The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-13
DEATH SHOWS INSOLVENCY
PITERNON SIN GONTERN ~ '
INTO BlNkRJ PTp.
%. Lawyer, sas the aged President Dts
covered AFTER NsnaEer's Death mat
FsI.e ppyrsII~ and False REPORTS of
Gs.I Of NannG scture Had Been Made.

Edward r. Phillips. secretary, treasurer
AM, General manager " he NeuherRsr-
Ph,lhr, six COMPANY ~ Paterson and
New Nurs. dIru ou January ~ last ~
Paterson and reports came 10 m" ear~ -
the aged president " -" company
isaac NauE,.rgar. about Philips. whom he
had brought M To- IN" business and To
,Lori b.. iai entrusted IN, financial
and and an" management n the mn MI.
N-Il,erger relu-s-l To- h'''-'i th" r'poris. and
~ To- April !asI acc rhinR - his lawyers,
Maurice " arI plni"l " Rumenthal
h..levs,i tha' ~" company Was flourish
ing. with Siup Unn surplus assets.
4 crreittors petition ~ bankruptcy was
fl.d her" yesterday agalns; IN" concern
whirh "mplov.d 80 hands ~ - min ~
Paterson. amt ~" Bluusnthal- ~ utor-
nrvs tor ,r" company gave ou' r--
n,,Tk,bl. statement They SAID that the
habII,t,.. may amount To- S'5DU E'. ard
the ASST, - ..l.out t-iG,"n W large
,r,slItor hs,~ p'.'.u pressing Tor hts money
hu' President N"uh"rg"r diSCoNer'st
few DAYS ago tEAi = condition "N'st"i
winch mad. ~ l'-st ." pat IN" huSines- IA
t~e hani- ut M" creditors =" - Z" pre-
~ rye ~" - y" ,In'. I,rsN ant d"''r'S'htl"h
Inr'I pril ! laid IA" lawyers. Mr..
Ne,Ih..rg,r though, thai the concern WIS
ah-oiu'rly solvent with - surplus ~ over
sI"ot.p Fv-ry iolll- h" pOs-H-s''i w1s
invested a. ta' ''i-,n---
ph,Ilip- the tr,si-IT,.- who was brought
al. m bu-ins-- from hoyhoOd bv VI
Naih-rr.r rad when he died. been for
s.-veu wears secretary and general niana-
.,-- ~ IN" manufacturing lie par'u"nt
a, Paterson Pr,'-,dep' N"i'l"rRer Was
[ VA charge ~ .h.' N.~ York ofi,s wh-r O
thu. -..l.-runr-- arr. and loft the financial
AMI manufacturing lsair- of the concern
..,1;i-.Iyv with Nr Phillips. IN " hom h. mad
uu',nundei routt"n'- In" raports NJ
Mr. ph,Ilifrz tIp to q few W.-.ks before his
death tp Mr. N-ulisrgrT, lowed he
| business 10 ~. ~ "a fouTI-hing condition
Although ~. rumor~ referred to l'ecaunc
current ~ Paterson shortly alter vi
/ phtllip-- death - va not unttl last
month thai % wa decided - 90 over the
J lrppk~ ..ru aHa'r- 80 th.. C,sUiIttuy stock
b Na- taken. aIi a few dn"~ asp Mr. N"u'
l..rg.v -.-c,.tN - m r"t.pff from ni-
s.--o,la','- maj t'r y-a"> Iss>I the lavroi-
~ h.. -tartIf tiTtu ,fs EtTt fsut hat eel
mad isi Ti. ,avrnil- sIn'ouuied - ~
much - g., a month. Sh-rea- nov y
. iltptear- hat much l--- Wl- expended
/ Zach month Tor vtge- Furthermore
th. lawyer saId. Mr. Phllhg- had l.-et
b r-uorting nat the cost Pre-" Of goods
b utuu'a 'iIIr''t Ma from 10 to ~
/ Ter cent lower than " actually NaS. AMI
] CONS. itI,.utiV the selling uTtCa tNed w
NJ Seul,. rg.F. allowing = fair margin
. e proit. prov.-i m MANY cases 20 he
J l..lnN nu>' ard IN very few cases above
r,r-t Thus the corporation, ~aid the
. LAWYER h.g- i'...'u unCon-ciOurly doing
business 80 q i'es- r Kht along.
PATERSON April ~. Prom an intimate
friend IT the Phillips family it Wa learned
tonight that th" bankruptcy proceeding
y. IN. direct outcome 81 an inquiry int
the estate 81 Mr. Philips Counsel Tor
th,. estate. WAS ANXIOUS to ascertain the
value 81 th. interest ~ MIR Phillips in the
comuany hut found u dIfficult Ia obtain
satisfactory Information and Threatened
. - aup"ti 20 the courts Wayne DuTnunl
+ l. counsel for ths. estate.
Mr. Phillips Wa hut 35 years old. mar
ri.d and had four children. lie was re-
gartsi A. q man about town. hut wa
never considered eNtrlvaEAnt
An b." lrit- Declared a friend 81 th'
fiAInut tonight -Was one insurance
,h.. houz. ho liv~l in and surely this u
! proof enough that h" dealt honestly will
thu. AFFAIR." 10 IN" company. 30 Tar a.
know th'. hlgiI.=t payroll IN any one month
was si.gD NJ Phillips was not IN
position 80 Jad The payTuils a. all checs'
had g. y" - "a and Countsr-igned by
anutner officer It IN" company The
payroll VIA really handled by tn" New
Work md Nir Phillips 90 course CslnnO
defend hin-.lf iut I venture 10 say tina
whcD ~. s.Fair- of the company are thor
o,Ighlv prol-ad ~ will ~ found that q
rhcr" has i~"u any l"Akags Phillips q
in us NAV Tts-ttpflsihls