The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-11-29

| NEW YORK. Nov. 2s.-The State Trust
| Company. as trustees of the first mort
| gage os Harper e. Bros. Issued today the
| following notice:
"All persons VIII please take notice that
! the State Trust Company. as trustees un-
| der the first mortgage made by the cor
poration Of Harper g. Bros. to the State
| Trust Company, as trustee, in pursuance
| of provisions OF section OF article of
| said mortgage. has entered into and upon
| all and every part of the property and
| premises, lands. rights, interests and
/ franchises conveyed or intended to be
| conveyed by said mortgage. and each and
| every part thereof including the publ
cation OF the periodicals. known as Har-
| per's Magazine. Harper's Weekly, Har-
| per's Bazaar and Harper's Round Table.
| and that from this date and until fur
| ther notice neither the corporation of
| Harper & Bros. nor It's agents or sery-
| ants will have or viii exercise any power
! 10 use. operate. manage or control said
/ mortgaged property or premises. or TO
| conduct the business thereof.
THE State Trust Company has appoint
| ed Mr.. G. Il. ~. Harvey to be its agent
| in the possession, operation, management
| and control OF the said property, prem
| fses and business. and until further no.
| tice he will be respected accordingly"
| This action on the part of the trust COM
| pany was taken by request Of the mem
| bers of the Harper corporation The
! correspondence In the case is made public.
Hsrpers' Letter 10 Creditors.
| Under date of November q. 1929. John
w, James Henry, James Thorne. Henry
| S. H. r. and James Harper. the men,
! bers OF the firm, wrote to J. p. Morgan
| 81 Co. saying:
1T is due to you. as the principal cred
| iors of Harper & Bros. TO know that,
| owing 70 the financial stringency and the
! fact that the bulk Of our assets Is not
| available for quick realization of coliat-
! crai purpose. the company may. and prob
| ably will. be unable to meet it's maturing
obligations. Moreover. our new pres-
/ dent. Mr. Harvey insists that the finan~
ces of the company must be readiusted IN
/ such a way as 30 enable him To give his
/ undivided attention 70 the business and
/ editorial work. and we ourselves feel that
IN the present situation We have not the
| moral right TO Incur further obligation.
| which we might not be able TO meet. We
consider II our duty. therefore. In justice
| 10 both yourself and ourselves, TO decline
| 10 avail ourselves OF your generous offer
/ 10 increase the amount OF your loan and
/ IN seek your cooperation I'm another way.
better adapted. In our Judgment, TO con-
The presen, assets of the company have
;tls,iv been estimated as being far In ex-
! cess Of its existing liabilities but they are
I Of such a character as to be wholly un-
available. for immediate cash requirements
/ or as a basis for further ioans. We are
+ satisfied however that with capable
( single headed management. which We be-
/ ueve we have now secured. the property
+ nsav be made capable OF earning mater
/ ial amount in excess OF that required TO
/ nav the Interest NOT only upon your prior
I item hut also upon the unsecured Claims
! amounting 70 approximate.y &ch.oe TX
! IL ctr anxious desire to protect II pos
( s;hle. the holders of these claims and pay
ment In fun.
/ "A reorganization of the company upon
/ a permanent and substantial basis would,
/ We believe. accomplish these purposes and
| would conserve the Interests Of all cred
I ttors provided the property could continue
! under the sole direction OF Mr.. Harvey.
| who has already effected reforms which
/ viii result in a saving OF more than si".fss
/ year.
I'VE therefore recognize that yca should
/ proceed 10 take all necessary steps 20 pre-
I tect ycii~ elatsn. secured hy the collateral
I Of your mortgage bonds, and thas the trslst
! company as trustee 90 the fund and the
/ mortgage. upon your request, viii he ea-
titled to enter upon ana take possession
Of the nlortsaged property. In ;aat case
/ We shall initiate proceedings for the ap-
rsointrnert 81 The trustee. receiver 81 tee
2 corporation and of Mr. Harvey as agent
( for the receiver. hoping that a reorgaiaixa-
+ stan may re effected which shall pso:nrt
+ primarily the interests os our creditors ana
+ whsch. We hope VII also preserve the
+ honor and iisniry Of the house of Harper
4 Rres and enable II 20 enter CIT a
fresh career 0f usefulness and prosperity -
/ Morgan's Reply.
| President Harvey. q Harper g. Bros,
| Co say:
The downfall - TIE house q Harper
{ 4 Brus. would he a national calamity.
! fNsrytnlnE that ear Pc Done lawfully II
rrexens f ssoas8 he aore. Under tAs cir
! rsrussanses ue think year paan will prove
Ia sse enA to have been tlie best fos sill
2 yeur creditors ans x VII receive car
hearty co-oRcrs tioGs-
President HaTs~x's Statement
President Harvey. of Hsrpsr 4 Brothers.
/ to<ssy made statement saying tn part:
Tho aetton as shs state trssxt company
/ was taken primarily at nny Instance. with
tAs f2gl consent ard approval cg tire fvs@r1-
h~rs az sHe Harper family ard principal
I creditors. TIE ssyap4s sacs is ;aas nsStasr /
nor snYlss<sv rise wna Ssutslre9 IL assume
.As persona. responsibility 81 she rnasAEse-
rrsnt % tire company without nsss eGe<s-
/