Ogden Daily Standard | 1915-04-09 | Page 1 | Big New York Firm Bankrupt

oo BIG NEW YORK FIRM JBANKRUPT J. B. Greenhut Company With $12,000,000 Outstanding Securities Goes into Receivership. FRIENDLY PROCEEDINGS Adverse Business Conditions and Immediately Pressing Obligations Were Reasons Rea-sons Assigned. New York. April 9. The J. R-Greenhut R-Greenhut company, a New York corporation cor-poration with $112,000,000 outstanding securities, operating two department stores on Sixth avenue, this city, went into receivership today through friendly proceedings A few moments after the equity suit had been filed an involuntary petition In bankruptcy was filed in separate proceedings by three creditors with claims totuling $3,000,000 The firm's liabilities, according ac-cording to its counsel, aggregate $3,-513,060 $3,-513,060 and its assets $7,465,419. These figures do not include two mortgages amounting to 12,950,000, which are secured by real estate bands Another estimate of assets and liabilities is glen in the petition peti-tion of the three creditors. In this liabilities arc placed at about $12,000,-000 $12,000,-000 and the assets at about $6,000,000. William A .Marble vice president of the .Merchants association of this city, and Walter C. Noyes. rormer federal fed-eral district court Judge were appointed ap-pointed receivers, under a joint bond of $100,000 with power to continue the business Adverse business conditions during the last year and inability of the firm to meet "immediately pressing obligfl lions were assigned as reasons for seeking a receivership. The suit was brought by the Monmouth Set unties company, in whoich J B. Greenhut was an officer and was based upon a clulru for about $200,000 loaned the Greenhut firm