The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-27
BIG FIRM IN TROUBLE.
Their Business in Four cities Int
Into ReceiverShfp,

Chicago, Dec. ga commercial faihre
OF large proportions was recorded this hf
ternoon by the appointment of the chi
cage Title and Trust Company, receiv
for the various properties of Norton&
Co., OF Chicago. Lockport and Romeo. H.,
and Niagara Falls, Ny.
The firm consists of John L. Nortorwho
lives in Lockport, and Lemuel d. prton,
his brother, whose home is in Evnston.
The receivership proceedings befos Judge
Hancey were of the agreed kindLemuel,
the plaintiff, alleging that the lffairs of
the partnership were complicatd, the as
sets IN danger of being dissipsed and he
petltioned for dissolution ana receiver
snip 20 WIND up the business. 9hn l.. Nor
ton aSSented and joined in ~ statement
that the liabilities did not.eceed the as
sets two to one.
The bulk of the firms lsiness is To-
Gated at Lockport and the Joining town
or Romeo, near this city. fhe father of
the brothers was pioneern that part OF
Illinois, and really gave I4dkport its COM
nerclal start in life by folding the Lock-
port Milling Company neTly forty years
ago. 1t was this busisss which the
prothers succeeded to on ne death of their
rather, and the Nortonswere the finan-
cal mainstay of the cT. The property
owned there consists ola flour mill, with
a capacity of LOCO barIls daily, machine
SHOPS elevator warehose and an electric
light plant for supplylight to the city.
Ihe nrm has also doe large private
banking business, and learly half the peo-
PIE OF Lockport are lrectly affected by
the failure through spos.ts of money.
John l.. Norton is $50 president of the
Northern Milling Cdnpany, which oper-
street bridge, over he Chicago river, in
this city, althoughthe brothers do not
own controlling igserest in that property
now.
The companv au5s a Daner mill at Mag
ara Falls and hasa large interest in the
ELECTRIC power enerprise at the falls.
They own lage grocery store at Ro-
meo, on the IlliIns and Michigan canal.
The main office q the company is in Chi
cago, at 1863 Jacl0on street.
John Il. Nortob when seen at his Lock-
port home to-nghts declined to make "a
statement of tIs assets and liabilities OF
the firm until I can be done in definite
form. 1t is kbwn the net earnings or
the milling property have been $4,000 a
year in recentSearS.
The firm Became financially involved
through boart of trade speculation some
years ago, one of the brothers specializing
without the knowledge of the other, and
other serioul burdens coming upon the
firm in the PRESENT hard times, it became
impossible q longer carry on the business.
Holders d the company's obligations
have PRESSED for immediate payment
since the collapse of the National Bank OF
Illinois and kindred concerns. The firm s
credit became exhaus ted, and the recelV-
efSnlp became necessary 10 conserve the
interests OF the estate.
The brothers have been in business over
thirty years, and their integrity has never
been questioned. The collapse caused
general surprise in Lockport, and the
gloomy outlook it has created Is only dis
PEELED by the long standing faith in tbs
firm, coupled with the prevailing belief
that the assets will greatly exceed the la
bilities. 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 &C
ton
William Miller and A. C. Barnham, rep
resenting the receiver, went at once tC
Lockport and took charge of the property
tonight.
Norton, said: There is a fair show fol
the creditors, with good management
Gambling losses caused the trouble anc
the firm could not go through these hard
times. All the available assets are TIED
up in the firm and it is impossible to cor
rectly estimate the assets and liabilities
John Norton made the original straw
board trust and was a millionaire once
His father had prosperous milling bus
mess in Lockport when Chicago was &
ha MET -