The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-25
KRAG- REYNOLDS ASSETS
THEY FALL $4,000 SHORT OF THE
COMPANY'S ASSETS.
Receiver Coffin Completes His Inven-
Less than so Cents.

David W. Coffin, receiver for the Krag-
Reynolds Wholesale Grocery Company, has
completed an inventory of the assets of the
insolvent concern. The work was finished
yesterday but the receivers report has not
yet been made to the court. The assets as
shown in the inventory, will fall $4,000
short of the estimate given out at the time
of the companys assignment.
After careful appraisement, the receiver
reports, he has in his possession about
$4,000 worth of stock and machinery. Since
the voluntary assignment of the concern
about $1,000 worth of goods have been taken
out by replevin suits, but in each case a
bond was given, and in the event that the
receiver wins these suits the value of the
goods taken out will be recovered There
are also number of replevin suits pend
ing in which the goods have not yet been
removed. Should the receiver be defeated
In the litigation the assets must be consid-
erably reduced. The inventory of outstand-
ing accounts aggregates about $69 900. The
appraisement of the accounts was made by
the ablest credit men of the city, who ap-
praised the firms paper at what they be-
lieved it to be worth. 1t was estimated at
the time of the company's collapse that
about 100000 of assets were represented by
outstanding accounts.
The receiver will recommend to the court
that the merchandise of the insolvent firm
be sold in d job lot. The court will prob
ably be requested to instruct the receiver
TO advertise for bids and name a day for
the sale of the stock. 1t appears there is
no likelihood of the company being able
10 reorganize and continue the business.
The attorneys for the Krag- Reynolds Com
Pany nave met the representatives of cred
1torS IN several conferences in the last week
put no deflnite proposition has yet been
made looking to a compromise. The attor-
neys Tor the firm have been waiting to see
the inventory of the receiver before making
an out-and-out proposition. 1t was init
mated yesterday that the creditors will be
oHered sum a few cents less than so cents
on the dollar. 1t is the unsecured creditors
VINO VIII benefit by this compromise.
1t is stated that Nicholas McCartv Harri-
son, who until few months ago held S25 O00
OF preferred stock in the Krag- REYNOLDS
company, and who holds the compapy's
paper for this amount, has waived all rights
under the mortgage. He has announced If
Is said, that he will make claim to the
security afforded him by the mortgage and
admits that as far as he is concerned the
instrument is invalid
The estimated liabilities of the insolvent
nrm Will aggregate from $3.50, 900 to $500 GOO
should the efforts to compromise with the
creditors prove failure. the Investigation
Of the companys affairs will proceed in
the Circuit Court.
broWn-k etcham COmpany's Defense.
The suit of Theodore w. Morris & Co.,
glass dealers of New York, against the
Brown-Ketcham Iron Company, of this
city. to recover $744 alleged to be due on
contract is on trial in Room i, Superior
Court. The Brown-Ketcham Company had