The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1908-10-29
NAME RECEIVER
FOR EGG-0.SEE
AFFAIRS OF BIG BATTLE CREEK
CEREAL CONCERN WILL BE RUN
BY J. E. LINEHAN.
EXPECT BUSINESS TO PAY.
New Manager Declares Extravaganza
Will Be Eliminated to Give Stock
holders Proper Returns.
TELLS HOW FAILURE HAPPENED.

QUINCY, H., Oct. 26.-It developed
last night that Judge Albert Akers of
this city has appointed John +. Linehan,
secretary and general manager of the
Battle Creek Breakfast Food company,
limited manufactures 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 ID. 5.
Mccoy of Buffalo y. Y, manager of
the Buffalo plant of the company, repre-
Senting, as stated in the petition. the
interests involved Mr.. Lnehan at once
furnished the required bond of 100000
secured by the Illinois Surety company.
Capitalized at 100000.
The company is Il partnership associa-
ton, organized under the Michigan law.
February Is, 1902, capitalized at ST.
100000 with 5000 shares of preferred
and the same number of common stock
at 500 par value. The total outstaud-
ing shares are 03lJ, being 2GS4 preferred
and $500 common. The remainder is UNI
issued treasury stock.
Without mentioning the firm of Cass-
dy X Gray Quincy brokers, who went
out of business with heavy obligations
in September, and with which j. W.
Cassidy, one of the largest stockholders
of the "Egg-o-Sec" 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. \ trust
deed was then executed by the company
TO secure bonds of the company to the
amount of 100000 of which the Stech-
or Iithograpbing company of Rochester.
y. Y, was given Il block of $4,000 to
IStiv -. r.,lp 90
about S4O,OOO, 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 Octu-
Der II, and by reason of the cessation
of these mills the good will of the COM
pany may become total loss, and the
value of the great amount of advertising
lost; that the outstanding debts of the
company now aggregate $3JO,UOO, cX
elusive of the bond issue
In order 70 prevent irreparable loss to
the stockholders and creditors of the
company, the petition asked the appoint
nent of a receiver, TO take charge of all
the assets of the company, and that.
for the purpose of realizing the largest
amount of money possible for the com
pany, he should be empowered to take
into his possession I'LL things relating To-
On this petition. the courts order of
receiverShip was issued. directing the
Battle Creek Breakfast Food company
TO appear here in court on March t.
next. In the meanwhile. Receiver Line
han will take charge of the affairs of
the company.
Expect Speedy Returns.
The leg proceedings were very quiet
~ instituted and not 4 dozen persons III
Quincy knew OF them. 4 little party
took its way to the neighhoring town Of
Camp Point and there met Judge AkCrs.
In Il second floor room of the Umer
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
Cerued in the company recent entanEic-
ment will be harmonized as speedily a.
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 10
all concerned with the enterprise and
had no doubt of harmonizinc matters 50
that the business which he says now is
profitable. will be placed upon an indis-
putahle solid basis. He intends, he said.
to trim down cXtravaganceS, run the coli-
Germ judiciously ana economically, and
save To the stockholders and creditors
every dollar of their belongings.