The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-25
BIG SAFE COMBINE FAILS.
HERRING COMPANY
IN THE HANDS OF RECEIPERS.

Liabilities said TO ne sa5B, 900 ana Assets
Non,naiiy 81, 500. oOo-The Mosieru, Whe
Were Directorr. Resigned Two weeks AGO.
ana Moses Saosier Attached the Company.
The Herring. Hall Marvin Company, the big
safo combination which has offices ut 800
Broadway, a salesroom at 81 Chambers street,
and n factory at Hamilton, o., went into tho
hands OF receivers yesterday. Justice Smyth
Of the Supreme Court appointed George r.
Gray and Wright d. Pownall Of this city re-
ceivers on the application of yanderpoel Cum
ing Gordon, representing stephen A. jerks, tho
President of tho company, and the receivorship
was consented to by Lawrence g. Hughes, rop-
resenting the company. Mr.. jerks is n stock
holder for $4,000, Is a creditor for S45.000.
and has boon President since April 8, 1896. The
receivers were authorized to continue the ordi-
nary business Of the company and make neccs-
sary arrangements to got tho Sheriff out under
the attachment Of $4,000 obtained on Thursday
by Moses Mosler. Mr.. ownall 10 vice-Presi.
dent OF the company and is q prominent Mason,
being Deputy Grand Master of the State
Of New York. The receivership was granted
on the ground that the company Is insolvent.
Mr.. Lawrence said that tho liabilities arc 1876.
600 and the nominal assets 81 300, 900.
, The company was organized under New Jer.
sey laws on May 4, 1892, with a capital stock
Of 90, 300, 900, of which 81 100000 is preferred
and 81, 800, 600 common. The company alb
sorbed tho business of Herring G. Co., the Mar.
win Safe Company. and the Hall Safe and Lock
Company Of Cincinnati. and became tho own
era Of the factories and plants of these con-
Germs. 1t had warehouses and stores In this
city, Philadelphia, Cincinnati. Louisville. st.
Louis, and San Francisco, and works at 375
South street, this city, at Cincinnati, and late
" at Hamilton, O.
Until last summer the New York factory was
operated. but the principal factory was OF
Cincinnati on promises leased by the company.
This year certain persons in Hamilton, o., who
were DESTROYS of having the entire works To-
Gated there, procured for the company a tract
Of land and erected q manufacturing plant suf-
fcient for its needs and conveyed 1t to the COM
pany, and within the past sixty days the company
has removed its entire manufacturing plant
from Cincinnati to Hamilton. About the same
time the New York factory was practically aban-
doned. 1t was understood that the factory at
Hamilton was to be turned. over to the company
Tree ire and e6ntr c,ear, but and there ERE is stu dye dye sSG. 600 to
Aithoush the company was organized in
Occurred. and the, depression m that hat fo Il wed
did q large business, but did 1t at a loss, and
that loss has been continuing from 1898 to the
on on's june Una / last was y Hssaoa sas. and tdna siPcS thes
the losses have continued, and the liabilities
now exceed $4,000. They consist Of bills
100000 has matured since June i and re.
mains unpaid. and about 8 1000, of accounts
ty days notes to the amount of $4,000 will
mature, aud the company is unable to raise
The papers submitted to the court state that
the assets are large. but unwieldy.. They con-
s snt s of the e manufacturing plant at Hamilton.
progress a large number of contracts for the
manufacture. Of safes and vaults for banks and
on ac> Junt $3.50. 900. The company has been
unable to complete the contracts, and unless
pany win be liable for damages. At a meet
ing of the directors held on Thursday it was
%' n.oIInn. lg.t DECIDED ,bd do that ;, the e,o company was
MessTs: LsSrsnss ! HUGHES. for t ths eoS:
issued at the suit OF Moses Mosler on Thurs,
d dhS t hf'e mep and ne de sGnss ssas pi a fseeiv tm%s,
was necessary to preserve the property in the
cordingly made, by the company's counsel.
James r; Howell and lawrence 4 Hughes, to
late on Thursday hight, Who appointed "t the
Hon: George r. Gray and Wright d. Pownall
Upon application of the same counsel Jus.
tice Smyth in the Supreme Court yesterday ap.
pointed the same receivers of the company>s
took possession Of the company's factory, store
and property within this State. It was also
bate Court. of Butler county, o., at the suit OF
William Mosler. had appointed a receiver of
tine rS@pany that F the lstt g. a appajatme0t i wa is
made without notice to the company and that
the New Jersey receivers will Immediately
ceiver appointed at Hamilton is Samuel ID.
Elton. President Of the First National Bank
Stephen A., jerks. President of the company.
made the following statement: THE appoint.
t mSn' Of q Noses reeesse Mos Tcs p Who foa the o Sa sho t Ss3
years and until two weeks ago has been a d.
rector of the company. Chairman of its Execu-
management of its business. and who. without
giving any notice TO the company or its off,
largo amount. The resienations Of M. MMosler
and his brother; William Mosler, as directors.
pany's assets are intact; no preference se OF So se.
curity have beentgiven to any creditor, and the
entire property has passed into the hands OF
receivers appointed by the United States courts.
A plan of reorganization has been under con-
sidcration for some time, as Is well known to
receivership.
tai to an amount sufficient to pay all debts and
enable the company to buy on a cash basis. also
making max ing, SUCH e ire reduction Teton in the capital stock as
company has sustained severe losses during re,
cent years. and 1t was those losses which led to
placing the management in the hands of the
present voting trustees. The company has,
however, recently acquired a new modern and
complete factory plant. the largest of its kind In
existence, and which 1t holds free Of mortgage;
and as soon as supplied with necessary working
capital, tho company will be in a position to
compete to advantage with any of its rivals. The
present receivership will not prevent the plan
from going forward, but i will be completed
for their approval; At the last annual report.
ported as being $l ,4s4, 32I, liabilities $27o.9 63,
net assets III .2l3. 35S.
''The voting trustees intend fully to protect
the interests of the stockholders and will not per.
nit any advantage to be taken by any person
of the company's present situation. And in
this they are confident they will have the co.
operation Of the receivers."
Peter Fucker, attorney for Moses Mosler, said
yesterday that the latter had been helping the
company with money for q long time past, and
would have done SO further but he could moi
do so in justice to himself; and that, although
in tho same line Of business. he was not a Iival
Of the Herring-H Company.
shot an Abusive Desperate Dead.
ptcuHnNp Nv nac OA -EranE IaLaa ,