The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1900-01-16
Lambert q CO. Asszesl.

ne ufM Oh = p. Adub6Ib q company,
engaged in manufacturing shoes at Riv-
erside, has made an assignment The
assignees are George M Bacon, River
side, and Howard Flanders, of Burlington.
The failure was not surprise in bust
ness circles, Notwithstanding the friends
of the firm have made most fiaGtering
statements of the great amount of bust
ness being done. Charles G. Robson, of
About three months ago, two of the Mount
Holly banks, v hich had claims against
the firm, were approached by gentle
man who said affairs were not in good
shape and suggested that an extension be
granted. The proposition was to extend
the notes, without interest, for four years.
The offer was rejected, the ground be-
ing taken that it was not right to ask the
banks to carry the concern without inter
est.
Following this refusal came a visit from
Mr.. Robson, who said he would guaran-
tee the interest. He claimed to be worth
$50, 600, and said he was able to pay all
the debts of the firm, his own obligations,
and have money left. Among his assets
he mentioned 100 shares of stock of the
Pennsylvania Railroad. He also said he
did not ask for an extension. The propo-
sition for an extension came through Mr.
Van Court, leather man in Philadelphia,
and the desire for the movement seemed
to emanate from merchandise creditors,
the majority of whom signed an agree
ment to extend. The two Mount Holly
banks refused to agree to it and the mat
ter stood still for awhile.
Later there came another proposition to
the effect that Lambert 6 Company would
give notes for so cents on the dollar, pay
able in two, four and six months. A
meeting of the creditors was held to as
certain if the debtors could guarantee the
payment Of the notes. Nothing definite
was ascertained then and the next thing
heard in connection with the matter was
the news of the assignment. The total
Indebtedness is reported to amount to
about $40, 900. The list of assets is about
as follows: Factory and machinery at
Riverside, $4,000, on which there is al
mortgage Of $500 held by the Riverside
building and loan association; machinery
in factory, $4,000; shoes in the process of
manufacture including stock, So, 600;
book accounts receivable, $4,000 The in
dividual assets of G. G. Robson are as
Col 81
SO, 900; farm in Willingboro' township,
$500; house and lot at Bridgeboro'. 5000;
house and lot at Riverside, $500; lots of
land at Riverside, $4,000; second mort
gage on Francis Henning's property in
Delran township, $500; equity in Penn
sylvania railroad stock hypothetical with
the Burlington County Trust Co., 1926.
Among the principal creditors are the
following: National State Bank, of Cam
den, SIT 900; Mechanics National Bank,
of Burlington, So, 300; Mount Holly Ma
tional Bank, $3.50; Farmers National
Bank, Mount Holly, 1880; Bongaardt &
Orr, $2038 90 In addition c. G. Robson
owes on promissory notes 81. 300 to Kate
Hillman and $500 to Washington Hunter,
and has other scattering debts to the
amosAof $1,000.
In the notes at the Farmers bank is
the individual obligation of Mr.. Robson
to the firm amounting to ST, $50.
At one of the meetings of the creditors
a committee was appointed to look into
the affairs of the assignors and the report
shaved down the value Of the securities
very materially. Instead of Mr.. Robson
being worth $50, 600 as he reported, the
committee reduced the sum to SIG, 0O0
Yet even with this very liberal cutdown
it is said the creditors can realize at least
rs per cent. of their claims. The com
mittee found the property reported by
Mr.. Robson, with the exception of the
amount of Pennsylvania Railroad stock.
In that particular the committee reported
that they found As shares which were in
Trust Company as collateral for loan of
$4,000. At the present market price of
this stock the margin is 1926. No men
ton was made of the remaining IS shares
of the stock which Mr.. Robson said he
possessed. At the time the latter nego-
tiated for the loans he represented that he
owned stock in the Riverside Water Com
pany and building association. They
do not appear in the above list. There is
some question whether, under the present
laws on bankruptcy, man can make an
assignment