New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-08
COTTON CO. RECEIVERS.
TWO FOR THE AMERICAN.
Chancellor Magic of Nelo-Jersey
Declares 1t InS0iUent.

Trenton. X j. Sept. fspecial.--Chancellor Ma
aie signed "a order to-day adjudgng the American
cotton Company insoNent and appointing as leeelN
ers Charles T. KimbaIl. Of Summit \. j.. and WIZ
sam g Lowering of Taunton Mass The appiic''-
ton was made by Richard Y. Lindabury, represent
ing Frederick y Robertson OF NewYori.. who is
vlce-president and treasurer Of the company
The order of the Chancellor states that owing 10
tie emergencies Of the case shown by the pet
tion and afidavits Mr. Robertson. the receivers
were named without notice to either creditors or
stockholders, who however. apply TO the
Chancellor October next 10 set aside the orCeI.
The petition that the debts of the company
exclusive of q bonded indebtedness Of s2Oc0O0o
amount 10 NS27 7Os T. made up follows: Bills
payable 81 Ols4 81 accounts payable S674 CO. &C
payable cotton cOllatera SS1,zs 2; inter-
est on bonds. 5000; sundries. &I26A- II IS
charged that Of the bills and accounts payable
al except small amount now due. and that tie
balance viii mature within the next few months
On October ! interest OF $4,000 debts will be
due and Mr.. Robertson thinks that the obligation
probably cannot be net and that then demand
win be made for the payment of the entire 5000
ooa Five suits pending brought by creditors
holding matrred obligations. and according to the
petition judgments in four Of these will be entered
within few days aggregating more than $4,000.
Mr.. Robertson declares that the company is alb
sOlutely without funds 10 meet any Of these OBJ
legations.
The American Cotton Company organized in
1885, and has a capital stock OF 100000. It has
been engaged in buying, ginning and cleaning seed
cotton. baling, selling, shipping and warehousinS
cotton. and manufacturing machinery for bailing
cotton 1t owns all the stock. except the qualify
ing shares of the directors. OF the following COM
panies: American Foundry and Machinery. Ar
kansas Cotton Products. Texas Cotton Products,
Oklahoma. Cotton Products, Indian Territory Cot
Products. Mississippi Cotton Products, Ten
uessce Cotton Products Alabama Cotton Products.
Georgia Cotton Products and Louisiana Cotton
Products
TlHe main object for which the company is said
10 have been organized was the introduction of
The round lap bale in place Of the old fashioned
square bale.
Annexed the bill is a statement OF its financial
condition on August 81, showing the following as
sets: Cash in hand OF employees. S1,542: accounts
and railroad claims $50 $50: notes receivable, Sl4-
$50: cotton exchange memberships $3.50. cotton on
hand and consignment, SIS GIG; Office furniture
and fixtures, S21,zS2
The compsny's equity in the cotton on hand and
consignment. IS said not TO exceed $1,000 the err
lire amount being pledged for Indebtedness The
only other assets. Mr.. Robertson says. are patents
and stocks of other companies. These he values
AT several million dollars. but says they are all
pledged 10 the Central Trust Company, of New
York trustee. to secure the companys outstand-
ing Indebtedness Of 100000