The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-27

Chicago, Dec. pa commercial fail
ure of large proportions was recorded
this afternoon by the appointment of
the Chicago Title and Trust company
receiver of the various properties of
Norton & Co. of Chicago. Lockport and
Romeo. ILL.,, and Niagara Falls, N. Y.
The firm consists of John L. Norton,
who lives in Lockport, and Lemuel D.,
his brother, whose home is in Evans
ton. The receivership proceedings be-
fore Judge Hanecey were of the agreed
kind, Lemuel, the plaintiff, alleging
that the affairs of the partnership were
complicated, the assets in danger of be-
ing dissipated, and he petitioned for a
dissolution and a receiverShip to WIND
up the business.
John L. Norton assented and joined
in the statement that the liabilities did
not exceed the assets two to one. The
bulk Of the firms business is located
at Lockport and the adjoining town or
Romeo. near this CITY. The father Of
the brothers was a pioneer in that part
of Illinois, and really gave Lockport It's
commercial start in life by founding
the Lock0ort Milling company nearly
40 years ago. 1t was this business
w
death of their father, and the Nortons
were the financial mainstay of the city:
The property owned there consisted or
q flour mill with a capacity OF l,OOO
barrels daily, machine shops, elevator,
warehouse and an electric plant for
supplying light to the city. The firm
has also done a private banking Dust
ness to a large extent, and nearly half
the people of Lockport are directly al
fntl rrr-a 6annC1TS
of money.
A MILLING COMPANY.
John L. Norton is also president of
the Northern Milling company, which
operates a large flour mill at the Mad
ison street bridge over the Chicago
river in this city, although the broth
erS do not own a controlling interest
in that property now. The company
owns paper mill at Niagara Falls,
and has a large interest in the electric
power enterprise at the falls. They
own large grocery store at Romeo.
on the Illinois and Michigan canal. The
main Office of the company is in Chi
cago, at 1859 Jackson street. John L..
Norton, when seen at his Lockport
home tonight by the United Associated
Presses correspondent, declined 10
make a statement of the assets and
done in a definite form. 1t is known
that the net earnings of the milling
property have been $4,000 a year in
recent years. The firm became imam
cially involved through board of trade
speculation some years ago, one OF the
brothers specializing without the
knowledge of the other, and other seri-
Gus burdens coming upon the firm in
the present hard times, it became i'm
I'll 6n 6r1c
ness Holders of the company'S Obliga-
lions pressed for immediate payment,
since the collapse of the National Bank
of Illinois and similar concerns. The
firms credit became exhausted, and the
receiyership became necessary to con-
serve the interests of the estate. The
brothers have been in business over so
years, and their integrity has never
been questioned. The collapse caused
general surprise in Lockport, and the
gloomy outlook it has created is only
dispelled by the long-standing faith in
the firm, coupled with the prevailing
belief that the assets will greatly ex-
coed the liabilities. 1t is said that
the company is a large creditor OF the
National Bank of Illinois, and inability
to meet the demands of depositors in
Norton & Cos. bank had much to do
with the receivership action.
RECEIVERS IN CHARGE.
William Miller and A. c. Barnham,
representing the receiver, went at once
to Lockport and took charge of the
property tonight.
Noble B. Judah, counsel for John L..
Norton, said: There is a fair show for
the creditors. Gambling losses caused
the trouble and the firm could not go
through these hard times. All the
available assets are tied up in the firm,
and it is impossible to correctly esti-
mate the assets and liabilities. John
Norton made the original straw-board
trust and was a millionaire once. His
father had a prosperous milling bust
ness in Lockport when Chicago was a
hamlet"
Ton Much Real Estate