Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1915-11-27
FIDELITY NOW
IN CONTROL OF
SMITH PAPERS
Trust Company Furnishes
100000 Bond as Receiver
for Publishing House.
SMITH ESTATE ASSETS
ARE PUT AT $1o2,227
Mainly Consists of Stocks.
Bonds, Meadow Property
and insurance.


Trust Officer Edward A. Pruden,
representing the Fidelity Trust Conn
pany. which was yesterday appointed
receiver of the Newark Daily Adver-
tiser Publishing Company. this morn
, ing took formal possession of the
plant from which is issued the New
ark Eagle and the Newark Evening
Star.
In connection with its appointment
as receiver, which was made by Vice
Chancellor Howell on the application
of Charles c. Pilgrim. counsel Tor
Henry J. Auth, the Fidelity today
| furnished bonds for 100000 for the
faithful performance Of its duties in
the matter. The bond was submitted
by Mr.. Pruden in his Capacity as the
F'ideHty's trust officer and was ap-
proved by Cortlandt Parker as master
| In chancery.
The petition and affidavit of Mr.
Auth sets forth that the company oc-
cupies the premises at Branford
place undeR a lease from the Inn
proved Realty Company; that the as
sets, consisting of machinery, presses,
stock in trade. are of the value OF
about $4,000; that accounts receiva-
BILE amount to about $50, COG; that in
d00tttOtt ttAC (0A1PdAi1 ID lAA- ft1f5NoooA
of franchise of the Associated Press,
worth probably s25o0oO, making the
total assets about $4S0, 900.
1t is further stated in the papers
that the company is indebted upon
outstanding bonds in the sum of
$500, 900; accounts payable. about $751;
600; bills payable, about 1872. 900.
amount due James Smith, jr., or ]. II.
Halsey & Smith, for moneys loaned.
81. ISL, ,101, and other current indebted
ness amounting to about 10000
The petition sets forth that the
company is unable by realizing upon
its assets. even at a great sacrifice,
or by the securing of further loans.
to meet its current obligations, which
have already matured and which will
mature in the near future.
Averring that the value of the as
sets of the company is largely depend
ent on the sale Of it as whole and
as a going concern, and that any
other course would cause great loss
to the creditors and stockholders, the
petition asked that the receiver be
appointed with power 70 continue the
| business. 80
According to the petition and affi-
davft which was filed with the order
of Vice Chancellor Howell. appoint
ing the Fidelity as receiver for the
publishing company. the corporations
liabilities amount to 81. s10,O 900 over the
total value OF the assets.
The order of the yice-chancellor was
fled in Trenton today. II directs the
receiver to conduct and continue the
business Of the corporation until the
further order of the court" The re-
ceiver is further directed to do all
acts and things proper or necessary
to be done to protect the rights and
property Of which it is hereby ap-
pointed receiver for the benefit OF the
creditors and stockholders of the COM
pauy." With the order is rule to
show cause why the receivership
should not be continued. This order
is returnable Tuesday. December 7.
Filed with Surrogate.
As trustee of the estate of former
UEited States Senator James Smith,
jr., the Fidelity Trust Company to-
day filed with Surrogate Fred G.
Stickel, jr., as required by law, a
sc hedule of the assets. II shows a
total of 192,227.66 What the former
senator's liabilities are is a matter
that, according to the Fidelity OFF,
cials, will not be known definitely
until the expiration of the ninety days
which the creditors have to file their
claims In the meantime the officers
of the Fidelity decline to discuss this
phase of the matter.
According to the schedule filed with
the surrogate the assets consist Of
stocks and bonds, notes, cash in
banks and real estate consisting of
meadow property.
The schedule is signed for the FL
deity by its trust officer. Edward A.
I-ruden. It is also signed by William
c. Pierson, Oscar II. Merz and Abe
Feist, who appraised the assets and
who state in their affidavit, which
was taken by Daniel A. Campbell, as
sistant solicitor OF the Fidelity. that
the goods and chattels enumerated
in the report are inyentoried accord
ing to their actual value, to the best
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