New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-29
TWO RECEIVERS Ma MED.
TROUBLES OF TIE UNITED STATES BOOK
COMPANY.

THE SECRETARY OF THE CONCERN MAKES \
sTATEMENT-Jo W. LOWELL NOT Is
TowN-AN Fx,WTNTIoN OF The
BOOKS BE:NG MADE
Two receivers have been appointed for ITO United
State, Book Company Of Nos ; and East sixteenth
=. Judge Patterson appointed Charles W. Gonld ="
c,lvcr for the property In This state. Edward !.
&. Young va, appointed receiver for ID" property
OF The company in New IrI~oy. II US said IN
making the application that company had an In
debtcdncSS Of nearly 10000 account; PAYABLE
In notes which it la. Endorsed. and It's own notes.
There /, besides this Indebtedness bonded Indebted
moss Of 81 100000 urcd by Chattcl mortgage held
by the Manhattan Trust Company.
The assets OF The company are valued at upward
Of II 100000 The assets nrc said 10 be- largely
dependent on tho properly being Kept together. The
property Of tie company The state, of New York.
Ncw-Icr,cy Mas ,achus"t- ard Illinois The company
la, branch Offices I'm Boston and Chicago. but it is
,ad that 90 per ccl ~ the property l. in tbs city.
II includes stereotype and elrc'roiypc pa'r<. copy
rights books and paper accounts and bills able"
II wa a~-cIt'd I'm m" Application, for IN" appoint
n,a 81 receiver that John ". L0rcll tho late vic
pr' ~dont ard manager ~ Tho company. had received
$50 900 # the companl's commNgcisl paper that hc
had not accounted for ~ and rcu ed 10 account for f.
Tie bond Of G. ". Gouli rs receiver for tn" NV
York properly was fixed ut $4,000. Tho store ~
thc company sos. % and Eat siNtoonth--t. was
closed. and under ~" attachments keepers W.T."
placed IN charge Of tho following establishments:
United states Book Company. Empire Publishing
Compauv. at no. l42 and IA Worh-st., Haycndon
Company. So. u and ~ Wav"rlcy Place. Interim
tional Book Company. No-. IT, and 1T Worth T.:
Lo,'I. CoIycl CO.. No. 4J-+7 F1,t T"nth--t.,
National Book Company. Nos. Ii2 and III Worth
st.. seaside luA hing Company Nos lag and IA
Worih-i
Attachments aecrcSatinS s2-3.o35 verc secured
against m. United states BOOK Company In favor 81
the nlloviu. creditors: 1row Directory. Printing
and Eoohbindius Company, sol ~, John Howard
Latham. So G05: EI-i,tus Y. Root. $19.G3I Manu-
flcturcr.' National rank % Troy. so. Buckley.
Duntpn 4 Co.,. $4,000: Garter. Hughes ~ Kellogg.
- G2o and the CaXion Boohbndnc COMPANY. ~ $50.
Thc assertions made concerning tie actions Of
John W. Iovcn created sensation. Wherr Mr.
Lovcn i, at present known by the other officer,
and directors of the company. Last evening the fol
lowing statement gwen IN reporters by James
A. TAYLOR. secretary Of the COMPANY.
Tho suspension Of payment BY the United Book
Company and appointment Of receivers % IL, property was
iccptatrd Of IT, late vice president John
W Lowell who hns bocn the manager OF the company
business. MI Lovc has ab>cned himself from al re.
cent meeting. Of the board refused to meet the directors
or 10 clvc them Information which IL necessary they
should have concerning the comrany's bushes. Mr..
Io,e o,o failed proper entries to be mad in
the book concerning financial transactions made
by behalf Of the company, and lie has not yet In
formed ,hc company to the whereabouts q securities Of
arcc belonging TO the company which have been
ntsust,d to connection with it, business and which
are supposed 10 have used fo the coapanys purposes
For tlc.c reasons the Board Of Directors meeting
held on Fiiday mo,ed him vcepresident. and Dis
charged him from the conpany's employ and measure,
viii at once compel prompt accounting by
him Concerning all his transactions orlctr Of ttc
company.
In the Absence Of the which Mr.. Loye hat
rcccived consisting 81 pomissory nOts OF yaou parties
Amounting $50 coo and 10 the disposition
u which Mr. Ioycll thu, rendered account
the company found Itself without the ordinary means Of
raising money meet tS maturing Obligations. Var,u,
debts were past due and creditor the Manufacturers.
National Bank Toy levied attachment the com
2 GOO Others Immediately began TO follow Mis- cour,o
a,d the Board felt that only way 20 PIC.
serve property pcdnQ GcadIu>tm"nt o the company
anai, lay through the immediate appointment Of re-
cc,cis.
Accoiincy apple alton by e-Goycrnor Joseph
u. fea counsel for ,to'khodr. Chancellor Nc.
chi who slpoincd Edward + g. Younc. prrsd. nj
First National BanA Of jersey c.ty receiver II
company property that state aud Judge I'd
ward Patterson. OF Ncw-Ycrk supreme Court who
appointed Mr. Charles receiver in NewYork
Eyarts Choac g. Beauan appeared AZ counsel for the |
company. socoIcance "ith resolution
board of directors joined in requesting the appointment
Vanderroe Cunning ':oo1rn counsel for New.
YORK receiver aud Ex-Governor Bcdc l. counsel Tor the
receiver III New.Jcfscv. Both receivers have qualified
take pose 81 the oOHpany's property IN both
States, which they VIII hold Tor equal
The erc1ors danger of a sacrifice of
who hal obtained acha' prior
the appointment Of N" receivers under b.
willing far plan Of settlement which
shall! equal rights all and doubt bout
. speedy Iu-imcnt 81 ihc comIshy's upon
bass. under dneIen, mana meat.
As detailed information be obtained IT,
,omPinys VIII doubtless be found entirely
solvent. 1t Ia, splcndd plant and great canning
power which vii not be permitted 10 BE- lost Its phci
pal Indebtedness l. represented by Of bond,
amounting - $1,000 600. secured BY upon coc
uoype and stereotype plates The actual OF
nearly three times that The Other Indebtedness
mainly held by banks. and others who will doubles.
assist proper reorganization. An examination into the
comsnys AFFAIRS In progress. Its Officers learn
Ing us exact condition. and strong committee composed
Of men OF uhquesuonable Standing 10 being formed who
will present plan for the reorganization OF the complny Of
oaily day.
Frank +. Lowell brother Of John ". Lowell wa.
AT the laticrs home. No. 4 LcXinctJn-avc., last
evening. by a Tribune reporter. MIR. Lowell was dis
turled by the reports Of Ills brothers disappearance
and alleged defacaton. He said " The imputations
made against my brother utterly false and with
out foundation. There Is nothing unusual or strange
about his absence from New-York and the recent
meetings OF the board OF directors Of the company