The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-03-02

stock have been taken at present markets
less depreciation. Accounts receivable have
been arbitrarily reduced by one-half in this
The engine is beyond question supe-
rior product, and very readily saleable. 1t
gives uniform satisfaction, and Its essential
features of superiority are protected by
patents. The company could not fill orders
with the proceeds of stock sales made
last year a plant Of large capacity was
built-one that Is a model Of engineering
efficiency Raw materials to make about
5000 engines were bought: Then there was
no money left TO turn the materials into
engines. In this construction work and
purchase of materials about $2OO,OOO IN bills
were contracted and there was no money
to pay them. This would have resulted in
a deIicae situation in flush times; coming
as it did in a period of depression and
fright, it presented so serious q situation
that it was thought advisable to replace
the optimism of the past management with
one Of more conservative turn. In saying
this, there is no intention of rejecting upon
the sincerity of purpose of the management
which Is superseded. These bills are prac-
ticalIy all held in the East.
THE creditors, almost without exception,
have agreed to cooperate and to sit steady
in the boat pending the thawing out of the
raw materials. There are a few creditors
who, because of their own internal troubles.
have been unable to assent, and they may
be compelled by virtue of such circum-
stances to commence action. If such suits
are brought, the management desires it to
be distinctly understood that they will not
be permitted thereby to gain a preference.
1.-The Bank Of Topeka and the Merchants
National bank, Jointly will. If no one rocks
the boat, furnish the capital to start the
flow of engines. From $4,000 to 1000
will be sufficient for that purpose
The Chamber of Commerce desires to
extend its thanks to these two institutions
and their officers. They have made it
possible to prevent a shutdown of Topeka IS
largest manufacturing plant and have af-
forded Topeka more than an even chance
10 build a great industry here The action
of these two banks Is actuated by a public
spirit for the present indebtedness of the
company to those banks is less than S11 coo
and that has been and is amply secured.
The town is also indebted to r. b.
Austin and Col. j. $. Dean, who acted for
the Chamber of Commerce in the matter
Without. disparaging in the slightest the
work Of the others, thanks are due Mr.
Austin. 1t is not generally known that he
and an associate built a large and success
full factory, in Iowa, from the ground up
featuring institutions. and his comprehen-
siye grasp of business and credit condi-
tions is such that when he approved the
valuation thereof all Understood it was q
business well worth saving. Mr.. Austin
has given major part of his time to this
for over a month, without any other rec
ompense than the satisfaction of helping
his town.
Il believe this can safely be said: The
The plant is thoroly and efficiently
equipped. The management is in. capable
hands. 1t should become one of the great
and solid institutions of the town
Expenditures on the telegraph trans.
mitter will be discontinued for the present
No more stock will be offered for sale.
THE action of the two banks referred
to made. 1t unnecessary to ask other aid
from the town, at least for the present
except moral support. Every citizen can
however. recommend the Piersen motor am
! conscience. For. as the experts have said
there is no better motor made"