The Osborne Failure

A great surprise awaited the people of Webster, Saturday, when H. M. Osborne, proprietor of Osborne's mills, three miles west of Ann Arbor, made an assignment. He was known as a conservative business man and was popularly supposed to be worth $25,000 above indebtedness. He had recently put in the roller process at considerable expense and this undoubtedly largely aided in pushing him to the wall. He still owed $800 to the company which had been making improvements. The assignee is John J. Robison. The liabilities are estimated at about $11,000. There are two mortgages on the mill property of about $3,000 each, the first held by the Ann Arbor Savings Bank and the second by James Osborne, a brother. There are about $4,000 or $5,00 unsecured debts mostly due to farmers. It is estimated that there are between $12,000 and $15,000 worth of property besides the book accounts, to meet the indebtedness.