, 1874-04-24
IIr. Hesing Makes Full Statement Of
His Financial Embar-
rassments.
He Intends to Pay OF Every Cent Of His
Indebtedness.
The Va1ue of Staats-Zeitung Stock.

been pursued in regard to the notes for SIS, ,0o
given by Mr. A. c. Hesing for his stock, securc'
by 10 shares OF the stock Of tho Sfdafs-Zeitun!
Company, and which had been sold to Mr. Henr,
Greencbaum at private sale for 35, 600. Whll'
the creditors, after listening to Mr.. Tocke1
statement, e1onerated him from all blame, ye
they insisted that the price which had been pait
for these notes was altogether too low, since tht
stock by which they were secured was worth
tnice its face, aud TINT, therefore
there must hare been collusion somewhere. II
order to learn something touching the truth o
these statements, and to find out whether these
charges were due to personal enmltles or oasee
upon fact, reporter called. yesterday upon Mr:
focke. the Assignee, a1d questioned him concern
ing the matter.
THE ASSIGNEE.
Reporter-I wish you would give me State
mont, 1Ir. Woke, in reference to your course re-
garlins those notea Of Mr. Hesings', about which
SO much was said at the creditors meeting
Wednesday.
CLOSING IT Up.
Mr. Vocke-Abort Christmas I learned Of the
decision OF the Supreme Court Of the United
Sta.ea affirming tbs responsibility OF the stock
holders of the Gernania on the notes which
they had given for their stock, and, wishing to
wind up as soon az possible the affairs OF the
bankrupt, 1T once set to work to make these
stockholders pay up. threatened and argued
until was successful with all of them except
Mr. A. c. Hefing, Mr. Kcukel, md two or three
others whom mentioned III my report under
the head Of IS desperate cases." You SEC
ONE MATERIAL DIFFERENCE
IN thcse cases WIS, that the notes of most Ut the
stockholders were secured by trust deeds on
valuable real estate in the centre OF the city-as,
for instance, with Ferdinand Jaeger. Ken
hcl's noto was secured partly by stock in
Uuck's brewery, aud Mr.. Hesings By stock
ot the Illinois Slaats-Zeitung Company. Wish
ing, as saad, to wind up this matter as quickly
as possible, I went to 2Ir. Ilesing and asked
for payment Of his notes Of SIS, GOO.
ACCRUED INTEREST.
Reporter-There IVES also accrued Interest,
vas there not?
hr. Tocke-Ycs interest began running
about July l, 1871, but tho creditors would have
been willing to have waived all accrued interest,
which would have amounted to about $4,000. il
Mr.. Heeing would have paid the face Of the
notes. He. when went to him, however, said
frankly that
He WAS UNABLE TO PAY;
his affairs were in very embarrassed condition,
ard it WAS impossible for him to raise the money
Off hand; if lie had time he could do it, but to
Tay within one or two or three months was an
lmpossibility.
Examined TIE CONDITION
OF Mr. Hesing 3 affairs, and found that. as ne
had stated, they we're seriously involved. His
connection with the Garden City Supply and
Manufacturing Company had brought him into
1uortga6ed, even his homestead, and it Was
question whether, If I applied for Judgment on
the note. would be able to cell Ills real estate
for such price as would secure anything for
the creditors OF the Germania. Since the prop
erty would have been saddled with equity Of
redemption, could have gotten but little money
fur it, if any. for fifteen months and, anxious
Is was to get rid OF the whole matter, it seemed
to me questionable whether it would not be
better to sell the notes for what I could get in
cash, rather than take the chance Of getting
something fifteen months hence. Still, it being
matter in which could take no action Of my
own volitlon,
WENT 70 JUDGE BLopdET2
aud informed him of Mr.. Hcsing' statement to
me. aud OF the condition Of Mr. Hesing's affairs,
and asked him for instructions IS to what course
I should pursue. The Judge took
the matter under Amusement, and,
when I again saw him, told me he
had fully considered tho matter, had
como to the conclusion that nothing could be
gained fur the creditors by forcing mr. Hesing
to tho vail that, it Judgment were entered up,
all his other creditors would come upon him,
aud it WIS questionable whether anything at all
could be secured for the German1a the amount
would certainly be very trining.
The Hcporter-Haye you these documents to
which you refer
Mr.. Tocke-Yes. Here is my
APPLICATION TO TILE COURT:
The nndcrrEnt,i, Assignec Of the Gcrmania 1nsur-
Company, bankrupt, would respectfully repre-
Ent that since the otcln1 announcement Of the de-
Of the Bupreme Court Ut the United States
c:7ng f.tots claimed by stockholders against said
ou:stanE 81 indebtedness M Il said lanS1u IND Ind that
all Of the stockholders who Joined in the appeal to the
supreme Court have paid their debts with the e1cep-
pay. Tbs Aesigneo hollis agaipst said Heslng two
notes, ono for $4,000 and the other for $780, for
which he has pledged 17o shares Of the stock Of the
1it;,4ois Saats- zettung Company, and which La the
only security tho Assignee has for the payment
Of said el4i,n. TIE sid Hesing, the Assignee
Ereats involved by the bankruptcy Of tho Garden
City Manufacturing End Supply Company, for which he
rti1l nhe is said. for sl6 900 of sai indebted
ICES. The Assignee is informed md believes that gil
Of the remaining Htock Of said Hesng III the Illinois
Etdnts Zetung Company is pledged to its full valne, to
the indebtedness aforesaid and that the other
property Of said uesing is hea: mortgaged to
anoney loaned for building and for the said indebted
lcs6-
Tho Assignee has made frequent demands on the
tsad Heng, hut the said Hesug has not paid the said
1ndsatei.ees. and after d1gent search the Assignee
Las net been able ascertain that sad Hesing has
SKIER property than the stock pledged to the Germana
gals undrr execution would realize ANYTHING for The
creditors He therefore asks tho Court for instruc-
ons os to what course to take the Interest Of the
creditors.
tSicDea) WILLIAM yocHr
fl*aa Aital :, 1874. Assignee, etc.
THE ORDER OF COURT,
Judge BlcdSe:t made the following order:
In the 4ra::.r Ct the Gernan:a INSURANCE Com pany
Laair.1ut: "'
Tue Assignee having this day made application for
sos:rEcou TO the matter Of the claim said Com
1ar* aaitst Anthony G. Hesng, and the Court having
Lily eous!dered The katne, does hereby order and
Gcea that the said Assignee do offer notes and in
t1cnets Of the said Hesng together With the stock
ct tAe IatH;s Siaats.zeiunq Company deposited to
cure the At private sac those dealing in such
Securities, in tho City Of Chicago and to sell the same
totac person making the highest aud best bid there
1'7 In cash. n1st reporting the acid lids to
t'e Colt1 and he will deliver said roes and mi
isssrsls until such sslc sA7u ba confirmed by this
Gut E.4ter.
tS:cae@) uwp
3i!ea April 7, 1s'1
The Judge di,ecied me- as you see, to send
around . circular letter to Loading firms in the
city, aud he gare NE the names-such Is George
5