Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-08-04
A RECEIVER APPOINTED.

The Henry Killam & Co. Calls Meet
ing of Its Creditors-The Concern
Considered Perfectly Solvent and
Will Continue Doing Business-The
Step Taken In Order to Save Ten |
Thousand Dollars Rental Per Year.
The Henry Killam & Co., manufacturers
of carriages and coaches at AZ Chestnut
street, is In the hands of recsiver, but its
embarrassment is believed to be only tenn
porary and it is said the company will con-
tinue doing business as usual.
On Wednesday the company, through its
attorney, Mr.. Webb of Alling, Webb &
Morehouse, applied to Chief Justice An
drews in Litehfield for the appointment of
receiver. The application was granted and
John Murphy, the secretary and treasurer
OF the company, was appointed to the po-
sition. This appointment, 1t is understood,
YVES made at the request of large number
ject to the ratification of all the creditors.
If it should subsequently appear that the
creditors are dissatisfied with Mr.. Murphy's
appointment, then that gentleman stands
ready to resign the position at once and his
successor will be chosen according to the
wishes Of the creditors.
Just what the financial condition of the
concern is Mr.. Murphy and Mr.. Kflam
| claim not to know. They are of the opin-
| ion, however, that they are not very badly
| involved and that they will be able to meet
all their obligations dollar for dollar.
An inventory is now being made and
when completed statement of the financial
condition will be prepared. A call will be
issued to-day for meeting of the creditors
which is to be held at the Office of Alling,
Webb & Morehouse next Monday.
The chief cause of the company's fnan-
cial strait is not attributed, as might com.
| depression, but to the fact that the compa-
ny's New York repository has been a big
drain on the concerns resources.
March l, 1889, the Henry Ktllam COM
pany leased the building at the corner-o1
Broadway and Fifty fourth street for 9
term Of ten years at the rental of $40, 00(
a year. This building was used as the
company's New York repository and sales
rooms. After running three years the
venture proved a failure and the project
was abandoned March last.
lying idle practically aud the company
find themselves with lease on their hands
which has nearly six years yet to run anc
nothing coming in to OBJECT the outlay o.
&c. 900 year.
The building is owned by R. S. Ely o.
/ New York, who, IL is understood, has re
fused to release the Killam company, MOI
will he allow the company to sublet tn.
premises. Although Mr.. Murphy hal
been sppointed receiver by Chief Justic,
Andrews yet If at the meeting next Tues
day there are objections raised to an inter
ested person acting in the capacity of re
csiver Mr.. Murphy will willingly resign.
The Killam company has a reputation
among the trade for making products of {
high order. Their trade has extended t.
all sections of the country and easily com
petes with the best makers of carriages.
Under the operation of a receiver 1t Il
hoped that the concern will draw out from
its present entanglements and be set agai1
on sound footing. At any rate thi
course was manifestly the best one to pur
sue for debtor and creditor alike.