The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-01
GREENHUT BUSINESS
Big IN BANKRUPTCY
Receivers Report That April
Sales Exceed Those Of Same
Period Last Year.
BIG RGIN or ASSETS

Walter G. Noyes and william A.
Company formerly Greenhut-Siegel
Cooper Company. Inc.J. have filed in the
United States District Court preiim-
inary report together with statements
OF asscts and liabilities prepared by West
& Flint certified public accountants OF
30 Pine street.
The report shows that between April
.. 1915. the date the receivers qualified.
and the close Of business ON Thursday.
APRIL - the sales amounted to ssO2,-
5oS12 In the corresponding period in
1914 the sales were Gl.j2l2o. Reduc-
tons In salaries made by the receivers
Will amount to- 100000 IN a year.
An inventory was taken at the close
~ business on April II and the accoun-
tants made calculation OF the inven.
tory as 81 April \ by a consideration Of
purchases and sales between April and
April u.
9; wss found that accounts ieceiN-
able" aggregated Sas1,13i 30, sage
1910 being current and deferred GUS
toners charge accounts and s2ii-
2Nr3u instalment accounts. representing
Il
taking machines The actual inventory
Of merchandise and supplies on April Il.
adjusted by the application OF purchases
tnd cos; Of sales from April to Il, in
elusive. To- the amount " inventory as
at the close 81 business ON April :, was
SlSTIi3O.G> The Item of prepaid in
suraucc" was S5O.HiS.G2. which. the i--
cci,ers say. is subject to reduction bH
the term during which insurance i used.
= - -. fl..s
noul, value of the claims Of the J. T.
Gre-nhut Company against the Joseph
Bcnedic, Company and the Manhattan.
Laboratories Company. subsidiaries. botn
90 which are in receiNtrsh!p.
The Item Of Investments i placed a.
Ss>N.G42.2:. r-preseutius Investments.
MORTGAGES. collateral securities. notes
sc. growing out of the relations between
tn. T. r. Gre.uhut company and the
hink'ug iirm which formerly conducted
q banking business 90 the store e j.
H. Gre.uhut company. That banking
business has been discontinued and tn.
BANKING firm. thu receivers have been
Informed. mas paid nearly all Of It's de
pu-itors ,6U.uuo. with deposits agsre-
eating s4.5uo,oo0D. IN full.
The value of tn, Land. buildings and
equipment iS placed ~ Sll.6"s.62H 80.
ma good Will. &c. At s2.Si>.i'6.O5 The
total assets are sl>.l7?,'64.O7.
The receivers report that substantially
IN. entire store and warehouse rrope %
ties are subject 20 4 blanket mortgage"
,uad. to the Central Trust Company u
Sew York on December 10. 1910. t. Sc
cure, an issue % $4,000, UUU . per cent
Sukiug furd mortgage bonds These
boLds wer. issued by the company undo"
It's former name Of freerhut-Siegel
Cooper Company The accrued interest
on this bond issue Is o. April \. 1912.
amounts 20 t?s. Gao Thus IN" total
mortgages. with accrued Interest and
proportion OF taxes and rentals as
against III" store and warehouse proper
tics mortgages the receivers repOr;
appear 20 amount 10 about S9.ooo. ooo d"
The liabilities, ~ stated 10y the eNp"r.
ac.ouutan'S. aggregate >l2.503. 3Gi -.
oNJlusiN" - - ssihie claims FOR future
r,r'J.S darutg" ana tor claims So,
ild include the follow ing tens
s2.252,GsG.i0 total mortgages and ac-
crurl Interest, sG.U9>.U20 mortgag e
bonds S257.i2i.3; notes payable and
interest thereon. >2.>57.-i22> or"ll'nrs
for merchandise and expenses $.3.>9G -
dep sits ana advances, POI s!hle claims
OF priority. The sales durinS 1914 We're
St3.27I,5l9l2
As to he physical = udit!ors OF tho
store properties and the mer, hauiiso
ana IS 'u tn" stan ~ employees and
tU" actual business operations during
the rogcivors1ir," tho receivers say. 1--WE
report We MA the stock of merchant -
100 'd condition. the orgtui2a'! % 81
except ouI.ly competent one. and We be
lteNo the record Of operations during
ma" last three weeks encouraging when
compared WITH the record of tn" co..
responding period during the preceding