New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-08-24
TN THE HANDS OF A RECEIVER
CONDITION OF THE UNITED STATES CRED
1T SYSTEM COMPANY.
. REPORT SHOWING THAT THE ASSETS ARE S3'.'-
4I3 81: THE LIABILITIES $i6.1sO. WITH AN
IMPAIRMENT OF THE CAPITAL

OF $l03. 7G6 H.
temporary receiver has been appointed Tor the
United States Credit System Company, when mas
its main office in Newark. where the company was
organized in November, 1883. Application was MADE
last night by Howard Hayes In behalf OF the De
partment Of Banking and Insurance 10 vlce-Cna"
cellor Green at his home In Elizabeth. Inc vice
Chancellor after looking over the papers, s'a"'eu
the application and appointed ex-State treasure
George r. Gray George Duryee, state ihSui aoe
Commissioner OF New-Jersey, has also oesun pr
coedinps for n receivershlp The company $ pusiness
Is the insurance Of business credits. IL was ~,
corporated with a capital OF s.ozV", anu '"e a.
was sold at a par value or |l"-'s 'ai"e e
much above par afterward The company paiu id'se
dividends and at various times the cap''a 'oON
vos Increased until February 2 1882, when II "as
80, ., 200 ooo n, October g. last year. the captai
,oo, os decreased to s2sS $50 and the par vaue u
,.o ar share On May q, 1890. the company hie'
certificate with the Secretary OF STATE cnane"e w.
objects of the corporation TO sell anu ~,
svs,em Of credit and limit and guarantee NV o.
s'',e r,arufacurers and jobbers against loss ior
bad debts. H.. ~, company
III .d a largo and costly office building at
49,. ord Washington sts occupying the "'''
nor for ia business The hard times proush'
verses and the losses were such t"a' ~. ~ a.,
r,oeting of the stockholders 1t was uec.ue' ~ -
croase IN. capital stock several huH"'eu
do,,ara nv subscription. OF this new s'o'N ',''
about gao 900 was subscribed. ana this was "
sufficient as additional capital. No''
Durvee found the liabilities greatly In excess VI
the assets that ne had no alternative put " r.
proceedings for the appointment OF Connanv are
prcsent officers of the Credit system oiiips ar
William H. f Fielder. president, Ind in1Ius
vice president: f. NJ Wheeler, secreIa,!t an. - CON
S,anf trea sllrer Fielder is an cX ~ Nau,
oress and Kraeger is n lay mempcr VI nwper NJ
Jersey Court OF Errors and Appeals anu '"'
n large brewery In Newark. or. ont NJ town
Yesterday one Of the stockholders hloni ra rue
Tribune reporter that the facts as gwen ,Ion of
,hc ofice building. which had cost s.,'iiv'V ovso,
had not been necessary 10 LtioI ~ con,nany cot
entire about six months ago when ,.lT company
"a, t,oo oo on a mortgage. The company ha'a rk SUI.
an equity In the building OF about Siy gs, AZ
was $4,000 deposited in the s pa rsnrance law
I'LL a. also $40 900 in cash in bank to the co S
ms crcdIt This would make the assets t ;9
The company needed sllow IN cas-" ,b o sale OF new
pu. D''y tho subscrrt tons being conditional ~
the guarantee the State could nov S buiid-
or hvnothecated or the equity In tne o JIM hv, -,
-. ny p,ii1ed on there was alternative nu. 20
let things go II receiver taxes ITas,,ry will
the company the money IN tne cioms be- ouidated.
THO Company Will then probably resume ~
under a new organization ,. d,scovered BY
rramIners William u. Whiting and w. f., 80, ,a,r
INN who had been engaged Dy. % anairs ~
Duryee TO look into the c0nd'tGi1n, Va Accordng to
49, rano- the assets OF the company are >oa 80 1'
~ no liabilities are s5i6iSO This ieasss az ee ~
parment OF the capital OF 'fe 'onn,iraton for
cover said that the company had suspelu., ts.me
AIRY business from lack OF funds am ~ the com
p ha5 omitted that the company IL inso'eh'
nd are willing that a receiver be appoih'su'