complainant to a
receiver. and no wrongful acts had been
shown On the part of either company.
The executive committee of the Trust
Company of America and of the North
American Trust Company. both of New
York. have agreed. subject to approval TO
merge the two companies under the name
of the Trust Company of America. The plan
is to come before the respective boards of
stockholders OF the two banks. The basis
of merger suggested is follows: The cap
ital stock is to be $2,50O,0O0 and the balance
of net assets of the two companies to be
to be divided in the proportion of GOO
shares to the holders of Trust Company of
America stock, and 1,4O0 shares to holders
of North American Trust Company stock.
A conference of the subcommittee of the
executive committee of the National Orna-
mental Glass Manufacturers Association,
which was organized Tuesday at Columbus,
| o., with representatives of Chicago man.
ufacturers, was held in Chicago Wednesday
| TO determine upon the labor conditions sur
| rounding the manufacturers in that city.
| Data was submitted to the meeting regard
| ing the price paid employees, the hours of
| work and the stipulations Of the labor con-
| tracts. From these figures it was found that
| the Chicago manufacturers are paying the
| minimum wage scale of 81 cents an hour,
while Pittsburg is paying 421s cents an hour.
| 1t is expected that the manufacturers will
| seek 10 increase the wage scale of this
| city. the association being formed to Sc
| cure uniform wage scale In the cities OF
| the country.