New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-28
RECEIVER FOR MILLING COMPANY.
HECKER- JoNEs-JEWEI.L FAILURE FOLLOWS
THE UNITED STATES FLOUR MILL
ING COMPANY'S.

The announcement Monday of a receivership
for the United States Flour Milling Company was
followed yesterday by the news that receivers had
been appointed for the er-Jones-Jewen Milling
Company. of the securities Of which the FORMER
corporation is the principal holder.
The Court of Chancery of the State of New-Jer-
sey on Monday appointed William BrookheId' OF
this city and Charles E. Kmball, of Summit n
j. as receivers for the Hecker-Jones-JeweH Mill
ing Company. of New-Jersey, on the petition OF Jo-
seph A. Knox a stakeholder in the company, anu
Yesterday Judge Lacombe, of the United States
Circuit Court, appointed Messrs. Brookheid ana
Kimbal ancilary receivers Of the coHapseu CO'
poration in this district.
Mr.. Knox in his petition says that on August ~
1892 the r-Jones-Jewen Milling company
mortgaged all its property to the Frahknil 1luSt
Company to secure an issue of $25OO,WO per cent
first mortgage gold bonds, $4,000 interest on winch
will be due on March l. which interest the company
is without money to pay. Mr. Knox 1urtheI std TICS
that the Hecker-Jones-J Jewell Milling company mas
floating Indebtedness of $6sOs97 70. of which nole
for $4,000 was protested February e. ana WV
600 pavable on demand has been defaulted During
the month of March $4,000 will be due on notes
and payment other obligations amounting u
s1eS 500 are likely to be called for payment
Mr.. Knox, in addition says that, whie the cap
itaI of the Hecker-Jones-JeweH Milling Company is
placed at s. 100000, its assets consist OF only -FOUR
mills stocks and bonds and wheat and hour all
of which property is covered by the mortgage he
saws that the creditors threatening foreclosure
forced II will be disposed of at great sacrihce
The company has been running for some time
Mr. Knox alleges on borrowed money, and its pres
ent cash capital is only s3,1GO while TO enable II
conduct its business successfully ne aouS' S0''
900 would be required.
Messrs. Sullivan and Cromwell general counse
for the receivers of the HeCkerJones-JeweH MIL
ing Company said yesterday afternoon:
The bond of the receivers was tixed at $4,000
and they have duly qualified and are in possession
of the property. The orders OF appointment au
thorize the receivers to continue the business Inc
Hecker-J Ones-JeweH Milling company OWNS LOU SI
mills known the Hecker Mill, the Jones Mil
the Jewell Mill and the staten Island Mill one OF
these properties is in Brooklyn. two are IN New
York and is Staten Island. The total vol
ume of the business amounts TO Sl2OO.OD annually
The company has bonded Indebtedness OF $,9UO,
600 and floating Indebtedness OF $500 and Wh
| It has several hundred thousand dollars worth O.
| merchandise, 1t was found that its cash WORKING
| capital was entirely inadequate to the require
| ments of the business, and the maturity and de
! mand of a large portion of floating Indebtedness:
forced the company into insolvency. The proceed
ing taken by a stakeholder operates for the beneh
| vents the property from ACKNOWLEDGMENT through
| attachments and judgments, or a race among cred
| itors for preference. The Reorganization Commit
| tee Of the United States Flour Milling company
! (Which company owns 95 per cent of the cap
| ital stock and ever 40 per cent of the first mort
| gage bonds of the Hecker company, having nov
| pany is concerning plans for the financial assist
| ance Of the Hecker-Jones-Jewell Milling company
| in order that the latter may continue unnterrupt
| ed its very profitable business
! An attachment for $4,000 issued yesterday b.
| Justice smyth of the Supreme Court, against TIL
| FIecker-Jones-Jeweil Milling Company in favor o
| the National Bank OF the Republic a note mad
| on October 23 1899 and payable on February %
! 1900 A Deputy Sheriff has attached the accoun
Of the company. S1195S, in tina Corn Exchange Bank