New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-25
NOW IN RECEIVERS HANDS
THE COURTS ACT IN THE HERRlNG-
HALL-MARvIN CoMPANY'S TROUBLES.

PROPERTY OF THE GREAT SAFE COMBINATIONS
IN THE VARIOUS STATES IN THE CARE OF
G. r. GRAY. OF NEw-JERsEY. AND
W. ~ PowNALI. OF THIS CITY
THE ASSETS LARGE BUT IN
wIEIpY-BUsINEss TO
BE CONTINUED.
Tho Herring Hall Marvin Company. the big safe
corporation whose offices at No 1903 Broad
way salesroom at No. 81 Chambers ST.. ana iac-
tory at Hamilton. Ohio, has gone INTO 'he ha''uS
OF receivers. Justice Smyth. OF the supreme court
Yesterday appointed George r. Gray and wright
d Pownall OF this city, receivers OF the COM
pany. on the application OF Nanderpoei. cunning
& Goodwin. representing stephen A. jerks the
president OF the company
The receivership was consented TO by Lawrence
Hughes representing the company. MI jerks
IA a stakeholder for $500 n creditor TOT YOU"
and has been president sncs Apri! s. 1886. The
receivers bond was fixed at $500. when was
at once furnished by the American Surety COM
pany The receivers authorized to continue
tho ordinary business OF the company ana make
necessary arrangements 10 get the sheriH out UNI
der the attachment OF $500 obtained on Thursdhy
by Moses Moser. Mr. Pownall Is vice-pTesldeAt
OF the company and is prominen. Free mason
being first deputy grant marsha OK the state lie
denar,ment, OF the company for sevcra! years
Mr. GRAY was formerly State Treasurer OF New
Jersey and Is a well-known bank oihcai' hc mas
had no previous connection with the comPanS'
The recclyership granted on the stouhu '""'
tho company is insolvent. Mr.. Lawrence said that
the liabilities OF tho company were @S''''' anu
the nomna; assets S.5oo.0cl
The company organized under New-Jefsey
laws on May T. 1892. with capital STOCK OF 'S'S',
600 OF which $4,000 Is preferred ana '"'Vn
common The company absorbed tho business OF
Herring & co. the Marvin Safe Company ana
the Hall Safe and Lock Company. OF cincinnati
and became the owners OF the factories and plants
~ those companies 1t had warehouses ana stores
in this city. Philadelphia. Cincinnati. LouisN"c'
6, Louis and San Francisco, and WORKS AZ NO
s75 South-st in this city. at Cincinnati. ana la'eV
n, Hamilton No dividends have been paid since
1892 Until last summer tho New DIX factory
was operated to some extent but the principal
factory was at Cincinnati on premises leased by
the company. This year certain persons IN liam
uton who DESTROYS or having the ehut"
works there procured for the company trhc'
% land erected n manufacturing plant suncient
for lts needs and conveyed II TO the company. In
the last sixty days IN" company removed It's en-
tire manufacturing plant from Cincinnati TO liam
uton and about the same time the Ne"-iork FAC
tory was practically abandoned. II was understood
that the factory at Hamilton was TO he turned
over to tho company free md clear but there Is
still due 5000 70 the contractors. ana they nave
flied Hens on tho property.
Although the company was organized IN lH?. II
was not until 1870 that II got well under way.
Then tho panic OF 1893 occurred. and the depressed
condition OF business since has worked disastrous
results TO the company's business. While the com
pany did a large trade II "a said that the concern
wa. Obliged TO conduct Il Mt great loss and that
this loss has been continuing from 100 10 tho pres
en-, time The result has been 10 accumulate
large amount Of Indebtedness. which on June last
was ,270 OF Since then the losses have continued.
and the liabilities exceed $1,000 consisting OF
bills payable and accounts payable. About $1,000
OF the indebtedness has matured since June !. and
stu remains unpaid. and about $1,000 OF accounts
navab,e remains unpaid Within the next thirty
DAYS notes 10 the amount Of $1,000 VIII mature and
the company is unable to raise the money to pay
them.
The papers submitted 20 the Court Yesterday
show that the assets large. but unwieldy. They
consist Of the manufacturing plant NJ Hamilton.
and safes in the company's warerooms in this city,
Philadelphia Cincinnati. st. Louis. Louisville and
San Francisco. The assets are OF such character
that Il s impossible to rcalz" upon them readily or
easily and II they were disposed OF by forced sales
or auction sales there would result depreciation
OF at least wo-thirds OF the value TO the company
as n going concern and the sum obtained would
not (: Is thought. pay tho liabilities The company
las In progress IA large number OF contracts for the
manufactur, OF safes and vaults for banks ard
other financial Institutions. and has been ped on
account $4,000 The concern has been unable 10
complete tho contracts. and unless they arc com
plctcd by the receivers the company will be liable
for damages
The financial condition OF the company has been
such that ut meeting Of the directors held on
Thursday II unanimously decided that tho con-
cen was nsovent. and that the works be closed
and proceedings taken TO wind up tho company.
Messrs. Lawrence and Hughcs for the company.
made the following statement yesterday:
An attachment against the company having
been Issued at the suit OF Moses Moslor Thurs
day afternoon. the Board Of Directors immedia Iey
met and decided that rcceivershp was necessary
preserve the property in the interest OF all CON
cerned. Application accordingly made by the
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