New-York tribune., 1891-05-25
1IABILI7IES CLOSE TO 10000.
INDEBTEDNESS OF THE STAR RUBBER COMPANY
ITS CASE NOT HOPELESS.

nnrcn+on Nav "a (Speciar.-The mortgages whlch
we're 10 have been placed yesterday on the mill "or
plant and stock OF the Star Rubber COMPANY "eo o
recorded because 1t was impossible 10 get Ihon .-9
woodbury. D. Holt and James Buchanan couhSei ~.
the COMPANY said that the intention was W ro'oiu
them tomorrow The mortgages are ten IN huhoer
nd ora said to aggregate over 100000 The Trenton
Savings Bank has already mortgage TOT SZlOVo y"
the plant, bringing its incumbrance now close up 10
the bafmilion figure. Counsel decline to disclose the
details of the mortgages but it is understood they ae
aro,rn &C follows: To Jonathan Steward, president
of the company for about 100000, 10 secure MN
for indorsements to Thomas A. Bell, secretary anu
manager for about 5000 to secure him for ndorse
ents and for cash advanced to Philip P. Dunn treas
uror for about $50 900, to secure him as accommoda
tion ndorser and accommodation maker OF notes ais
counted for the benefit OF the star Company 10 uo
RordentOwn Banking Company for S3O,Ooo, 10 secure
il for discounts to the Trenton Banking Company ior
SO 600 to secure It for discounts; to Mahon Hutchh
SON of BordentOwn for $4,000, to secure MN ior
Endorsements and advances: to the First National Bank
~ Trenton for $4,000 to secure for discounts and
for the benefit Of persons holding paper made by the
Star: TO william T. Vannest for about s45,ooO' 10
secure him as accommodation indorser and for money
loaned to the company to A v Manning, Tor Slo'ooo
IN secure him for Endorsements to William o. WINS Tor
about $4,000 to secure him for Endorsements ana ao-
vances. The Chemical Bank Of New-York holds star
nape 10 the amount Of $50 O0O and it is said that the
rank Of America OF New-Yorl City, is interested In
a similar manner, though for small sum-
ais the Stars case hopelessl" inquired reporter
last night OF Mr.. Holt
"No5 was the reply. "The directors say the star
has been doing a magnificent business, and IL the
arrangements being made in its interest and that OF
tho creditors are undsturbed by pressing claimants
II can 20 on doing good business. That shows the
case is not hopeless one.'
The general fear in this city, however, is that the
star doomed Its desperate strait is admitted by Its
officers and all its friends. The regret Is widespread
as the Star has always been regarded as one OF the
best among the industrial establishments of the CITY,
II was originally established by the late Charles v.
Mead and was known the Mead Rubber Company.
Afterward its name changed 10 the Star Rubber
Company. In 1872 a special charter was granted To
the Star under which the reorganization was effected
The capital stock OF the company is S215,OOO. In
the last nine years II has been paying handsome DIV
idends and the claim Is made that IL could have CON
unued on its Of prosperity had not the strln-
cency In the money market occurred. The whole city
hopes that the Star will pull through Its wreck and
ruin mean disaster to other industrial concerns with
which its managers are intimately associated, and Its
rescue means a renewal OF confidence which would
serve 10 make things look brighter in the city. The
banks interested In the affairs OF the company cannot
be harmed enough TO make them feel IT, even though a
| Complete collapse Of the Star should occur