Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1915-04-10
RECEIVERS FOR
GREENHUT STORES
Big New York Mercantile Company
Says It's Assets Are More Than
Double It's Liabilities.
SMALLER CREDITORS DEMUR


NEW YORK. April s.--The J. B.
Greenhut company. New York cor
poration with s12.oo0.oOO outstand-
ing securities, operating two depart
ment stores on sixth avenue. this
city. went into receivership today
athrough friendly proceedings. A few
moments after the equity suit had
been filed an involuntary petition in
Bankruptcy was filed in separate
procsedings BY three creditors with
Asassms totslling $4,000.
Phs flrsa's liabilities. according 10 ste
reennssl. aggregates ss,5laeOe. and its as
a.ks E,AEna Thsae figures 40 not IN
Eiaas tpo nnoFtsases amounting TO $3.50
inoa which are secured b. real estate
aunds. Another estimate Of assets and
unbsnties is ufven IN the petition Of tho
xhrse creditors In this the liabilities are
AT about ss.ooooOo
WnaiAm A. Marble. vice president Of
laho Merchanfs' association Of this city.
end walter c. Royos. former federal dis
friat eourt sudse. were appointed receiv-
szrs under Joint bond OF s1ooeao with
power 10 continue the business.
Adverse hnsiness conditions during the
iaat year and inability Of the firm 70
meet imuaadiats pressing ohIiGations were
assigned a. reasons for seeking a rresiv-
eFship. The suit was brought by tho
Monsnouth Securities company. IN which
J B. oresnhut was an officer. and was
bassa upon claim for about s1Oo.ooo
LOANED the 0reenhut firm
saatsrnens far Company.
Boniamin O. Paslkns OF counsel for the
J. B. orsanhut company ISSUED a state
nsont which says: 'grhe action today IN
= fraendly proceeding sn equity and Il for
tha pnrpoas Of conserving the assets Of
the company and 20 enable the con-
sinuanoe az business without interruption
during the time required TO brins about
an euuitabls adjustment OF all liabilities
lOf the company.
Tho eompany haa always enjoyed the
highest credit The papers filed today
show that exslusive OF the real estate
the other assets Of tho company Is Of
March q. 1875, amount 10 mere than
double the total current liahiItiea
Fha oonpsny had 10 NEST aevsrse con-
dikions during she last year which were
beyond IT, eontrol. Ek~was not only af-
focted ~ The general depression Of huai-
ness. but was seriously Handicapped by
the failure q the siSsel enterprise. owing
20 the fact that the sleBeI name was m
ciu0ed IN the corporate title Of the COM
PAM II the time Of that failure. This
caused the general Impression that the
enterprises were conneciedl This was
especially evfdepced by the run Of dis
furbe6 fspoeifprs az she bank which was
een1ncted IN the 0Teenhut stors.
The financial situation OF the COM
peay viii Be pi&ead IN an absolutely satie-
factory oondision n Il Il possible by an
annicabie nsTeament 70 hiring about an
ea,ustmeut with N holders Of the real
eetate hondn"
SMALLER Creafters Etle salt
me !. D. Graouhu1 eonpany conauetdd
private bank for the convenience OF it,
cnstomnfs. IA December last the firm
gave notloe THAI 4 latsnded 10 withdraw
from the banking business II ia believed
al depcaitors awaited themselves az the
Opportunity 70 withdraw their savings.
4 feW moments aftcr The appointment
81 ths secsiesrn. IN ingoluutary petition
IN bankruptcy was filed aEoinnt the COM
ppny ~ threo creditors with claims az
9rogeting 5000 In their petition these
creditors alleged that the assets OF tho
iQrsenhul company, encluslve OF real
eetete - not exceed taooooo6. aud that
ilr liabilities approximately lia,Uoo,oo
Officers Of the ,. n oreenhut company
are Joseph 0reenhut. president: Charles
A. Copper. vice President: Benedict J.
qGreenhnt. treasurer, and Nelson NJ
oreenhrt, secretary. eli Of whom are
directors The additinnai directors are
iJefona eisssi. benjamin. HIliman. Ma
zhauisi Afenksn. XII wolfnsr and Jacob
~ cqhen
Seal q MsyeFa atsornay for ths three
cre1t.oR8 ~ho eiied the. inyosuntary pets-
tspn n Inzifruptey. asserted that he rep
reaentee altogether about 10 croaisors
wncsp diEiua aggregated bstween eooooo
and u.o1e1A The hrm'a failure cansaR
no unrDrihs m banking circles where fta
financial embarrassment was mater Of
general knowledge. New York flhnhclai
ipstitutionA 4 h estimated. hold approxI-
piatsiy el11oD Of the companys no,es
ouf-of-town hankt. notably IN Chicago
ard Pittsburgh. are aald 70 hold small
nr1oHntn Of ffa rf,4.lr,n.r. 49, "a M,