The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-08-25
GUTENBERG RACE TRACK
Statement Filed in Chancery
Showing It's Financial
Condition.
ASSETS EXCEED LIABILITIES
Chancellor Orders $4,000 Of
Receivers Certificate Is
sued to Pay OBLIGATIONS.
fsnecial to 1.-THE Jersey city News.'l

Especial to 'sThe Jersey City News-"1
TRENTON. NJ %, 1S9S.-The Chancery
Court has issued an order ~empoWerlhs
James e. Hulshizer, Jr., to issue rece'v-
ers' certificates up to the amount q
$4,000. in order that certain obligaliols
against the North Hudson Driving fark
Association may be paid off. The crdef
was secured by Messrs. McDerniott 9
Fisk. representing the receiver, upon tle
presentation by them to the court Of =
preliminary report made by Mr. FiMs-
hizer. The report, which shows the eA-
act condition of the old Race Track AS
ISOLATION, is as folloWs-
To the Honorable Alexander T. Mcclli,
The undersigned receiver appointed IN
the above cause by order OF TINS eouis.
Gated August s. 1888, respectfully pfestAtS
The following preliminary report
1 have duly qualified as receiver oy s1Y-
ing bonds in the sum of sl0,V IVY Win iJen 30
McI,aughIin and Edward f G. Young as
sureties, which bond approves rs ~
form and security by William 6 =; see
one Of the special masters in Ghaneery,
has. together with my oath OF ONCE, peeA
filed with the Clerk of the Court. ..
/ have made a preliminary fnvestigatioh
of the affairs of the defendant coIpola-
tion with respect TO the assets ana iaDlie
titles. find that he principal asset 81
me comnany consists of certain real es-
tate located at Gutenberg in the county
of HUDSON and heretofore used py the AZ
sociation as a race track together with
HE grand stand, stables, fences, etc.
thereon erected. The land in question y
about seventy-three acres IN extent a4ia
from a sketch of the property made pys
Thomas II. Mccain, the surveyor. OF
Hoboken, N. J., is susceptible OF DIVISION
INTO lots and blocks with the necessary
streets, making about eight hundred ana
ninetv3one lots. The various buildings
upon the property probably nave some
commercial value other than Tor the uses
70 which they have heretofore been put.
/ have through inquiry formed 81 esel1
mate of the probable value OF the real
estate and feel justihed m reporfl liz ~
information / have received, the real -
tate in question is worth and Will pTntg
at a sale thereof at least $lg9Ueo. il1s y
The minimum valuation which has been
placed upon the property, the estimates
running as high as $4,000. Fol the par-
poses of this report l have places tne
Valuation of the real estate and buildings
at the minimum price. The corporation
has been in receipt Of an income from
rents of part of the buildings on the prop
ing May 1. 1898, to $I92.3L 1 find the as
sells of the corporation on this basis 10 be
as follows
ASSETS.
Real estate at Gutenberg, n.
J.. including buildings, tools
and other personal property
800 Altn tVN) Ul
ca aahre on deposit. First National
Bank, Hoboken.... ........,.- zSz 10
Total.... .......... ............ SlOo,2S2 70
The liabilities of the corporation. out
side of the capital stock, 1 find to be as
follows:-
LIABILITIES.
First MORTGAGE on real estate
at Gutenberg, held by the Mu-
tual Life Insurance Co OF New
York, dated January %, 1884,
to s'V,OOo ni.ele .s eHss.. 1850 90
from Jan. % to Aug. /, 1SsS.se. 1,452 50
Second mortgage on real estate
at Gutenberg to Adolp e
Lackman, dated May Is, 1897 5000 90
Interest on above mortgage from
May Is to August 1........-. 90 W
Hoboken Nov. e. 1SsS....... 2,o4O 90
State tax due June 6, 1S9S....... 405 90
Water rents due August J. 1885, 81 ~
Total... S51,515 rs
The authorized capital stock Of the cor
poration is S425, 900, of which 100000 has
been issued. On the first mortgage, held
by the Mutual Life Insurance Company
of New York, the interest is past due and
owing to its non-payinent the mortga-
gees threaten foreclosure, but have
agreed to postpone the suit until the
twenty-fifth instant, in order to enable the
receiver to make arrangements to meet
this interest payment. It is understood
that if the interest is paid. the principal
of the mortgage may remain
The second mortgage held by Adolph
C. Laekman, amounting to SC, 200, with in
terest from May %, 1898, is past due, and
the holder of the mortgage is pressing for
aymen of both principal and interest.
The note held by the First National
Bank of Hoboken, will not become due
until November %, 1888.
There are no moneys or assets in hand
from which the receiver can at once meet
the interest on the first mortgage and pay
the principal and interest of the second
mortgage above referred to. 1t is desir-
able, in order that the property nay not
be sacrificed by foreclosure that these
payments should be met. I am of the
opinion that the necessary moneys can
be raised by the issue of receivers GER
tiicates to bear interest, not exceeding
five per cent. per annum, and that the
value of the assets compared with the lia-
bilities will justify the issue of receivers
certificates. to meet these several pay
ments not to exceed ten thousand dollars
in all, and to bear interest not exceeding
five per cent. per annum.
I respectfully ask the direction and au-
thority of the Court in the premises.
JAMES HULSHIZER, Jr.,
ofr-