The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-12-30
HAD A RECEIVER APPOINTED
HERRING HALL-MERVIN SAFE con,
PANY is WRESTLING WITH
MKINLEY's WAVE.
BUSINESS TROUBLES
Singerly's Trust Company and An
other Concern Assign, Owing to
the Bank Failure-A Run ON
l.. the EIkton Bank,

Hamilton, o., Dec. 24.--At 10 o,cloo,
last night William anc 3:oses Mosle eroc ",
the Mcsler Safe. and Lock comnanv y,
this city filed a Suit in the common nles.
court for the appointment of n receive,
for the Herring Hah-Maryin Safe and
\ Lock company as far US their nronertv
n located in Ohio. Judge Neilan has nm.
XDinted >. ID: FittoE. president of the
First National bank of Hamilton. "a re.
ceiver, and he has qualified by giving
bond in the sum of $4,000, with ID w
FittOn, II. G. Ruder, u. A. Bolden and
q. Bennington rs sureties. The petition
recites that the company is Incorporated
under the laws of New Jersey, has com
piled with the provisions of the statutes
of Ohio relating to foreign corporations
has plant at Hamilton and also it's
principal office. Plaintiff says they are
creditors and stockholders of the corpora
ton, and sue on two promissory notes
of $1S,611.11 and $9,305.55, dated New
York, December Is, 1897 signed by c.
s. Lake, assistant treasurer. H. Stephen
Jenkins, president, and endorsed by the
Herring Hall Marvin company, by G.
s. Lake, assistant treasurer. Plaintiffs
say the company also has factory and
place of business in New York. that most
tee of trustees for the purpose of voting
the stock and controlling the business,
and that the company has pledged and
delivered large part of its personal as
sets for the purpose of prefcrring credi-
tors 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 zeal estate and assets
ought to be appropriated to pay the Ohio
irfc'fcdness, about $1,000. They say
the total Indebtedness is about $500, COO.
They therefore ask for receiver to take
charge of and conduct the business in
Ohio under order of court. The ]. Il.
sBender & Bros. company of Hamilton
ltre made party to the suit by virtue
'6f holding merchants lien on the build
ings in Hamilton. The assets of the
company, the receiver states, are mil
lion and a quarter, and no danger of in
solvency. The Moslers own 153 shares
of the capital stock Mt 500 per share:
The receiver is now i'll full control OF
the Ohio plant.
New York. Dec. 24.-The receivcrship
application in this state was for the pur-
pose of extending the New Jersey re-
ownership and thus to simplify the
handling of the affairs of the corporation.
Stephen A. jerks. president Herring
Hall-Marvin company. has given out the
following statement concerning the ar
fairs of Mr.. Moses Mosler, who for the
past two Years and until two weeks ago
had been a director of the company,
chairman of it's executive committee ana
in active charge of the movement OF It's
business, and who, without giving any
notice to the company or officers, leVles
an attachment on its property:
"Mr. Mosler resigned two weeks aso.
No preference or security has been gwen
any creditor and the entire properly mas
passed into the hands of the receivers
"a plan of reorganization mas ocen
under consideration for some time, as
is we'll known to those Interested III
the company. and has been proposed TO
consummate the plan with a receiver
ship; o, .,o frrrisbir, of
new capital to an amount sulhciehl W
nav all debts and enable the company
to buy on a cash basis, also making sucm ii
reduction in the capital stock as VII
bring it into proper relation WIN tn 1,
COMPANIES present assets. 1t is wen
known that the company has sustained
severe losses during recent years, anu
it was these losses that led TO Placlhs
the management i'll the hands vi unu
present voting trustees. The company amS
has recently acquired new modern ah nf
complete factory plant, the largest So,d 1s
its kind in existence and which 1t nous nous
free of mortgage, and as soon as supp pn'n
with necessary working capital the coh,,
pany will be in position TO coanP h;,,
with it's rivals. The present Tecel'e ao;np
will not prevent the plan from gums
forward. , ,sots
"The report on August showed eda asses SeS
of 81. 4S4.321 and liabilities of S22''9oo'
net assets $1,213,45S.' . - tho
The application for receiver IN t ti,e
New Jersey court has resulted IN ,re
appointment of w. d. Ponnell ana ma s Gn.
Treasurer of New Jersey Grey, me i a.
bilities of the concern are placed 1T
$3.50 600.