New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-02
COLLAPSE OF 4 BIG BUSINESS.
THE ANCHOR MANUFACTURING COMPANY IN A
BAD STATE

THE ANCHOR MANUFACTURING COMPANY IN
BAD STATE.
Hugh H. Edwards. broker at No. 1913 Front-st''
Is trustee for large number OF creditors Ill tS Guy
of 500 second mortgage bonds Of $500 EACH issued on
rohruarv / 1900 by the Anchor Manufacturing Com
many OF Detroit Mich. Tho bonds bear a semannua
interest OF per rent and were 10 mature III hVo
wears They were secured by second mortgage on
eichtyfve acres Of land on the River Rouge, three
miles below Detroit, and on the immense cooperase
pant situated thereon, which the property OF the
romnony A condition was also inserted that should
any default be made in any of the payments or interest
for moro than thirty days. should the works stop
running the whole amount should become due, ana
$500 was to be allowed for foreclosure expenses.
Mr.. Edwards on Friday filed bill in the Circuit
Court in which he relates that default has been made
for more than thirty days the business OF the company
l. suspended and loss to the property will ensue un'
loss receiver is appointed He therefore asks that
a receiver be appointed pending the foreclosure OF the
mortgage and that the amount due be computed ana
execution issued against the property OF the company
and all persons interested therein The broadway
and Third National Banks, Of this city, Washburn
Moen of Worcester Mass, and Thomas Mac Kellar and
William Kern claim hold quantity Of the companys
naner but Mr. Edwards says that 1t was given after
rho mortgage was executed and he asks that they be
forever debarred from executing any claim on the
plant There Is n first mortgage OF 100000 on the
nronerfy by means OF which money raised In
New York 10 aid in rebuilding the plant OF the com
many which was almost totally destroyed by fire three
wears ago The result Of the pending litigation will
be to wipe out the capital stock, which amounts to
s5OO,OOO, and is largely held in Ncw-York
TO a Tribune reporter Alfred Iiavand broker
at No. 123 Front-st, director In the company, ana
AN associate of Mr.. Edwards, said THE complete
collapse Of this finest cCoperage establishment Ill the
United states j. said TO be due TO gross mismanagc
ment to call IT by worse name This Is strong
language, but | believe it TO be true. The stock
holder, allowed tho president, Hugo Matullath 10
run things Just as he pleased, and to vote tieir
proxies at the annual meetings. lie ran things INTO
the ground. The failure Of Sanger Wells oi
Walist., a year ago, was due to advances OF money
and credit made 10 this company under his manage
melit, and large number Of other business men vi
this city bitten to greater or less amount
The buildings Of the company are OF biich' WY ga
tensive, and are stocked with the most complete
machinery for turning out hoops heading anu SAWS
These last were produced By machines on WHICH
Matulath held patents. The plant has capacity
for the production Of about 10000 barrels DAY.
Last February the stockholders deposed Matuiiah;
who had disposed OF all his stock but rev shae, au
~ ~ ~, -, g., tho Iarrest stakeholder The
concern in a bad way at tiat tllhe, 'u .I,c MY
administration have done what they s0uu " piaoV ,t
Charles A. howell. benjamin sim0nsol AleAaide?
Lyn and myself The company made the loan 70 Mr
Edwards and other creditors. VINO Merc d.o sVoyh
holders To insure them against sohv orvu.oiS "ho
we're getting reference over them. The first interest
became due In August which was not pau. hr
Edwards represents set OF interests ahu Mr hac
viii do what he can to keep it, am myself a stock
hOder.'