The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-08-06
MAGOWAN'S Fight.
Working Hard to Secure a
Compromise and Have
Receivers Removed.
Special to the Jersey Citv Nslrs.

TRENTON. Aug. 6. lSs5.-The interest
in the Mcgowan case was undated yes
terday. Mcgowan himself was busy as
the proverbial bee, making efforts to
adjust his affairs and take his rubber
factories out of the hands of the re-
ceivers.
His evident purpose was to give the
impression that the shortage at the rae
tories was a trifing affair. involving a
mere bagatelle. in his estimation. of $780,
900 to $35. 600. but the statements made IN
the application for the receivers do not
present so rosy a picture. The statement
made in the application for a receiver IN
the case of the Trenton Rubber Works
was that the total amount of all re-
sources inventoried at face value, over
and above the real estate, are S469.21l.53
made up as follows: Accounts receivable.
$3.50, 04S. 6S, of which amount. it wal claim
ed. that but $50. 17S.2S represent accounts
believed to be collectible, and that
amount. added to the value of the
tools and implements. $40, 3l3. o1; office fur
niture, SIPS. 10; and merchandise inven-
toried at s79. 1S1. give the available as
sets, outside of real estate. at $139. 9SO:03.
Company was inventoried on the first Of
men say it would not bring more than
ASSETS AND LIABILITIES. 4
This would make the total assets OF
real estate. tools. fixtures, etc, there Is
a mortgage for SCI, 1000 held by John
Moses. So that taking Of the apRlifeaa ca
800. 600. The liabilities Of the company
amount ann eabi t. q, u stoaF Of q s1G SsSSiV" T i%Rs,u hnns
dred thousand dollars of the amount 1s
represented by promissory notes, some OF
s Whie eno have is eea gone to protest rot acco ana ne pag.
liable. a large amount of which are past
In the case Of the Eastern Rubber
capital stock. are $3.50. 01 So, of which
Sis. $1,000 is represented by promissory
$40, $50. Is. represented by accounts paya-
BILE, a large number of which are over
due. The. total amount of
real estate and tools. is S276, 209. 80.
made up of merchandise, accounts re-
ceiyable. patents. bills receivable. and
cry. tools ETC., are estimated by experts
to be worth not a penny over $75,0 600
at private sale. At forced sale t would
in 1892 by the receiver, F. A. Mcgowan.
for 100000. subject to a mortgage Of
: 10 EFFECT "A COMPROMISE.
y Mr.. Mcgowan was making strenuous
~endeavors yesterday to secure a compro-
mise with his creditors.
Hon. William M. Lanning. wher seen
last night. said that the compromise
would be. effected upon such terms as
the creditors may agree upon, at a
meeting which will be held soon. Fur
Their than that he had nothing to say.
A New Jersey statute provides that
when a company is in the hands of a
receiver. by consent of the creditors
owning two-thirds of the indebted
ness the receiver may be dismissed.
working to reach this goal. He spent
Judge Lanning and G. d. w. Vroom.
his counsel, where he met several credi-
tors personally and others through their
counsel. After those consultations he
stated that he was in a fair way to
soon get again at the helm of the East
ern Rubber, Company with a possible
chance also to re-establish himself in
the management of the Trenton Rubber
Some Of his friends who nave known
MIN to overcome great difficulties pre-
dict that he will surmount the obstacles
against which he now labors. Others
think that a majority of the creditors
Of the rubber companies would prefer
erS, now they have been appointed.
the Trenton Rubber Company yesterday
morning. giving bond for $4,000 for
the faithful performance of his duties.
His bondsmen are Joseph Rice, S.. P.
Durham, William NJ. Lanning, Henry C.
Kelsey and William S. Hancock.