The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-12
CREDITORS HOLD MEETING
NATIONAL BOND AND REALTY COM
PANY's CREDITORS.
Receiver Van Buren, Will Proceed TO
Realize What He Can for Benefit
of Claim Holders.

Some of the creditors of the National
Bond and Realty Company, for wnich
receiver was appointed by Judge Leatners
in the Superior Court few days ago, met
with Receiver Van Buren, in Superior Court
Room No. yesterday and presented their
claims against the corporation. among the
bills submitted for the consideration OF the
receiver were those of all of the Indian
apolis newspapers for advertising, and bills
from other firms OF the city for office fur
niture and merchandise sold to 1t on credit.
The unpaid bills outstanding against the
corporation aggregate about $500, the re-
ceiver said, and of claims for bills unpaid
some of them now due and others to be-
come due soon, there is about $4,000 of the
corporations paper outstanding. In addi-
ton to this indebtedness the officers of the
company have collected seven or eight
thousand dollars on contracts for deeds to
lots in its addition on East Washington
street. This sum is made UP of the various
amounts paid in by prospective purchasers
of lots. who have not yet been given deeds
TO the property for which they have par
TALLY paid. The company has in process
of construction twenty frame houses, on
which mortgages have been placed TO Sc
cure loan OF $4,000 recently floated.
To secure all Of these claims the associa-
tion holds title to real estate on East
Washington street beyond Rural, which,
cut into building lots, will make 64s lots
suitable for cottage purposes. The price
asked for these lots by the corporation mas
been $50 and few have been sold at TINS
price on contract deeds. the purchaser 10 20
held in January, 1903. Other assets or the
corporation are a clubhouse owned and
built on the land in the east end OF the city,
and horses and livery equipage valued at
sl,400, bought for use in showing prospec-
tive buyers OF lots over the land. The office
furniture, said to be very fine and now In
the offices in the Newton Claypool build
ing, is another asset that some money can
be realized on II sold.
CLAIM FOR SERVICES.
The receivership proceedings were insti-
tuted by Henry s. Fraser, second vice pres
ident OF the corporation, to secure his claim
of $500 due for services connected with his
Office. In his application for the appoint
ment OF a receiver 1t was alleged that the
present methods of directing the business
OF the company were not suitable to max
ing enough money to secure all the claims
against II, and If a receiver were not APP
pointed the insolvency OF the corporation
would be such that a number Of creditors
would lose their money. The directors and
officers OF the realty company said on the
day of the appointment OF Mr.. Van Buren,
as receiver that 1t would be possible TO
raise enough money from the stockholders
to satisfy all obligations and dissolve the
receivership and permit continuation OF
the business.
At the meeting yesterday a committee
Of three, representing the creditors, was
appointed to confer with the receiver from
time TO time and assist him in an adjust
ment OF the financial difficulties. The COM
fmittee named consisted Of Ovid B. Jane
son, Mr.. Mean and Frank Carson. Re-
ceiver Van Buren, announced William p,
Herod as the attorney for the receivership
and designated James s. Cruise and Thomas
Spann as board OF appraisers to fix a
correct value on the realty holdings Of the
corporation and report to him conserva-
tive estimate OF the price possible to secure
for the building lots. -"
Receiver Van Buren, said last night that
he would go to work mmedfateiy, and
when he found what could be secured for
the lots he would place them on sale and
with the proceeds satisfy the creditors
The first creditors to be considered will be
the original owners OF the land, who now
hold the $40 900 mortgage and are not yet
fully paid for the land, and the balance
will be turned into a sinking fund for the
satisfaction OF the holders Of the unpaid
bills.