The star and Newark advertiser. [volume] (Newark, N.J.) 1908-1909, 1908-12-09
Consumers Assets, How
ever, Exceed Its
Liabilities.
TREASURER OF CONCERN
ASKS FOR RECEIVER
Credit Is Gone, He Says, and 1t
Is Impossible to Get
Malt.
SEVERAL DAMAGE SUITS
RESULTING FROM FIRE
Own Property Valued at Several
Thousands, but 1t Is Not
Available.

Because Of its alleged inability to
4 obtain mnIt. and of six damage suits
fled In the First District Court by nd
7 joining property-hoIders, who CLAIM,
their premises were damaged by fire
resulting from the emptying of hot
ashes in the rear of the defendants
pro erty, the Consumers' Brewing
Company has been sdjudged insoIvent,
although its assets exceed It's liabili-
ties.
John Birkenhauer, of this city, has
been appointed receiver by Vice-Chan-
cellor Howell on petition of Adolph
Heitzmann, treasurer of the concern,
who has filed a petition declaring that
the firm has but 500 in bank; that its
credit is gone, and that 1t owes $500.
The appointment was made yester-
day by the chancellor in chambers
upon a petition filed by Child s. Carter,
counsel for Heitzmann. The defendant
company was represented by R. G
!. Grice,
In the bill of complaint Heitzmann
alleges that he is the owner Of thirty
five shares, of the par value of 500.
in the company, which was organized
September %, 1908, with an authorized
capital stock of s125,0O0, of which SAL
900 was issued.
The other officers, who are Christian
Lutz, president; Frank j. Criqui, vice.
president, and S. X. Bergen. secretary,
who with William McEwen, Joseph
al 0oL TN;.
hold. form the board of directors, he
declares. own stock to the value of
$500
Cash Assets Only $40.
Tie only assets of the company, 1t Is
alleged are cash in the till and In
bank amounting to $29; machinery and
fixtures valued at $1.500; wagons and
harness amounting to 81 1000, and ac-
counts receivable aggregating 5000.
IL addition there is included piece
OF property at Eighteenth avenue and
Boyd street declared to be worth $10,-
900, upon which there is mortgage of
$500. This property was purchased
by the concern several years ago and
it's equity of $2,70O is included as an
asset, although the petition states that
q purchaser cannot be found.
The total amount of the assets are
placed at $5,927, in addition to the
$2,700 equity In the property referred to,
making the total assets $S,627.
The liabilities are placed at $780, in
which are included six suits at law to
recover damages for fires in which ad-
Joining property holders sustained loss.
These suits are based on the grounds
that hot ashes dumped by the brewery
on the rear of it's premises caused the
fires. The damages claimed in these
suits amount to $1,7i0. and the petition
recites that inability to obtain credit
because of these suits was one reason
why the company was compelled to go
into insolvency.
COmpsuY Can't Get Malt.
The principal reason for the proceed
ings however is the company's ina
bility to get malt. Konrad Schreier, of
Sheboygan, Mich. from whom It had
purchased malt, II is alleged. Is pressing
his claim for approximately $4,000,
and Schneible & Co.. Of New York. who
also furnished ingredients for their
beer, is pressing a. claim for 500, 1t is
alleged.
In conclusion, the bill declares that
the brewery cannot obtain credit, bor-
row funds or sell its equity in the
Eighteenth avenue property.
John Birkenhauer. the receiver, was
required to give a bond in the sum of
$4,000 by the court.