The Wisconsin tobacco reporter. (Edgerton, Wis.) 1877-1950, 1911-04-14
GEORGE ". JACKSON
IN FINANCIAL TROUBLE.
Creditors May Petition Court
for a Receiver.

son, INC, OIL CUlCdSO, one VI lHS
biggest contracting firms in the coun-
try, held a meeting to consider the ad
visibility of presenting a petition in
court for the appointment of re
ceiver The creditors include num-
Der of banks which have made loans
of various amounts. Among these are
the Continental and Commercial Ma
tional bank, the Western Trust and
Savings bank and the firms of Cobe
& McKinnon and Jones & Laughlin.
Mr. Jackson's Indebtedness to the
Continental and Commercial National
bank was said to be 100000 and $780,
900 to the Western Trust and Savings
bank
"Mr. Jackson had a number OF
large contracts on hand and did not
have enough money to meet some OF
his outstanding obligations" said an
official of the Continental and Com
mercial bank. "He requested that an
audit of his books be made to show
that his company was in good finan-
cial condition, following which he de-
sired that temporary receiver be ap-
pointed You could not consider that
Mr. Jackson's concern has failed in the
light of these circumstances.
Creditors of George w. Jackson
were assured they would lose nothing
as the result of the move. Colonel
Milton J. Foreman, attorney for the
creditors committee, was the man
who made the promise to those who
have been engaged in business deal
ings with the contractors company.
George w. Jackson, Inc, has not
failed 1t will not fail and no one
will lose a cent as the result of it's op-
erations," said Mr.. Foreman. THE
whole thing at stake is to raise
enough ready cash to carry through
Germ has on hand. 1t am certain that
this will be done and that the trouble
of the company will soon be over"
Ira NJ Cobe, who had advanced
large sums of money to the company,
declared that as chairman of the COM
mittee of creditors he was able to say
that the committee did not purpose to
begin court action against the COM
pany as yet.
Mr.. Jackson is known throughout
the United States as an engineer of
superb abilities ard a. contractor who
has accomplished some of the most
elaborate and difficult work Of en-
cheering and construction in the
United States and in many cities. His
most recent work in Chicago was the
construction of the Washington street
tunnel
Mr.. Jackson built the Chicago sub
way, an enormous work, involving
many difficulties. The concrete lake
cribs, mile and a half off shore, at
Sixty-Eighth street, near the tunnel,
were executed by Mr. Jackson, as
were the majority of the largest con-
struction projects consummated in
this vicinity in recent years.
For more than year Mr.. Jackson
has been at work planning a subway
system for Chicago, the cost of\which
he had estimated would be $S0,000,00O.
Mr.. Jackson, en- route to New York,
telegraphed as follows:
George w. Jackson, Inc, Chicago:
Your wire received. Cannot under
stand why story was published. Say
to all papers that statements are mis-
leading and untrue in most part.
Company has surplus over and above
all liabilities of over 100000. Ar
rangements will be made to pay all
creditors in full by Sept. 1. No need
of any alarm being felt by creditors.
article appearing as it has seems
like a malicious statement made by
some one unknown to me to injure
our company.
Creditors committee is being form
ed for mutual protection to enable the
company to adjust itself to conditions
forced upon it temporarily and to Sc
cure time to realize on it's assets now
tied up in reserves and investments in
unfinished contracts, one of which is
our contract at Yonkers for the board
of water supply, city of New York, to
which am giving my special atten-
ton at this time, and which is the
occasion for my being away from Chi
cago today.
GEORGE w. JACKSON"