The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-22
CLAIMS ARE LARGE
"A Receiver Is Named for the Mime
apolis Cold Storage Com
pany.
Liabilities Will Be About $500, 900
With Assets Estimated at
$2eo,o0o.

Jacob Kunz of the Kunz Oil COM
pany, this city, has been appointed re-
ceiver Of the Minneapolis Cold Stor-
age company, as the result of a petl-
ton filed by creditors asking that the
storage company be declared pank-
rupt. The appointment was made by
Judge Lochren Of the United States
district court, who has ordered the
company's representatives to appear
before him Oct. 81, and show cause
why the petition should not be
granted. The signers of the petition
are the president of the company, A.
L. Flanders of Boston, whose claims
are placed at $31,66O; the Iowa Dairy
Separator company, with claims OF
$4,000; S. H. Thompson, who demands
1854; and the Kunz Oil company,
leges that the value Of the companys
stock on hand is $4,000 and that the
value of it's machinery is $4,000.
AS ground for this petition, the
signers declare that the Storage COM
pany, being practically bankrupt a
month ago, has since that time entered
into various transactions that would
give undue preference to certain cred
itors, and especially that the company
has mortgaged all its assets, except
it's merchandise, to Stephen Under
hill Of New York, to secure a claim of
$4,000. - 1"5 ..'E
Liabilities About $500, 900. -
Receiver Kunz said this morning
that the liabilities of the Storage COM
pany are about 100000, Of which
nearly seven-eighths Is due to eastern
creditors. The principal creditor is
Steuhen vUnderhill, a New York COM
$265,000, and he holds a second and
third mortgage on the property Of the
company for $4,000. The indebted
ness of the company in the west Is
about $4,000, with bank liabilities of
less than $4,000. The total amount
that the Minneapolis plant of the COM
pany owes to farmers does not exceed
$4,000, yet three months ago the
same plant paid to farmers $4,000 for
cream supplied in a single month, the
principal business of the company be-
ing the manufacture of cream into
butter. Nothing is due to the butter
trade in Minneapolis. =" =.
The assets are about $4,000 What
proportion is made up of accounts re-
ceivable cannot now be designated. OF
| the authorized capital stock-$1 SO, OOO
$1,000 has been issued. It Is held
| exclusively by President Flanders, OF
Boston, by Vice President Frank c.
McMullen, formerly Of Boston and
now of this city, by Secretary and
! l.
and by the families Of Messrs. Fland-
ers and Rich. All of the stock has
been pledged in the east to secure a
loan of $4,000. :2..'.t.r1
| Did q Large Business.
| The, company has been doing q
creamery business for about three
years.. It has branches at Aberdeen
S. D., at Fargo, N. D., and at Wahpe'
ton, N. D. It's transactions have re.
Gently amounted to $25O,000 a month
It's method Of selling separators tt
farmers, who sent cream to the severa
plants for manufacture into butter
has proved so admirable, under the
supervision Of Vice President McMul.
len, that no less than eighty-two other
plants have been started within three
years on the plan first developed by
Mr.. McMullen. ',.- :.
| Inability to collect on farmers
notes, of which about $4,000 are nov
outstanding, is given by Mr.. McMuller
as the cause Of the company's distress
He declares, however, that in all prob
ability the concern will be able to con
tinue business.
IF it isn't" he adds, "a similar
company will at once be started to re
tain in Minneapolis the industry int
| which we have put so much money!