New-York tribune., 1897-08-04

THE AMERICAN PUBLISHERS CORPORATION CAN
NOT MEET IT'S DEBTs-OTHER BUsI-
NESS TROUBLES.

THE AMERICAN PUBLISHERS CORPORATION CAN
NOT MEET ITS DEBTs-oTHER BUsI-
NESS TROUBLES
John NJ Forbes of Morrstown n j. and Io-
renzo Semple of this city, have been appointed
ceivers for the property in this State OF the Amer
lean Publishers Corporation, Of No. 3l2 Sixthaye.
by Justice Pryor OF the Supreme Courf the
application OF Mr.. Forbes, who was also appointed
receiver In NewJersey, as 1t is a New-Jersey cor
poration. The company is reorganization OF thu
United States Book Company and its kindred
concerns which went into the hands OF receivers
in 1898. The present company was incorporated on
February 6. 1896, with a capital stock Of $aOWV or
which s, 10000 was common stock and $3100n pre-
ferred stock Stewart Winsow is president and
Frederic ID. Bush treasurer. The company. soon
after organization, mort gagged the greater part OF
its plant, plates. etc. to the Manhattan Trust
Company trustee. to secure issue OF bonds
the amount of S9ii00). Debenture bonds to the
amount of $4,000 also issued The business
from the start did not prove satisfactory was
anticipated, the sales were not big expected,
the company failed to make enough money to pay
the interest the bonds due August l. and tho
company had capital rating at "Bradstreet's"
The total liabilities sl3i7,6Oo consisting Of first
mortgage bonds s9i4,0oO debenture bonds $4,000.
interest first mortgage bonds $4,000. due for
labor and merchandise $4,000. The assets consist
of the plant. plates, copyrights. merchandise
sisting of printed books accounts and bills receive
able Nne-tenths OF the property is in this city.
In the Application Il stated that the plant Al
fair valuation, part of n going concern. is not
worth than $4,000, but If sold at forced sale
at foreclosure would not sell for $1,000, as
almost the entire plant was sold under foreclosure
when the property a part OF the plant OF the
United States Book Company for about $4,000. Tho
not included in the mortgage consisting OF
books. accounts and fixtures, are nominally placed
at $4,000 against an Indebtedness of siO3 500. The
value OF the assets depends to a great extent upon
the keeping of them together, as separation OF
the copyrights and the plant for the manufacture
of books and the merchandise On hand would re-
sut especially at a forced sale, in a ruinous sacri-
flee. The various accounts. owed by the company
for goods and labor. past due. and the COM
pany has not the money on hand TO pay them nor
the money to pay the interest, which fell due Au-
gust l. The property In this State was liable 10
attachment. and protect the assets the applica-
ton made for a receiver OF the authorized
capital stock the amount issued is sl.0iG.i2i
Justice Pryor of the Supreme Court has appoint
ed William Pennington. of Paterson, ~ j., receiver
Six ses SCI
4S2 Broome-st this city on the Application o,
appointed receiver in New-Jersey las, Week The
total liabilities are s2s @ and nominal Ina asss.s s
incumbered assets s72sS5 The assets in this city
maGs Of e sT sSer nys
faESF 1Ssse s YSe of @ * sS Sr 'aS ik yesterday
continued TheeEhirs King Of Boston andpeS sny u
der OF this city permanent receivers of the Ben;
nett Manufacturing Corporation Cotton Mills, OF
New Bedford Mass
Anna {: Hamburger dealer in, housefurnIshingg
goods at No N5 Eighth-ave. made assignments
yesterday to Alexander c. Menzies without prefer
ence She has been in business ten years, and gen.
orally carried a stock OF $1,000.
Schedules OF Morris H. Reders. wholesale dealer
in leaf tobacco and cigar manufacturer at No l,oS
Third-ave. show liabilities OF sl69i2, nominal assets
$l5a3l. actual assets At51.
The Sheriff has received an attachment agains.
the r. Rothschild Sons Company manufacturers
OF bar fixtures at No 579 Broadway. and at Clncin-
natl. for $4,000 from Stern Rushmore IN favor
OF the Bank of America notes.