The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-25
Snap Judgment AIISged to Have Been
Taken by the MOsIers, Who Re-
Gently Resigned as Directors.
CONCERN SAID TO BE SOLVENT
OWES BUT $27O,963, AND HAS GOOD
ASSETS OF s1,4S4,321. A
Statement from Editor SingerIy Re-
Gardfng the Affairs of the Closed
Philadelphia Banks.

HAMILTON, o., Dec. 24.--At 10 O'clock
last night William and Moses Mosler of the
Mosler Safe and Lock Company, of this
city filed suit in the Common Pleas
Court for the appointment of receiver
for the Herring -Hall-Marvin Safe and Lock
Company to take charge of its property To-
Gated in Ohio Judge Neilan appointed S.
d. Fitton. president of the First National
Bank of Hamilton, as receiver, and he quail
ified by giving bond in the sum of $4,000.
with d. w. Fitton, Il. G.. Ruder, E. A.
Belden and c. Benninghofen as sureties.
The petition recites that the company Is
incorporated under the laws of New Jer-
sey has complied with the provisions of
the statutes of Ohio relating to foreign
corporations, has a plant at Hamilton. and
also its principal office Plaintiffs say they
are creditors and stockholders in the corpo-
ration, and they sue on two promissory
notes Of SIS, ,61111 and $9,30555, dated New
York. Dec. IS, 1887, signed by c. s. Lake.
assistant treasurer; Stephen A. jerks,
president, and indorsed by the Herring
Hall-Marvin Company, by c. S. Lake as
sistant treasurer Plaintiffs say the COM
pany also has factory and place of busi-
ness in New York, that most of the stock
is controlled by committee of trustees for
the purpose OF voting the stock and con-
trolling the business and that the company
has pledged and delivered large part OF
its personal assets for the purpose of pre-
ferring creditors other than Ohio creditors,
threaten to have a receiver appointed for
the Ohio assets, and thereby place them
under the control of foreign jurisdiction,
where they will be frittered and wasted
away. They say the real estate and assets
ought to be appropriated to pay the Ohio
Indebtedness, about 100000. They say the
total Indebtedness is about 100000. They
therefore ask for a receiver to take charge
Of and conduct the business in Ohio under
order of court; The J. F. Bender & Bros.
Company of Hamilton is made a party to
the suit by virtue of holding a mechanics
lien on the building in Hamilton.
states. are s125O,0O0. and there is no dam
ger of insolvency. The fight is between the
Eastern and Western creditors. who have
Mosers own 153 shares of the capital stock,
at 500 per share. The receiver is now in
full control of the Ohio plant
Receivers i'm other States.
NEW YORK, Dec. 24.-Receivers have
been appointed for the Herring Hall Marvin
Safe Company In New Jersey and New
York. The application for receiver In the
New Jersey courts resulted in the appoints
ment of W. d. Pownal and sx-State Treas
urer of New Jersey Gray. Mr.. PownaI is
vice president of the Herring Hall Marvin
Company and has been connected with the
Herring company many years. Messrs.
Pownal and Gray were appointed receivers
in this State for the corporation by Justice
Smith in the Supreme Court this afternoon.
The liabilities are placed at $350,000. The
application for receivers was made by
Stephen A jerks, the president of the safe
company, in proceedings for dissolution
of the corporation. The Herring Hall-Mar-
vim Safe Company was Incorporated under
the laws Of the State of New Jersey in 1892.
with a capital of $3,3O0,OO0. The receivership
application in this State was for the pur-
pose Of extending the New Jersey receiver
ship, and thus to simplify the handling of
the affairs of the corporation.
Stephen A. jerks, president of the Her
ring -Hall-Marvin Company, has given out
the following statement concerning the af-
fairs of that COZ cation: The appointments
of a receiver OF the property of the Her
ring Hall Marvin Company was precipitated
by the action of Mr.. Moses Mosler who
for the past two years and until two weeks
ago has been a director of the, company,
chairman of its executive committee ana
in active charge of the management OF its
business and who, without giving any no.
tice to the company or it's officers, levied
an attachment on its property The resig-
nation of Mr. Mosler and his brother, VIII
liam Mosler, as directors of the company
were received about two weeks ago. The
company's assets are intact; no preference
or security has been given any creditor, and
the entire property has passed into the
hands of receivers appointed by the United
States Courts. plan of reorganization has
been under consideration for some time, as
is well known TO those interested in the
company, and it has been hoped to consum-
mate the plan without a receivership. The
plan embraces the furnishing of new cap
ital to an amount sufficient to pay all debts
and enable the company to buy on a cash
basis also making such reduction in the
capital stock as will bring it into proper
relation with the company's present assets
fered severe losses during recent years, and
1t was those losses that led to placing the
management in the hands of the present
voting trustees. The company has, how
ever, recently acquired a new modern and
complete factory plant, the largest of its
kind in existence, and which ii holds free
of mortgage, and as soon as supplied with
be in a position to compete with advantage
with any of its rivals. The present receiver
ship will not prevent the plan from going
forward, but 1t will be completed and laid
before the stockholders at an early day for
their approval. At the last annual report
made In August the company's assets were
reported as being $1.4S4.321; liabilities.
trustees intend to fully protect the interests
of the stockholders, and will not permit any
advantage to be taken by any person or
the company's present situation"
ST. LOUIS, Dec. A.-Thrcugh his attor-
neys, Stephen A. jerks, a stockholder, made
application to United States Judge Adams
to-day for a receiver for the Herring Hall
Marvin Company, manufacturers of safes
Judge Adams named Leonard Matthews as