The sun., 1907-08-22
TIGHHMONEYGOTHAZARD&CO
OBSERVATION-DISCLOSURES FIRM
~ RECEIVERS HAND.


Ties Sx~V,OoV' Assets @%0O,OOO.
The old established house Of e. C. Hazard
4 Co. Of III Hudson street, one Of the half
dozen biggest wholesale firms dealing in
high class groceries in this country. was
forced to the wall yesterday by the strin-
sency Of the money market. The three
creditors who filed the involuntary petition
in bankruptcy against the Arm had claims
sggregating only SO .is7s7, the largest
being for sio,42a, but the grocery house
confessed it's inability to pay this bill after
II had been overdue for four months. and
the petition in bankruptcy followed.
The petition was filed against Elmer c.
Hazard, Frank Green. George NJ. Archer
and Theodore Sterne, composing the
firm, by Frederick +. Eisemann Of IL Park
row, attorney for these creditors: Frank
Nora, local agent for William Lanahan 4
sons Of Baltimore who had a claim for
slOi24 for whiskey sold prior to July 50;
Alfred E. Hoermann. s4.s7. on an assigned
claim Of Moore Co. and Louis j. Gold. 90,
on an assigned claim of Paul N. Fried
lander. # was alleged that the Arm vas
insolvent, had made preferential payments
Of 81 500 and had admitted in writing it's
inability to pay its debts and it's willing
ness 10 be adjudged bankrupt, signed in
the firm name by Liner c. Hazard.
Mr. Eisemann applied for a receiver.
stating that il was necessary to have one
appointed Immediately because the assets
included large quantities OF tomatoes.
beets and other vegetables which were
IN the course Of manufacture into canned
goods and which unless packed at once
cannot be delivered in time for this seasons
trade. Most OF these goods had been sold
on contracts which show substantial profits
and a portion can be turned into cash IL
packing is completed within sixty days
A considerable quantity of goods sold on
contract but not manufactured by the
firm is either at the dock or ready for de-
livery and can be delivered at once to
customers and the selling price realized
within sixty days. Various lots sold but
not yet delivered show q profit Of from
81 100 a lot upward. and the petitioners
estimate that all the goods will show at
least Is per cent. profit.
Judge Holt Of the United States District
Court appointed Charles w. Gould OF ?
wall btreet reCeiNer LOT Lnc uffn, anu ne VIII
take charge Of the business this morning.
The firms liabilities are estimated at
$4,000 and the assets at $3.50. 600. consist
ing Of the stock OF groceries. canned goods.
wines, liquors. outstanding accounts.
horses and trucks. The firm also owns
the big factory at Shrewsbury. N. j.. where
tomato catsup is manufactured and various
kinds OF vegetables are canned.
Mr aatd a n
firms troubles were due to the refusal Of
banks to loan money to tide the grocery
house over the midsummer season He
said he was convinced that the bankruptcy
proceeding was inevitable. and in order
10 protect the interest OF the Baltimore
whiskey firm got two other small creditors
10 Join him in order to make the three re-
CURED by the bankruptcy law.
Frank B. Green. who looks after the in
terest Of his father. Frank Green. senior
PARTNER in the firm. said yesterday that
there would probably be a reorganization
of the company when the receivership 10
vonnd up. This seemed to bear out a
rlmor in the wholesale grocery district
that there has been friction within the firm
FER soms months. IL has been known to
tho trade for some weeks past that the
firm has been slow in its payments and
wls in great need OF ready cash II was
said that the firm had given the sales agency
Cor some of its specislties to a corporation
which has been pushing that branch OF the
business
George NJ Archer. a junior member OF
the firm, denied Yesterday that there had
been any friction and slid he didn't under
stand just what Mr.. Green meant by his
statement about reorganization. He said
the inability to obtain ready money was
the sole c1use of the firms present dim
cul'y. and declared that the assets were 30
far in excess OF the liabilities that the trou-
bla could be easily Strengthened out in time.
The business was founded by the late
Edward c. Hazard in 1882 at which time il
waslocated in Barclay street. A big business
was gradually built up in fancy grocer
lee and canned goods. MIR. Hazard being an
expert in the latter line. In 1870 tho firm
vent into the general grocery business.
Frank Green became a partner in 1895.
In 1855 Theodore Sterne became partner
and the business was established In its
present quarters
Edward c. Hazard died in February. 1905,
and on May Of that year his eldest son.
Elmer c. Hazard. and George NJ. Archer.
who had been a salesman. became partners
with Messrs. Green and Sterne. Mr.. Archer
put in $4,000. IL was said. A year later
the firm declared it had a net capital Of
$4,000 in the business. The grocery
trade has understood that Mr.. Hazards
will provided that his capital In the business
should remain as a loan for five years. The
amount is said TO have been 100000.
Although the capital Of the Arm 10 small.
" is said 70 have done business Of from
AcOo,O 900 10 5000 900 in some years. 1t has
lost some business lately. but has retained
big trade throughout New England.
Something Of a sensation resulted in 1890
when Florence Ellsworth Hazard the eldest
daughter Of the founder, was married 10
Prince Franz Marie Johan Josef Won Auer-
sperg, son Of the Prime Minister Of Austria.
The Prince came over here on a visit in
1898 met Miss Hazard and was avishly
entertained at the Hazard home. Shrews-
bury Manor. When the Prince married
Miss Hazard she was not much more than
IS years old.
After he -, xa kha co,,0IA fraxv xvallad