The Wichita daily eagle., 1897-12-25

and Judge Adams named Leonard
Matthews receiver.
Similar action was taken Thursday in
the United States courts in New York
ard New Jersey.
New York. Dec. N.-Accordinz 70 Pet
er fucker. attorney for the Mosler Safe
compSny, another application for re-
ceiver for the Herring-HallMarvin Safe
company was made in the state Of New
| Jersey today. On the same authority II
is stated that an application win be
| made in this city 20 the same effect. The
first step towards making the appoint
| nent OF a receiver necessary was taken
by the Mosler Safe company yesterday.
| when an attachment for $1,000 was oo-
| tanned against the Herring -HaL-Marvin
company. This attachment was on a
note advanced by Moses Mesler. which
| went TO protest. NJ. Fucker said today
that the HerTing-H Hall Marvin company
rad been in straits since February last.
| In that month Nr. Marvin attached the
| company on a note for So. Geo which he
| had advanced TO tide over bad times.
| Large advances. it is stated, were made
by various stockholders including Will
! lam Mcsler and mis- brother Moses, but
without avail NJ. Fucker said that toe
great competition was chiefly responsi-
company was seriously affected by the
| bad business.
The New Jersey receivership was ap-
piled foy, NJ. Fucker said, to protect the
eastern property.
II was stated that the application for
a receiver in the New Jersey courts had
resulted in the appointment of w. d.
Pownal and ex-State Treasurer OF New
Jersey Gray. Mr.. Pownal is vice presi-
dent OF the Herring-Han-Marvin COM
pany and has been connected with the
Herring company many years.
Messrs. Pownal and Gray were ap-
pointed receivers in this state for the
corporation by Justice Smith in the SUI
preme court this afternoon. The habil-
rites of the concern are placed at $780,
900. The application for receivers was
made by Stephen A. jerks, the presi-
dent OF the safe company, in proceed
ings for dissolution of the corporation.
The Herring -Han-Marvin Safe com
pany was Incorporated under the laws
of the state of New Jersey in 1892, with
capital Of s.. 800. 600.
The receivership application in this
state was for the purpose of extending
the New Jersey receivership and thus 20
simplify the handling OF the affairs OF
the corporation.
Stephen A jerks. president OF the
rsx
en- out fire following statemens concern
ing the affairs Of the corporation:
'"The appointments Of receiver foF the
property OF the Herring -Hall-Marvin
company was precipftated by the action
Of NJ. Moses Mosler, VINO for the past
two years and until two weeks ago has
been a director of the company, chair
man OF its executive committee and ac-
tive in tine management of it's business
and who. without giving any notice TO
the company or its officers, levied an at
tachment on its property.
''Tne designations Of Mr.. Mqsaer and
his brother, William Mosler. as direc-
tors of the company were received "a bout
two weeks ago.
''Tyhe company's assets are intact, no
preference OF security has been given
any creditor and the entire property has
passed into the hands of receivers ap
pointed by the United States courts.
"a plan of reorganization has been
under consideration for some time, as
fs well known TO those interested in the
company, and it has been hoped 10 con-
summate the plan without a receiver
snip. The plan embraces the furnish
ing Of new copital to an amount suffi-
cient to pay all debts and enable the
company to do business upon a cash
basis; als1 making such reduction in the
capital stock as to bring il into proper
sets. 1t is well known that the company
has ustainei severe losses during EScent
years, and II was those losses which led
to placing the company in the hands OF
the trustees. The present receiveFship
viii not prevent the plan from going
forward but it will be completed and
laid before the stockholders at an early
date for their approval
AT the last annual report made in
August the company's assets were re-
ported as being s1,4S4.321; liabilities
s270.963. net assets Sl.213.35S. The vot-
ing trustees intend 70 fully protect the
interests OF the stockholders and win
not permit any advantage 10 be given
by any person of the company's present
situation
D. De-