Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-10
GREENE & CO. IS
PUT INTO HANDS
OF A RECEIVER
Local Furniture House Defend
ant in Action Begun by Num-
Der of Creditors.

forestalling proposed extension OF
time and the installation of several
suits. three of the largest creditors
of James w. Greene Il Co, furni-
ture dealers. of 33 Market street. filed
q. petition in bankruptcy against the
concern in Trenton yesterday after
noon.
Harrison p Lindaibury was ap-
pointed receiver. with permission to
continue the business. He took i'm
mediate possession.
The petitioning creditors appear as
the Hartford Corporation. of Hart
ford. Conn; The Ringwald Linoleum
Works. of New York. and the Liver
wright Clothing Company. of Phila-
delphia. Their claim aggregates $45-
coo.
The assets of the company, accord
ing to the information of Mr.. Linda
bury, are about $150,000. The liabili-
ties will exceed $4,000, of which
100000 is the claims of banks and
the remainder is debts due merchan-
disc creditors.
The small creditors had been
pressing the Greene Company for
payment of its accounts. On Decem-
Der 28 the company issued a state
ment declaring that its net worth was
$241 900. The assets of the company
consist of outstanding book accounts
and leases on furniture and stock solo
on the installment plan.
$4,000 Accounts.
1t is understood that there are
$4,000 outstanding installment ac.
counts held by the company.
Included IN the statement issued OF
December 28 last was a statemen
made by Alexander H. MacAdams
president of the company, to thu
effect that the firm was fitted to pa!
it's smaller creditors and had mad
arrangements with the bank CREDITOR
for extension of one year, providing
the company paid off the accounts o
the merchandise creditors. Mr.. Mac
Adams declared the company wa
fitted with funds to meet the ma
turing obligations in December last.
The officers of the company ar
Alexander H. MacAdams, president
Thomas A. James, vice-president an
secretary; Charles Howell Cook
treasurer The corporation was or
ganized in February, 1909. with al
authorized capital stock of S370.00(
divided into shares of 800.
The original company was estab
lished in January, 1895, by James W
Greene in connection with his Jerse.
City store. Shortly after the forma
ton of the company, however, Mr
Greene sold his interest to Mr.. Mac
Adams and friends of the latter.
The company reorganized in 1908
In July, 191, the authorized capita
stock was increased to $1,000. 900. di
vided into $4,000 preferred and $500,
600 common. Under the increases
capitalization, the stock was issue'
as follows: Mr. MacAdams. $137, 400
Leon A. Welters, $1S7, 500, and Franl
Northi1ne, s100, making a total Q
$275, 900 paid in BY the signing stock
holders.
The petition in bankruptcy agains
the company was precipitated, 1t /
claimed, by a number of suits whicl
were filed against the company re
Gently by the small creditors. Severa
meetings of the creditors were hell
during December. An agreement ha,
been practically reached whereby tn
company was granted year to NEE
their outstanding accounts, making
payments every four months.
Some of the creditors, who did no
approve of the extension, filed suit
against the company. This led TIL
large creditors to file the bankruptc.
petition to prevent the preference o
the suing creditors.
The Sebring Pottery Company en-
tered a suit for S459, and the New
ark Call Printing and Publishing
Company filed another for $245.
Judgment of $4,000 in favor of tn,
Second National Bank of Atlantic
City was entered against the com
pany on December 16, but Mr.. Mac
Adams declared that this matter haC
been adjusted. Isidore Chringer ant
Regina Chringer entered a suit fol
S101 against the corporation on Jan
uary s. The Newark Spring Mattress
Company sued the corporation fol
$500 on December 30.
1t is expected that the Ogden-Baile.
Company, of Trenton may be involved
with the Greene Company. Mr.. Mac
Adams is connected with the Trenton
company. He is also in business in
dividually at 56 North Second street
Philadelphia, as a manufacturers
agent for stoves and refrigerators. l
is understood also that he is presi
dent of the Ogden Howard Company
of Wilmington, Del, and is partne
of MacAdams & Bailey, in New Yorl
city, refrigerators and furniture.
In addition to Mr.. MacAdaus, tn
directors of the company are: Georg
E. Shaw, director for the Girard Ma
tional Bank, Philadelphia; E. ]. Dur
ban & Co., Philadelphia; Barke
Gummere, president of the Trenton
Trust and Safe Deposit Company
and Charles Howell Cook, presiden
of the Cook Pottery Company, Tren
ton.