Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1908-10-30
NAME RECEIVER
FOR FGG-O-SEE
AFFAIRS OF BIG BATTLE CREEK
CEREAL CONCERN WILL BE RUN
BY ]. E. LINEHAN.
EXPECT BUSINESS TO PAY.
New Manager Declares Extravaganza
Will Be Eliminated to Give Stock
holders Proper Returns.
TELLS HOW FAILURE HAPPENED.

QUINCY, ILL.,, Oct. 26.-It developed
last night that Judge Albert Akers of
this city has appointed John e. Linehan,
secretary and general manager of thu
Battle Creek Breakfast Food company,
limited manufacturer of 'Egg-o-See"
with general offices in Chicago, as receiv-
ers of the property and business of the
company. The action was taken Satur-
day quietly on the application of d. S.
Mccoy of Buffalo, n. Y, manager of
the Buffalo plant of the company, repre-
senting, as stated in the petition the
interests involved. Mr.. Linehan at once
furnished the required bond of 100000
secured by the Illinois Surety company.
Capitalized at 100000.
The company is partnership associa-
ton, organized under the Michigan law,
February 49, 1902, capitalized at ST.
100000 with 5000 shares of preferred
and the same number of common stock
at 500 par value. The total outstand-
ing shares are 6315, being 1884 preferred
and 5000 common. The remainder is un-
| issued treasury stock.
| Without mentioning the firm of CASH
| dy & Gray, Quincy brokers, who went
out of business with heavy obligations
| in September, and with which j. w.
| Cassidy, one of the largest stockh olders
! of the "Egg-o-See" company, disclaimed
connection. his brother being senior part
ner, the petition recites that the cred
itors of the cereal company became
alarmed and its credit impaired. A trust
deed was then executed by the company
) to secure bonds of the company to the
amount of 100000, of which the Stech-
er LithograpbiRS company of Rochester,
| n. Y, was given block of $65, 600 to
secure a pre-existing Indebtedness of
about $4,000, and such future indebted
ness as might be contracted.
Two Mills Were Closed.
The Buffalo mill closed down on Sep
TENDER 20, and the Quincy mill on Octo-
| Der u, and "by reason Of the cessation
of these mills the good will of the COM
| pany may become a total loss, and the
| value of the great amount of advertising
lost; that the outstanding debts of the
company now aggregate $35O,OOO, eX-
elusive Of the bond issue"
| In order to prevent irreparable loss to
the stockholders and creditors of the
| company, the petition asked the appoint
ment of receiver, Ito take charge of all
| for the purpose of realizing the largest
amount of money possible for the COM
| pany, he should be empowered to take
| into his possession all things relating to
the business conduct of the company.
On this petition, the courts order of
receivership was issued, directing the
| Battle Greek Breakfast Food company
| to appear here in court on March i,
next. In the meanwhile, Receiver Line
han will take charge of the affairs of
| the company.
Expect Speedy Returns.
The legal proceedings were very quiet
ly instituted and not a dozen persons in
Quincy knew of them. A little party
took its way to the neighboring town Of
Camp Point and there met Judge Akers.
| In second floor room of the Omer
| hotel the transaction occurred that made
Linehan receiver for the Breakfast Food
company's property and business. While
taking his train, Mr.. Linehan talked in a
way that suggested that the interests con-
cerned in the company's recent entangle-
ment will be harmonized as speedily as
possible and that there will be no more
leakages by which an apparently pros
| porous business can be jeopardized. He
said he believed the step that that had
been taken would prove for the best to
all concerned with the enterprise and
had no doubt of harmonizing matters so
that the business which he says now is
profitable, will be placed upon an indis-
putable solid basis. He intends, he said
to trim down eXtravagances, run the con-
Germ judiciously and economically, and
save to the stockholders and creditors
every dollar Of their belongings.