Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1915-09-14
RECEIVER NAMED
FOR ALLING CO.
MFG. JEWELERS.
Bernard M. Stanley Appointed
to Take Charge of Old
Concerns Affairs.
FIRM SOLVENT. BUT NOT
ABLE TO OBTAIN LOANS
Blame for TangIe Put on Lack
of Support from Financial
Institutions.

Vice-Chancellor Howell in Chan
cery Court today appointed Bernard
M. Stanley, jr., receiver for the firm
of Alling & Co. The Arm is one OF
the best-known manufacturing jew
elry firms in the United States, and
its founders came of an old Newark
family.
Jerome T. Congleton appeared in
court as solicitor for Fred H. Buhler,
who feared because of the withdrawal
of financial support that Alling & Co.
was in danger of insolvency
Mr.. Boiler is secretary and treas
urer of the company and owns sixty
two shares of the capital stock. of
the par value of s100 per share. There
Is now outstanding s1SS, 700 worth OF
the stock.
1t is said that the corporation has
been in trouble for some time because
of inability to obtain loans to carry
on it's business. At this time of the
year, in particular the loans are
necessary, because of the fact that
the bullion stock carried by jewelry
manufacturing firms runs into large
amounts and that the sales of fin
ished goods are not large. Alling &
Co. was not able, it was claimed, to
obtain sufficient relief from local in
stitutions that would enable the COM
pany to carry on its business.
Founded in 1S45.
Alling & Co. was founded seventy
three years ago by Stephen B. Alling
= ion q ~
s. 1906 Its offices and factory are at
Is Orchard street.
The petition for the appointment of
q receiver states that the real estate
owned by the company is worth $4,000.
Bills receivable amount to $4,000; fin
ished jewelry worth $68 900; pearls
and precious stones, $4,000; unfin-
ished jewelry and metal, $4,000; plant,
factory and Office fixtures $17 400, and
other assets, s2,4OO. making total of
S13S,000
There are outstanding promissory
notes in the sum of $35, ,598. OF this
s19,72O is represented by a demand
note past due. Accounts payable.
s., 900; other current outstanding in
debtedness about $500. This totals
$39, 900. There are no immediate funds.
but the assets of the company are
aDOuL 93f, ,UDU ONGT ldbifitiCS, CASCRI
the sums due stockholders on their
stock.
Mr. Shanley's bond as receiver was
fixed at 5000 by the vice-chancel-
lor, who directed that the bond should
be submitted to Charles c. Pilgrim,
jr., a special master, for his approval.
Chester w. Fairlie appeared as solic-
itor for the company.
Mr.. Stanley is president of the B.
M. Stanley, Jr., Co., manufacturing
Jewellers, of II Governor street He
is a son of the late Bernard M. Shan
lev. contractor and Pennsylvania
Railroad director. who died fifteen
years ago.
The Alling & Co. factory at the
northwest corner of Mulberry and
Chestnut streets is said to be the old
est jewelry manufacturing building in
this city. 1t was purchased by John
Hall in 1871 and enlarged by him in
1872 Mr. Hall was born in Somerset
county December 1, 1900, and was a
member of the firm of Alling. Hall &
Dodd, afterward Hall, Maxwell & Co.
The first named concern was estab-
lished in this city as manufacturing
jewelers. in 1s49. stephen B. Alling
died in 1861.