The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-25
THRO' DULL TIMES
Failure of the Navarro
Mill Company.
INVOLVED OVER A MILLION.
The Order of Adjudication Made Upon
the Petition of the Company's
Vice-President.

The Navarro Mill Company has been ad-
Indicated insolvent upon petition pre-
sented yesterday in the name of the CON-
pany. Following the presentation of the
petition. Superior Judge Levy made an
order adjudicating the company insolvent,
and appointing Sheriff McDade receiver.
under bonds of $4,000. Thursday, Sep
TENDER 2S, was fixed for the holding Of a
creditors meeting, at which an assignee
Will be selected.
The petition in insolvency is signed by
j. Fessenden Clark, the company's vice.
president. He sets the liabilities of the
concern at S1.O3S, 719 IS, which sum is
divided up in the following manner: Open
accounts, S56, 70S 90; accepted drafts, ST.
$50 81; unaccepted drafts, 1929 %; notes.
S444, 400 Sc; Endorsements, S13,6l6 %;
bonds sold, S1120; bonds pledged, S499. 600.
The creditors of the unfortunate CON-
pany. are very numerous, and while some
accounts are but small, there are others
that amount to very large percentage OF
the liabilities of the concern. Mrs. Jane
W. Clark Is a creditor for S53 500, I'M
secured, and SOFAS secured by bonds
of the company; Thomas j. Clunie
is down for S101.277, also secured,
ands Mrs. Lucy H. Schaabel is a creditor
to the extent of S13, 563 Other prominent
accounts are: Buckingham Il Hecht, $3.50
Calm, Nickesburg IL Co., S303; NJ. Heller
& Sons. SLAP; Hawley Bros, S604; j. 3.
ROebling's Sons Il Co., S1109; SchweitZer
& Co., $500; Levi Strauss IL Co., $500; TIL
mann & BeRdel, S454; r. G. Byxbee, S6421 !;
g. NJ. Josslyn, S3601; A. DOdd, S3164; Mrs
Z. P. Sanford, S14,Q57; James Leather
land, S14. 100; Samuel Lawrence. S4607 !;
Mrs. NJ. j. Spring, S4016: the Ango-Cali-
fornia Bank, S135, sol, secured by bonds Of
the concern.
Last. but not least, comes an indebted
ness of $3.50, 600 due to the Anglo-Califor-
MIA Bank and Thomas J. Clunie, on Joint
account, on 400 bonds pledged for the sum
OF $1,000 each to secure advances to the
bankrupt concern. This debt is secured
by a deed of trust executed in favor of
p. n. Lilienthal and S. G. Murphy as
trustees for the stockholders of the bank
and Mr.. Cl1nie.
The company's real estate is incum-
bered by deed of trust and by a mort
gage of 100000. executed in favor of A.
A. Hooper as trustee for Mrs. Clark. Mrs.
Sanford. Mrs. Marble and Mrs. Matte
Spring, all creditors of the concern. The
real estate, valued at 100000, is mort
gagged for 100000 while the pers
property, valued at 100000, is incumbered
10 the extent Of S132, 1872 II.
At the same time that Mr., Clark filed
the petition in Insolvency on behalf of the
Navarro Mil Company he also filed his
own petition in insolvency, attributing his
financial ruin to the disaster that has be-
fallen the concern of Which he is the vice.
president His sole assets consist Of $3.50
In money and 1900 shares in TIE bankrupt
company. There were only 5000 shares
issued in all, so that Clark owns and is
liable for one quarter of the company's
obligations. His debts consist of private
loan from the company of $500 81, a sum
OF SIS, eco due to Mrs. Lucy Schnabel of
MunjcD, Bavaria. under the contract by
V1Heh Clark obtained his interest in the
r. apaby. and besides one quarter OF the
\ Shap2ny's deb's. amounting 10 S2j9, 679 96.
Nhus ClaTk's liabilities in all amount to
~, 469 90.
Ehe unfortunate concern is not going to
be allowed to have all its own way in the
winding up of its affairs, for another petit
tlop, this time in involuntary insolvency,
was filed yesterday against the company
by three creditors-Sachs Brothers, Muir
ply. Grant & Co.. and Calm, Nickelsburg
81 Co.
These creditors. who only represent
b1sween them 1851 of the company's liza
bilities. assert that a certain recent trans
action of the company was not ali that it
should be.
The petitioners refer to the mortgage
of S100,000 executed in favor of A. A.
Hooper on July 81 last and assert that at
the time this deed was executed the COM
pany was hOpelessly insolvent, and made
this mortgage with the deliberate in1en-
ton OF defrauding the other creditors OF
their just rights.