The times., 1897-12-25
SAFE TRUST LIABILITIES
1t Has Done a Losing Business
for Four Years.
RECEIVERS ARE IN CHARGE
They Issue II Statement Explainin I;
the Cause of tho Step-ASscts
large, But Chwieliiy-Oh Towa
Had lust Given the Company 4
Factory aEd Site.

New York Dec 3I.-.Tuslice Smyth M
point"d rec eivers Ior the Herring HallMar
vim Company today One of those named
WAS Wright -. Pownall, one of the voting
trustees selected in January, 1896, to
manage the property for five years. Tho
ether WAS former Treasurer Gray, of NeN
Jersey. Application has been made 70,
the appointment of receivers in Ohio any
New YORK
An attachment for So 900 in favor of
Moses MuSlcr was served by Deputy
Sheriff Lirsky yesterday against tie com
pany nd Keeper was put in the store.
IL was reported that MIR Moslcr' $ claim was
on 4 demand note pr the company, Hated
was obtained on the ground that it was
4 New Jersey corporation
Tho company was organized under New
,%rSey laws ON May i,1S92, with Il cap.
ital stock OF SS.300,0o0, Of which 81, 500
600 is preferred and 81 $50 ,0oo common.
The company absorbed the business %
Herring & Co., the Marvin Safe Company
and The Han safe and Lock Company,
and became the owners uf the factoric:
ami plaItso Of these concerns. 1t had ware
houses aEG stores in This city, Philadelphia,
Cincif natl. Louisville st. Louis and san
Francisco, and works ab No. 375 South
street, this city, al Cincinnati and lately
at IL milton, Ohio.
Unit last summer the New York fac
tory WAS operated, but the principal
factory WAS at Cincinnati, on premises
ieasea 10y the company. THIS year certain
person. Ill Hamilton, Ohio, VITO were ds-
siruus uf having the entire works located
there, IloCured fuI tie company tract
of land and erected a manufacturing plant
sufficient for its need aud conveyed 1t TO
the company, and within the past sixty
days the company las removed ats entire
nIanufac uIin. plant from Cincinnati TO
Hamilton About the same time tie New
York factory was practically abandoned.
Although the company vas organize in
1892, it was not until 1898 that the
IL got well under way. Then the
panic OF e93 occurIed, and the depression
that follow Ell was disastrous TO the com
pany'S business. II did a large business,
but it did ii at a loss, and that loss has
been Continued from 1888 TO the pIesent
June 1 last was S2To, ,963, and since then
the losses have continued, and the liza bilities
now exceed $375,000. They consist OF
bills and accounts payable. or this in
debtetlI,ess, $500, 900 has matured since
June ! and remains unpaid and about
SCI 600 Uf accounts pa va ble remain ua-
paid. Within the next thirty days notes
to the amount OF $4,000 viii ma ture,
and the company is unable to raise money
. pay them.
The papers submitted to the court state
that TIE assets are large, but unwieldy.
They consist of the manufacturing plant
at Hamilton and safes in warehouses. The
has in progress q large number
1f contracts for the manufacture of safes
and vaults loi banks anG other financial |
Institutions, and has received on account |
81 go. 600.
MessrS. Lawrence and lIughes, for the
company. made the following statement: |
An attachment against tie company |
having been issued at the suit of Hoses |
Mosie., oE Thursday afternoon, tie bo ard |
If directors immediately met and decided |
hat q recciv vership was necessary to pre- |
serve the property in the interest OF all |
'onceu- ed. Application WAS accordingly |
made lay the Company'S counsel, James +. |
Howell and La awrenCe Il Hughes, tn United |
states Judge Kirkpatrick, of Newark, late
N TnI' sda ight, who appointed the Hol.
ieorge K Gray and Wright d. PownaI is
eceiyers.
Upon application Of the same counsel.
usiice myth, in the supreme court, yes
erday appointed the same receivers for the
ompauy'> property IN This State. and the
eeeiIers at once took possession Of the com
any's factory store and property within
MS State. IL was also learned thai It
lidnIgh; Un Thursday the probate court
+ Butler county, o., at tie instan e OF
William Mosler, had appointed a receircr
or the cump3ny's property at atHsmilton- l. |
uEde! stood that the latter appointment
-as M dc without notice to the compl ~ |
nd that the New Jersey receiS ers will i'm
led;atelv take proceedings to lave it set
side. The receiver appointed at Ha nil
on is Samuel ID. Fitton. president of The
irSt National Bank at Hamilton"
Stephen A. jerks, PRESIDENT or the Son
any. said the voting trustees intend fully
} protect the interests of the stockholders |
nd wil' not permit any advantage To he
ken by any person of the company's
-eSen; situation.