New Britain herald., 1915-04-09
NAMED FOR
 cREENHUT COMPANY
Siegel- Cooper Store Owners Sued by Monmouth Securities Company
FOR ALLEGED DEBT OF S2OO,OOo

ScTNc -AsScts ol company ana ID Soh-
 tinuc Business Until Equitable Ad-
 justment of Liabilities Can Be Made
 New York, April 9.-The J. B. Greenhut company, a New York cor poration with s12.OO0, 900 outstanding securities, operating two department stores on Sixth avenue. this city, went into receivership today through friendly proceedings. A few moments after the equity suit had been filed an involuntary petition in bankruptcy was filed in separate proceedings by three creditors with claims totaIling $3,0OO.
 The firms liabilities, according to it's counsel, aggregate $3,51S,060 and it's assets $7,465,419. These figures do not include two mortgages amount ing to $2,950,00O which are secured by real estate bonds. Another esti-, mate of assets and liabilities is given in the petition of the three creditors. In this liabilities are placed at about $12,000,000 and assets at about $6- 000.000.
 Receivers Under S1OO.OOO Bond.
 William A. Marble, vice president of the Merchants association of this city, and Walter c. Moves, former federal district court judge were ap- pointed receivers. under a joint bond of $100,000 with power to continue the business.
 Adverse business conditions during the past year. and inability of the firm to meet immediately pressing ob- legations were assigned as reasons for seeking a receivership. The suit was brought by the Monmouth Securities company, in which B. J. Greenhut was an officer. and was based upon Q claim for about s200,000 money loaned the Greenhut firm.
 Confusion Also Blamed.
 Another thing blamed for the failure was the fact that it was com nonly thought the Greennut stores were connected with the enterprises of Henry SicgeI, who failed about a year ago. One of the Greenhut com reny's stores had long been known as the Siegel-Cooper store. The use of the Siegel name after the failure of his enterprises, it was thought con-
 
 msfortunes
 The business will be continued. Tn a statement issued today counsel esti- maets assets at more than double the lIa Utilities.
 The banking end of the business was discontinued March l. More than S5,000.000 was returned to 60,000 depositors in the Greenhut private bank, according to counseis statement.
 Principal creditors and stockholders. 1t was announced are members of the ! Greenhut family. S6,OOO,OOO Capital Stock.
 The J. B. Greenhut company had l an authorized and outstanding cap ital stock of S6,00O, 900, and a bond | issue of $6,00O,000 sinking fund gold ! six per cent. bonds. Under the pro- visions of the bond issue s15O,000 ! worth of the bonds were to be retired i annually. The Central Trust com i pany of New York is trustee.
 Two corporate changes have been | made since the incorporation of the l original firm, Greenhut & company, 1 November 16, 1910. The first oc- cured when Greenhut & company became consolidated with the Siegel- !! Cooper company under the name of | the Greenhut-Siegel-Co company. ! In May of last year the firm name ! was changed to the J. B. Greenhut ! company J. B. Greenhut is presi- | dent of the firm.
 SiegcI-Cooper Store.
 The department stores conducted | by the company, long known as the | SiegeI-Cooper store, occupy both l blocks on Sixth avenue between 18th l and | 9th streets.
 Assets of the stores are listed in ! the complaint at S1,465,419, includ ing merchandise, cash and accounts receivable. The liabilities, it is stat ed, aggregate $3,513.O60, not includ ing the mortgage liabilities amounting to approximately $2,950,000.
 Based Upon Indebtedness.
 I. B. Greenhut, president of the f firm. is treasurer of the Monmouth Securities company, upon whose ap- plication the receivers were appoint cd The suit is based upon indebted ness of approximately $200,000 all legged to be due the securities com- pahy and representing money loaned the Greenhut company.
 William A. Marble, one of the re- ceivers. is vice president of the Mer- chants association of this city. Wal ter C. Moves is a former judge of the federal district court of this dis trict.
 Conducted Private Bank.
 In connection with it's department stores the J. B. Greenhut company conducted q private bank for the con- venience of it's customers. In De- cember last, however, the firm gave notice that it intended to withdraw from the banking business and that no interest on deposits would be paid