The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-23
H. B. HOLLINS TO PAY
$6,5OO,OOO IN DEBTS
". n. Vanderbilt and the Es-
tate Of !. P. Morgan Come
TO His Aid.
DUCHESS TO GET S253.O41
Consuelo Of Manchester Among
Society Creditors Who Will
Lose Nothing.

composition plan. which contemplates
~iping off the s6.5oo 900 Indebtedness of
the banking and brokerage house OF II.
p. Hollins e. Co. was approved by Judge
Hand In the United States Circuit Court
YESTERDAY. Upon Its fulhlment the firm
automatically will he discharged from
bankruptcy.
The plan. which was submitted by the
Equities Realization Corporation. or
ganized TO handle the Holllns affairs, Is
made possible by the action OF william
*. Vanderbilt and the estate OF J. r. Nor
gan. Mr. Vanderbilt and the Morgan ex-
ecutors gave the corporation An oppor-
tunity to get At the S6.s3?,12S Of assets
~ tho Holins tirn nv releasing securi-
ties hypothetical with them for loans
aggregating sS56,4i6. Mr.. Vanderbilt Is
a creditor for s5i5,Jee and the Morgan
estate for s3oe,S5o.
As approved by the court yesterday
The corporation will give notes for 100
per cent of the claims to the creditors.
Ten per cent. Of this amount. or $3.50, 900.
will be paid In Ave days and the re-
naming 90 per cent. will be paid as the
collateral Is sold
Morgan collateral is to be sold on the
market and the proceeds used TO pay on
other claims, which will release moro
collateral. This will he sold and the
process will be repeated until not only
all the secured claims are liquidated, but
the unsecured claims. amounting to s15S,-
1855, are paid as Well. The operation
vill depend on the state OF the stock
market II may be cleaned up In very
short time or may take some months.
There appeared to h. general appre-
riation In the financial district yesterday
hat a way out had been found for the
Rollins firm. " r. Hollins, the head OF
the firm. had been a warm friend OF the
ate Y. y. Morgan. and is close friend
~ Mr. Vanderbilt. His customers were
generally from wealthy families and per-
sons whose names are printed In the so
cial register In the schedules OF bank
-uptcy appeared a. creditors Consuelo,
Dowager Duchess ~ Manchester. $685.
ntl Ada Sorg Drullard, Jennie Sorg and
f;rayce Aull Sorg. Eugene Zimmerman.
father Of the present Duchess OF Man
chester, was down for $4,000 and Emilio
Yznaga for $4,000 Morris Hillquit, the
Socialist leader, was creditor to the eN-
tent OF sS,743.
Among the millions OF assets are 81 $50,
realized by the receiver through the sale
~ thirty-fve cases OF champagne and
$50 cigars.
roncident with the first action yes
tcrday Mr.. Hollins. Briton y. Busch and
Walter Kutzlieb. the partners of the firm.
Ill filed personal schedules In bankruptcy.
Their assets and liabilities are 50 inter-
woven In those OF the firm that II the firm
is discharged the partners will BIO cleared
Of inde btedness
n is understood that Mr.. Hollins him
self will reenter business. He sets forth
that he owes sI.lll.O53 and has assets
81 s9sO.02J, In his personal Indebtedness
no sets forth the claims OF Mr.. Wander
hit, the Morgan estate and the Dowaxer
Duchess OF Manchester which IL given rs
sc53,5i1. " the firm pays those he will
10 reed sed
Mr.. Busch says he owes ss3e.7c9 and
has s75S,1S6 OF assets. His Indebtedness
Ia that of the firm except s23,223 he owes
20 Taylor. Smith & Evans. for which he
has deposited as collateral 100 shares of
Overman Tire Company preferred. He has
Two more sets OF loans One Ia n group OF
nine loans amounting to sl1,633. for
which he has pledged his seat on the Stock
Exchange. which he values at $4,000.
n was not explained yesterday how this
was done IN the face OF the rules of the
Exchange. Mr.. Kutzleb owes $4,000 TO
'lre Montauk Bank as an indorser on a
note Of the Hollins firm. He has no
aRsets.