New-York tribune., 1916-05-13
Attorney Calls Measure a
precaution to Prevent
Hostile Suits.
PRESIDENTS FORTUNE
MAY Go FOR NOTES
r,,end Says Evans Is Ready to
,rse Real Estate to Pay 81, ,l00.-
600 Paper He Signed.

BEAVERS for Mills & Glib. the
2, ooo 900 white goods importing firm,
go appointed yesterday by Judge
lilo. NJ. Mayer in the Federal District
Cour. They are Joseph R. Msrtindsle,
rr.s,dent Of the Chemical National
psBk and chairman OF the committee
- bankers and merchants formed
rhursdsy 20 supervise the firms affairs.
end J. Harper Poor, Of Amory Browne
Company, drygoods commission
merchants. At SO Thomas Street. Each
uir be placed under $4,000 bond.
Coincident with the appointment OF
n. receivers, II was intimsted thst the
c.,sonsl fortune Of William T. Evans,
r,,sident Of Mills & Glib. probably
vould be affected materially by the
financial difficulties of his firm. Most
~ the 100000 outstanding notes OF
,s, concern bear Mr.. Evans's personal
,,Sorsement. II is now thought that
-. three twelve-story buildings on
Fourth Avenue he purchased during the
,,st wear will be sacrificed to these in
6orsements.
Saws Evans Is heady TO Act.
aWhen Mr.. Evans put his name on
these notes he meant TO stand by his
signature" a friend Of the dry goods
dealer said yesterday. in all prob
ability. some Of his extensive real es-
tste holdings will have 20 be sold. II
this step is necessary, Mr.. Evans will
not hesitate 20 take it."
Ostensibly. the receivership spplica-
tion brought before Judge Mayer was
made by Henry W. Chapman, a credi-
tor with q claim Of $4,000 for money
loaned 10 the embarrassed firm. In
reality. the application represents the
decision Of the committee Of bankers
end merchants interested in the firm
affairs. which held its first meeting at
the Chemical National Bank yester-
This creditors committee believes
that Mills & Gibb is solvent, and that
its business can be conducted at q
profit under a recivership. The com
rlaint filed yesterday says that the
firms business and collections are good.
Il further shows that the corporation
has assets in excess Of its liabilities,
but Is temporarily embarrassed fnan-
cially. The receivership suit was in
stituted to forestall bankruptcy suits
that might be brought by smaller
creditors, which would materially af-
feet the assets OF the firm.
Malcolm r. Lawrence, who appeared
as attorney for Mills & Glib at the
Teceivership proceedings, said last
evening:
80 fsr as there can be such a thing,
the appointment of receivers of the
property Of Mills & Glib is what may
be called friendly receivership; that
is, IL was not caused by the commence
rnent Of any suit or hostile proceedings
against the company.
Receivership a Precaution.
The committee appointed yesterday
deemed il wise that certain of their
number be appointed receivers TO be
in a better position TO protect all in
,srests. The board Of directors readily
Seouiesced in their conclusion, the OBJ
ject being to strengthen the hands OF
the committee and 20 protect it against
interference"
Mr.. Lawrence estimated the firms in
debtedness on merchandise at 100000
An air Of optimism was evident yes
tsrdey among the creditors Of Mills &
Glib. None seemed to believe that the
frm would become insolvent, and all
thought 10 would pay out on 100 per