New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-11
DEAN ALVORD CO.'S
IN RECEIVERS HANDS
Interest Charges Of $2OO,OO0
a Year Heavy Burden for
Five Concerns.
PAYMENT HARD TO MEET
Market Conditions and Slow
Progress in Efforts for Read
justment Induce Petition
for Dissolution.

Petitions for the voluntary dissolution
of the Belle Terre Estates. Incorporated
the Roslyn Estates, Incorporated; the
Dean Alvord Securities Company. the
Suburban Construction Company and the
Dean Alvord Company were filed yester'
day I'm the Supreme Court, and, upon
motion OF Latson. Tamblyn & Picka'n'
counsel for these companies. Edward
Lyons was appointed temporary receiver
for each company upon filing bona IN
the sum OF $1,000 I'm each instance. MI
Lyons Immediately filed mis- bond with tho
Casualty Company of America, and II
was approved by Justice Jaycox, OK the
Supreme Court in Brooklyn, who granted
orders bonding the receiver.
All Of these companies, with the excep-
ton OF the Dean Alvord Company, were
organized by the issuing OF unsecured
debenture bonds representing cash invest
ments I'm each instance, and these bonds
bore interest at 6 per cent, payable SENT
annually. The aggregate interest charge
thus amounted to approximately s2o0W
year and the difficulty In meeting these
recurring interest payments, in view OF
the difficulty of marketing residential real
estate during the last few years, has ne
cessitated the dissolution.
A few weeks ago these companies,
through a committee OF bondholders. is-
sued deposit agreement looking TO a
readjustment of their several corporate
plans. but the progress under this agree
ment has been 40 slow that receivership
seemed desirable
Belle Terre Estates. incorporated, owns
more than one thousand acres OF land at
Port Jefferson, Long Island. which has
been greatly improved and upon which a
large number OF important dwellings
have been erected Roslyn Estates, In
corporated, has been developing n tract
near R0slyn, Long Island. consisting OF
approximately three hundred acres. where
similar lines OF improvements and devel-
opment have been incorporated.
The Suburban Construction Company
was engaged In the work OF building
roads and erecting dwelling houses for
these various plans OF development. The
Dean Alvord Securities Company dealt
largely in acreage propositions and IL the
owner OF important tracts IN Long Island
City and elsewhere. The Dean Alvord
company holds substantially half OF the
capital stock OF these corporations and
has been engaged I'm the work OF carrying
on the development and administration
OF the several properties.
The companies are closely interviewer.
and tho exact situation with reference TO
each cannot at this time be fully deter
Ind ad-
ness of Belle Terre Estates, incorporated,
IL n.ooooO. There g an underlying mort
gage upon the property securing an issue
OF $4,000. The Roslyn Estates. Incor-
porated. has outstanding unsecured bonds
TO the amount OF 10000. with an under
lying mortgage OF $4,000 securing a bond
issue OF that amount. The Dean Alvord
Securities Company has outstanding UNI
secured debenturc bonds TO the amount OF
y7s.oOo The Suburban Construction Com
pany has outstanding unsecured debent-
ure bonds to the amount OF Sta5.cO The
Dean Alvord Company has outstanding
debenture bonds To the amount OF s26O,0pC.
In addition 10 these Obligations, the COM
panies are indebted for various items Of
floating Indebtedness and bank loans ag-
gregating approximately not TO exceed
10000.
The receiver has retained Rosenberg &
Lewis as his counsel. and will at once
enter upon the discharge Of his duties
Mr.. Lyons says he Is as yet unfamiIiar
with the situation, but hopes to turn back
these properties TO the corporations In
such form that after appropriate rehabili
tatlon the interests OF all will he con-
served both expeditously and economl-
cally.