Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-06
RECEIVER FOR THE HaRPERs.
for Dissolution n step
Toward REORGANIZATION.
CNew York TImes. an


George J.. Rives, acting on behalf OF
the directors of Harper &, Brothers. yes
terday made application TO Justice Glider
sleeve for the dissolution of that corpO-
ration. Notice Of his intended action had
been served, ~ provided by statute, on
the Attorney-General, but Deputy-Attor-
ney-General Francis, who represented the
Attorney-General. said there was no OPP
position TO the application. The Court
granted the application and appointed
Francis G. Cantine as referee to take
proofs Of the claims OF the company, and
hear directors to the dissolution OF the
corporation. Mr. Rives then applied for
the appointment OF temporary receiver
to take charge OF the companys assets,
and suggested that the State Trust Com
pany be the receiver appointed. This APP
pointment was made.
Mr. RiVes. in the course OF his remarks
20 the court. referred 20 the fact that
the ordinary petition asking for a volun-
tary dissolution Of a domestic corpora
tiou had been filed with the schedules an
nexed. The assets are estimated at s.. 2S2.
716r5. while the liabilities amount TO
S31G52l21g The liabilities are distributed
as follows:
Five per cent mortgage bonds
sold ............. ................S NV'VD W
Mortgage on house l6S west
Twenty-frst street ........... 500 w
sFloating debt .................... 2,S13, 4H u
D tTa sI aS''o,s, . we" .'...... 5000 90
Due for unexpired subscrp-
b 'ytI not I've vet printed. &c. T.7gO 90
Total ... ..............Ss162.2l PIP 10
about 81 .iOOo 90 OF the floating debt is
secured by the pledges OF mortgage
bonds
The last item. subscriptions. advertise
nents. sc. represents liabilities when
will probably be wiped out In tho course
OF issuing the various Harper periodicals.
These legal proceedings are stated 10
be steps in the general scheme or reor-
Gambling the company which was started
recently by the action OF j. j. Morgan *
90. i'm calling upon the State Trust Com
pany 10 take possession OF the property
81 Harper & Brothers because the COM
pany could not pay the claim OF $4,000
held by j. i. Morgan g. Co. The state
Trust Company was empowered 10 90 TINS
by the terms OF the mortgage Wnlcn
Harper & Brothers gave Il, and when Is
due I'm 1891. A receiver IS now applied ror
On order TO protect all the creditors or
the company.
Harper g. Brothers was incorporated In
October. 1886. with a capital STOCK or
5000 900. and II promptly gave to me
state Trust Company q 3,uOWO mort
page to secure an issue OF > per cent.
bonds OF that amount. 1t used SzUO'VVo OF
these bonds TO satisfy various claims or
different members OF the HARPER Iamliy.
II pledged the remaining S2NJVO OF ihe
for loans g. 800. 900 Of the bonds going 10
]. p. Morgan & Co. alone. and on this
security J. j. Morgan & co. advanced 10
Harper & Brothers sums aggregallng
sS50 COO The total amount Harper q Bro
theirs got on all the S2.s000oo worth or
bonds It pledged was about 81. N,lpo go
Some 81 10000 of totally unsecured IA
bilities' bills payable. &c, go with the
81 10000 aforesaid. 10 make up the sum
OF 8. s13 421 % which has been put down IN
.l,a IrsI~
AR Rives In speaking of the applica-
ton for a temporary receiver. said last
night: "The public should understand
that this Is another step on the part or
TORS. Eventually the firm will be. reor-
ganized just after the fashion OF rail-
road reorganlzatlons. The assets use haye
been scheduled at over 100000. on the
assumption that the business OF Harper
4, Brothers is 10 be continued.
Mr.. Cantine will hold his hrst nearing
az referee on March 2Sth. at his oihcei,
81 Macon street