The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-10
90. 900. 900 bonds Out.,andinK.

600. given as part OF the purchase
price Of the real estate, and 100000
I'm gold bonds issued in 1910. The
Central Trust Company is the trustee
az this issue. which natures IN 1890.
and interest upon which has been paid
up to July OF the current year.
A second petition In bankruptcy was
filed by Myers 4 Goldsmith on behalf
Of Emanuel Furst. George w. Barlach
and william r. Altman. L, is alleged
that preferential payments were made
10y the company. The petitioners rep
resented by Saul : Myers are Fred
Rutterileld & Co, Inc. Wolf y Erskine
and Bedding Bros. A Co.
The private bank conducted by the
J y. Greenhut company * not affected
ny the present proceedings. The COM
pany announced last December that ii
would discontinue it, bank in March
on December - the deposits in the bank
to,alled tl,5O0,ioi, and of this only
about s53. 900 now remains.
The explanation was offered that the
mortgages and bonds hung like cloud
over the business. II IL said that on
business of $4,000 600 last year protit
OF about 100000 WIS realized. bu; that
interest on bonds and mortgages and
taxes wiped out these profits and left
q deficit OF approximately s2j0,0o0.
Quick Assets of sl.OOO,OOO.
Judge Noyes and Mr. Marble con-
terred yesterday afternoon with Cor
nelius " Wickersham of Cadwal ader.
Wickersham a TAR, attorneys for the
Monmouth Securities Company As To
Immediate steps - be taken. The quick
assets Of the company are said to total
about 81 U0O,0 and are made up Of
merchandise and book accounts, The
accounts are believed TO aggregate about
100000. The deferred assets are
represented by store fixtures and de-
livery equipment
The real estate first mortgages on
the SompaUy's property are held by the
New York Life Insurance and Trust
Company and the United States Trust
Company. The. bear Az per cent. in
terest. one OF these IL for Sl,1jU, 900
on the store building on the east side of
Sixth avenue and Is due on August 10,
1920. Another for sl2o0,0o0 on the
property OF the Greenhut store was due
IN August, 1910, and a third, for $3.50
600 on Warehouse at lia West Seven
teenth street, was due on February l,
1872.
when the Greeuhut- S.egel-CoOper
Company Wa organized ON November
10. 1910. gold bond issue Of s6,o0".oO0
was subscribed for These bonds We're
made subject 10 call on any interest
date beginning on January !, 1916, and
are lien on the companys real estate,
subject 70 the mortgages. The old
Siegel-Cooper Company had acquired the
property on Sixth avenue, between
Eighteenth and Nineteenth streets, a
property which has been estimated 10 be
worth 100000. The old Altman build
ing has been estimated as worth
s3.O5o.0Oo and the warehouse az worth
$4,000
Il is apparently agreed that these
properties have deprecated very ma
terially in value and II IL asserted that
the financial situation Of the company
can be Strengthened out II the holders
OF the real estate bonds will concede
this point and accept a readjustment OF
their claims The Monmouth Securities
Company Is large holder of the bonds.
II Is believed. and the holdings of cant.
Greenhut and members OF his family
are said 10 be extensive,