The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-07-22
w. T. Sullivan Says the B.
O. p. G. S. is an InsoI-
vent Corporation.
LIABILITIES ABOUT $40, 900
Facts Revealed in Bill Of Com
plant Filed in
Trenton

Mr.. William T. Sullivan. of this city.
well known merchant and formerly coii-
nected with the Boston One Price slotn-
ing store has brought a suit against the
Boston Company petitioning the Chan
cellor to grant receiver.
The Bill Of COMPLAINT was filed on
Thursday last by Mr.. Sullivans counsel,
Messrs. MCGEE & Fedle and Inc order
reaos as follows
please to take notice that this day a
bill of complaint was filed in the above
entitled court and cause praying among
other things that the defendant corpora
tion be deereed insolvent and receiver
thereof appointed and an injunction
issued.
THAT thereon an order was made that
said corporation do show cause on Mon
day next, twenty-fourth instant, al ten
O'Clock in the forenoon, or as soon there
after as counsel can be heard, at the
Chancery Chambers in ersey City, why
said corporation should not be decreed
insolvent and a receiver thereof appoint
ed, and an injunction issued according to
the prayer of said bill. and directing that
said bill after filing be left with the Ser
geant-at-Arms of the Court of Chancery
at the Chancery Chambers a Jersey1City
for inspection by such creditors as care
to inspect it.
And, further, at the same time we will
apply to the Court for an order to close
out the stock of goods at retail forth
WITH
The bsl lsets out that Mr. Sullivan is
secretary Of the company, which is in
corporated under New Jerseys laws and
is also a stockholder and creditor of it.
The company was Incorporated March 5,
1892, and the capital stock was $4,000, di-
vided into 800 shares of 500 each. The
object Of the company was to carry on
general merchandise in this city.
Continuing. the bill states that the COM
pany carried on business from that time
until recently when it became apparent
to the directors thar the corporation was
running behind. An investigation was or
dered ana when the report Of that pro-
ceeding was made to the directors. they
passed the following resolut4on:-
Whereas, After an Investigation of the
affairs of the Boston, this Board is satis-
fed that the corporation is insoivent;
thai its liabilities. exclusive OF capital
amount to $4,000; that its assets do not
exceed si,6o0, and that it will not be
/ able to resume its business III short
tinle thereafter with safety to the pubiic
and advantage to the stockholders.
The resolution closed directing the seq
retary OF the company (Mr. W. 7. Sulli-
van) to employ counsel for the purpose OF
applying to the Court of Chancery for a
decree of Insolvency.
| Mr.. Sullivan in 1895 advanced large
sum of money to the corporation. He
also states that there are shortly due to
the extent of $1,000 and what other liabili-
ties the total amount Of Indebtedness VIII
reach s49. 9.277.S0 TO which must be added
| interest.
! The bill goes on to State that there is
| a suit In the District Court brought by
| Neugrass Brothers against the company
! for $500 and praying that the matter be
speedily considered by the Chancellor OF
these creditors will obtain a preference
| over the others.
The whole of the capital stock is issued
| and outstanding, and the bill state, the
corporation has no cash money or other
/ quick assets to pay this claim of Neugrass
Brothers or to meet the notes about to fall
/ due
Finally the bill asks that an injunction
1 shall issue restraining the company or its
officers from disposing in any way Of the
| stock of the company. A list of the
creditors is of course attached to the
! bill The largest creditor is Mrs. Belle
Metzger Sullivan who has advanced or
| the company's notes and cash loande6
sums amounting to upwards Of $25.0OO.
The stock on hand Is valued at s3,649 .l6
and the fixtures. $500; customs accounts
considered good. amount to SAT-; making
| the total of assets S4,626l6.