New-York tribune., 1902-08-10
j Fl. BALLANTINE ASSIGNS
ACTION A PURELY Personal ONE. No1
AFFECTING BREWERY INTERESTS
rrzo1rcHT To HAVE INVESTED TOO HEAV
lily IN NEWARK REAL ESTATE
At INITIATION PRICES

IT
John Herbert BaIlantine Vice-presioeht Oh 'iie
wealthy brewery corporation of P. BaIlantlhe @
Sons Newark made personal assignment yes
,erdav for the benefit of his creditors In the
deed OF assignment, filed in the once OF Inc
couuty Register at Newark ten minutes peIore
the office was closed for the day. the stralghI
liabilities are placed at Slo3SIoo' contingent
liabilities at SS46.2S0. making a total OF
81. .Ss5 O30 An inventory Of the assets was hled
with the assignment deed but no value was
rlaced ,jnon them. The assignees named in the
narers are Thomas W. Crooks president Of the
Essex County National Bank. and John H.
Hardin. Of the law firm of Pitney & Hardin
The assignment was made for the benefit Of
Mr.. Ballantine's creditors. said Mr. CROOKS
and I desire to state that they will get 100
cents On the dollar.
Robert F. Ballantne. an uncle of j. Hernert
Ballantine and mead of the Balantine brewing
interests. made this statement from his nome IN
Morristown late yesterday afternoon:
The assignment has nothing whatever TO 90
with the business of the Ballantine hreweries'
II is purely a private and personal matter OF j.
Herbert BaIlantine one that I know nothing
further about than that il in no way Involves
the business of P. Ballantine & Co or P Bal
lantine & Sons"
7 Herbert BaIlantine was the chief corpora
tor in the Alliance Investment Company, incor-
porated under the New-Jersey law four months
ago The object Of this company was to take
over and conduct all of the Ballantine estates,
and it is said that none Of this companys hold
ings except perhaps. the interest due to j. Her
bert BalIantine are affected by the assignment
Judge Alfred F Skinner, of the Essex County
Court has to approve the bonds Of the assignees
and he will not sit in the Court OF Common
Pleas until Tuesday next. Friends Of MI Bal
lantine said last evening that the assets were
ample TO pay the liabilities. AT Mr. Ballantines s
Newark home it was said he not at home.
His lawyers, John o. H Pitney and John K
Hardin. were also out Of the city.
For several years J. Herbert Ballantine has
been a heavy investor in Newark real estate
He purchased big pieces of Broad-st- and Mar
ket-st property at what is considered in
hation prices Upward of two years ago he was
interested with New-Jersey and New-4 ork
capitalists in organizing the Union Trust Com
pany, Of Newark which was expected 10 De d
rival Of the Fidelity Trust Company
Mr. Pallantine purchased the property at NO.
749 Eroad-st demolished the building that was
on it and erected a new one for the Union
Trust Company, but that concern never began
business. and before the new buildlng vas
COMPLETED Mr.. Ballantine was elected director
in the Fidelity Trust Company. the hnancia!
branch Of the Prudential Insurance Company OF
America.
Mt Ballantine's assignment came a a great
surprise to Newark business men AS he is
vice-president OF P. Ballantine & sons. OIL
rector OF the strong Essex County National
Bank, was supposed 10 represent the large es,
tate of the late John H Ballantine, and had
made big sums in trolley deals a few years ago,
the impression general in Newark that ne
a rich man and had powerful hnancial
backing.
But some of the conservative fnanciers sur
missed that he was investing too heavily in real
estate at high prices. Real estate in Broad-st
was pushed up in four years from 5000 and
$1,000 4 foot 10 5000 and $4,000, and shrewd
dealers in real estate predicted slump in these
high prices. In the last twelve months Broad
st and Markets.. real estate has been at a
standsti
Here is list Of NJ. Bamantines principal
creditors and the amount of their respective
claims:
American Insurance Company. Newark 500 600