South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-04-09
Federal Judge Hands Appoints
Two Men to Operate J. B.
Greenhut Co. Pending a Set
tlement and Reorganization.
.SIEGEL COOPER co. IS
PART OF CONSOLIDATION
Receivers Are Named at Suit of
Monmouth Securities Co. and
Three Other Creditors Follow
With Similar Suits.

NEW YORK. April s-The j. y.
Greenhu Co. dr, -oods house. was
placed in the hands of receivers TO-
day when Walter q. Moves and VIII
liam A. Marble were appointed hy
Federal judge Hands The BIN %
complaint Was brought by the Mon
mouth Securities Co. The company
consented 10 the receiNership.
In its complaint the Monmouth Sc
curities CO. states hat IL is "a creditor
TO the amount OF over 100000 Rose
and Paskus. representing the Greenhut
Co, hled the consent OF the company
10 the Teceiyership.
Organized in 1910.
The !. b. Greenhut CO. was inc0r-
porated under the laws OF he state
OF New oTk on NOV 16. 1910. The
company was consolidation of
GreenhUt X Co. and the Siezel-Cooper
Co. The name of the consolidated
company originally was the Greonhut-
Siegel-COOpeT Co. -but the name was
changed 10 the present title In May.
1914. The company had an aui horiz-
ed outstanding issue OF S6.ooo.00e
capital stock and $6.0O0.0o0 sinking
fund gold six per cent bonds.
The complaint sets forth that the
assets of the company are SF.466.4l9
and liabilities $3.513.060. underlying
MORTGAGES. There are two MORTGAGES
on the c0mpany's buildings. one FOR
$1.750,00O and the other for Sl.20o,-
coo.
The receivers were ordered hy John
Hand 10 furnish joint bond OF Sloo.-
600 and 10 cOntinue the business of
the j. b. Greenhut Co. formerly
Greenhut- t-SiegcI-Cooper
In its petition for "a receiver. the
Monmouth Securities Co. a corpora
ton OF West End. y. j., i'm addition go
its claim i'm excess OF 5000 600. set
forth that the J. b. Greeuhut Go.
owed many other obligations which IL
was unable 10 meet
Admit MI allegations.
In affidavits consenting 10 the re-
ceivership. Joseph =. Greenhut and
Benedict J. Greenhut admitted am The
allegations in the petition.
The officers of the J. R. Greenhut
Co and Joseph r. Greenhut presi-
dent; Charles a. Cooper vice presi-
dent; Benedict J. Grcenhut treasures;
Nelson w. Greenhut. secretary. Jer-
ONE Siegel Ben Hillman. Nathan
Menken. Eli Wolfner and Jacob -. CO.
hen. directors.
Immediately following judge Hands
appointment Of the receivers. an i'm
voluntary petition in bankruptcy
against the J. B. Greenhut 60. was
filed 10y three other creditors. Fred
eTick Butterheld a Co. Wolf Erskine
and Belden Brothers q Co.
In it's petition. the Monmouth Sc
curities' Co. stipulated that any and
all other creditors Of the Greenhut
co. were privileged 10 participate in
their suit in equity. but So far none
has Joined them Apparently the
three other creditors named preferred
10 bring separate action.
Benjamin J. Paskus of Rose and
Paskus representing the Grecnhut
Co, said that unquesuonably the bus
mess OF the company would Dee reoT-
ganized and continued lie said .he
total liabilities were about S5.5o0. 900
and that the company had outstand-
ing S6,000,00O in bonds He pointed
out that companys liabilities were
covered by quick assets of $4,000 00t
including merchandise and other ae-
counts OUTSTANDING
Band l. Liquidatcd.
The bank which was formerly op-
Grated by the company had been Nlr-
tually liquidated probably about
$4,000, 600 having been paid Of last
by the public in this country and
year. The bonds outstanding are held
abroad. and by banks. It is estimated
that banks are interested 10 the
amount OF 100000.
il is estimated that the company
did business last year or $4,000. GOO.
The following statement nas given out
by Rose and Paskus.
The action taken today in the J
=. Greenhut Co. matter is friendly
proceeding in equity and is for the
purpose Of conserXine the assets ~
the company and 20 enable the cou-
tinuance OF the company without m
terruptiOn during the time required 90
bring about an equitable adiustment
OF all la buities OF the compauF.