Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-12-22
VAN ORDEN CO.
ASSIGNMENT
PROCEEDINGS
Corset Manufacturing Firms
Assets Three Times More
Than Liabilities.
TIGHT MONEY" BLAMED
FOR PRESENT SITUATION
Company Forced to Take Ac-
tion in Order TO Protect
its Holdings.
TIGHT MONEY" BLAMED
FOR PRESENT SITUATION

The Van Orden Corset Company,
which has q large factory al Wicklife
and School streets. went into bank
ruptcy yesterday. John NJ. Van Orden.
president Of the company, agreed to
the adjudication for the benefit of
creditors and TO protect the firms
assets. The proceedings are Of a
friendly nature. The company's assets
are three times greater than their
liabilities Failure Of merchants to
pay their obligations to the Van Orden
Company caused the assignment.
George f. Ingraham. acting treas
urer OF the company, was appointed
receiver for the company on the re-
quest of Mr.. Van 0rden and with the
approval of several of the firm s
larger creditors. He will continue the
business Indefinitely. It is expected
that all creditors will be paid in full
and that the business will be turned
over to the company again within a
few months.
The Van Orden Company Is one of
the best known corset manufacturing
houses in the country. Its most popu-
lar product is the La Greque Corset.
The company also makes high grade
tailored underwear.
Upwards of $50 people are employed
at the factory. They will not be
affected by the bankruptcy proceed
ings. Mr.. Ingraham will continue the
business as usual and will retain all
the present employees.
Advance Is Declined.
The petition in bankruptcy against
the Van Orden Company was fled by
several New York creditors, with the
consent of Mr. Van Orden. The New
York creditors offered to advance Mr..
Van Orden $4,000 to carry him
through the present crisis il is de-
clared He refused the offer be-
cause he said the best way to settle
the matter permanently would be TO
place the business in the hands Of
a receiver.
The 1926. 900 assets consist of real
estate, book accounts, and stock on
hand of unfinished and partly finished
goods and raw stock. The s95, ,031
| liabilities consist of money loaned
and payments due on merchandise.
! The National Newark Banking
! Company, of this city, is a creditor ot
| the company TO the extent Of ss7 600
Thomas Adams. Limited. Of Paris,
with New York Office, has a claim
Of SIC 900 The Mutual Benefit Life
Insurance Company, of this city,
holds a mortgage for s25,OOO on the
eompany's factory. The factory is
worth sS5. 900, and is only encountered
with the s25, 600 mortgage.
David H Merritt, president OF the
National Newark Banking Company
and r. j. Cape. American manager
for Thomas Adams. Limited, filed
written consents for the appointment
of Mr.. Ingraham as receiver.
Judge Rellstab, Of the United
States District Court, signed the
bankruptcy adjudication, and issued
an order of reference to Referee AT
wood L. De Coster. January s has
been fixed as the date for the ex-
animation of the officers of the bank
rupt concern.
Extension Granted.
Judge Rellstab empowered the re-
ceiver to continue the business of the
company for thirty days AT the ex-
piration of this time Mr.. Ingraham
may apply for a further extension
The receiver was placed under 0,00(
bonds by Referee De Coster.
W. l. Houghton, of the W. l.
Houghton Advertising Agency. Inc.
today explained that the company
condition was brought on by the in
ability of the company TO collect or
its outstanding accounts One suit
has alpready been brought against
the company, according to the peti-
ton. The company's annual busi-
ness amounts to about $4,000 Mr
Houghton said. The company has re-
tail stores in this city New York
and Philadelphia.