New-York tribune., 1915-03-31
RECEIVER SHIELDS
HAMMERSTEIN, ILL
Impresario Solvent, Says
Lawyer, but Needs a
Legal Umbrella.
CONDITION SERIOUS;
OPERATION PROBABLE
PHYSICIANS Called in COnsulta'
ton Find Patient Has Com
plicatiOn of Ailments.

/ Oscar Hammerstein went into q
! friendly receivership yesterday. SUIT
in equity was fled by the American
'ating Company, which has a claim
for $4,000. Counsel for the complain
ant described the action as the raising
of an umbrella over the impresario's 8
! financial affairs.
Judge Hough. of the United States
District Court, authorized Irving ".
/ Dittenhoefer as receiver to make such
payments and disbursements as ght
be needful for the opera house prop
critics. institute ancillary proceedings
at law or in equity in state or federal
courts, adjust or compromise court &C
tions, and adopt or abandon such con-
tracts as he might consider proper IN
the interest of the estate.
On behalf of Mr.. lammerstein, Louis
J. Vorhaus. of House, Grossman &
Forhaus. his attorneys, said:
"Mr. Hammerstein has been in poor
health for some months. Recently his
condition became quite aggravated, and
an operation was required Since then
he has made no improvement, and his
physicians have ordered that he must
in their opinion, it will be some time
before he will be in a condition to give
his affairs his personal attention.
Because Of this situation, it was
deemed advisable to have his various
enterprises conserved. In the present
condition of the real estate market il
was deemed essential that his proper
ties be looked after by conservator.
II he were able to be about there
would be no necessity for the present
proceeding.
"Iiis assets are more than abundant
to pay every dollar he owes. His un-
secured liabilities are in the neighbor-
hood of 100000. and his assets are
worth five times that amount.
This is not an insolvency proceed
ing. Mr.. Hammerstein is not a bank
rupt. II is proceeding against one
amply solvent. to protect his various
enterprises from being sacrificed"
Included in the assets is the capital
stock of the Hammerstein Opera Com
pany, which owns the Manhattan Opera
House. Valued at nearly 100000, this
property is subject 10 a first mortgage
Of 100000 and a second mortgage Of
$50, 900. To prevent foreclosure on thu 5
second mortgage assignment was made
to Bing & Bing of rents payable by
the Shubert Theatrical Company
amounting to $65,000 year.
Mr.. Hammerstein also holds $780,
900 mortgage on the Lexington Ave
nue. Opera House, which he once owned
, This property is assessed at $775,000
/ It cost more than s1.000000.
Besides the American Seating Com
/ pany's claim, the complaint says that
/ Mr.. Hammerstein owes the Mutual
/ Bank $4,000, secured by all the stock
CT his company and the mortgages on
/ the opera houses. The same amount
is said to be due to unsecured cred
/ itors, and suits are pending on dis
puted claims for $4,000.
| Mrs. Oscar Hammerstein last night
! said her husbands condition was SER
ious. DR.. Heinrich Stern, specialist
in diabetes, and DR.. Berger. of Mount
Sinai Hospital, she said, had just con-
cluded an examination and believed an
operation probably would be necessary
i She said Mr. Hammerstein did not
know he had diabetes until he under
went treatment for a growth on one of
! his feet.