The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1903-12-05

Filston Farm Dairy Company in the
Hands of a Receiver.-Upon the petition of
Mr.. S. 7. Williams, Of New York, filed in the
U. s. Court in Baltimore, ON Wednesday.
Judge Morris appointed Mr.. Charles II. KNAPP
receiver for the Filston Farm Dairy Company
of Baltimore county. The receiver gave bond
for 100000. The court signed an order upon
a petition filed by the receiver directing him to
employ necessary help and continue the bust
ness for sixty days.
Mr.. Williams SAYS in his bill that the cor
poration is indebted to him in the sum of
SO, 997 40, and also to others in various sums
1t has become financially embarrassed, he al
leges, and has not the funds to meet the de-
mands of its creditors. The corporation has
large amount of assets, consisting of lands in
Baltimore county and personal property of
various kinds in Baltimore city and county
used in carrying on the dairy business, which
has great intrinsic value. but which cannot be
disposed of Immediately to advantage. He
has made demand for his claim, but the pay
ment has been refused.
An answer was filed by the secretary and
treasurer of the defendant MI. George A Swart-
won't, admitting the allegations and consenting
to the receivership. The answer says that the
corporations assets are greatly in access of its
liabilities and are sufficient to pay all of its in
debtedness, but that at present it is impossible
for it to realize sufficient cash to meet the calls
made upon it by creditors.
The following statement was given out by
Attorneys Hartman, Knapp, Ulman & Paper,
who filed the petition asking for receiver
The directors of the Filston Farm, in De-
cember, 1902, found the business of both farm
and Baltimore plant very much demoralized
and its property, both real and personal, in
bad condition, necessitating a large outlay of
money for repairs and Improvements in order
to continue the business, and large indebted
ness had been incurred which had to be paid
before the business could continue. During
the year improvements and substantial addi-
tons have been made to the companys prop
erty at Glencoe and Baltimore. New capt.
ital has been put into the business and every
department of the company's affairs is in
perfect working order and in charge of honest
competent employees. Running expenses have
been decreased and wastefulness succeeded by
economical methods.
THE only trouble at present is that further
cash capital-an amount small in comparison
with the assets OF the company-is needed to
enable the company to carry the farm end of
the business through the next six months.
The tightness of the money market, the re-
luctance of outsiders to take up what to them
is new enterprise, together with the legal but
impOrtunate insistence of some of the creditors,
has led the proprietors of the business in the
interest of all of the creditors to consent to
and approve of the appointment of tempo
rary receiver, who will carry on the business
until an arrangement can be made for continu-
ing it for the benefit of creditors and stock
holders or of selling off some or all of its as
sets to meet their claims in full. The assets
exceed the liabilities, if marketed without un-
due haste, by $3.50 to 100000, the nominal
assets exceeding the liabilities by a much
larger sum-.
1.-THE business was founded by the late Ed
ward Austen, of Glencoe, Baltimore county,
over twenty years ago, and is now chiefly
owned by his widow"
Mr.. Knapp said further that in accordance
with the order of the court passed he is having
a complete analysis made of the books of the
company so as to discover its true assets and
liabilities.