12722. Middlesex County Bank (Perth Amboy, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1899*
Location
Perth Amboy, New Jersey (40.507, -74.265)

Metadata

Model
gpt-5-mini
Short Digest
25648afd23bc15f2

Response Measures

None

Description

The Middlesex County Bank failed in July 1899 and remained a defunct institution in long receivership for more than a decade. The articles describe receivers, litigation over mortgage collateral, the sale of 'wet dock' property in 1910, dividend payments to depositors, and final closing of the receivership in 1911. There is no description of a depositor run in these items. I infer a state/chartered bank from the name 'County Bank.'

Events (5)
1. January 1, 1899* Receivership
Newspaper Excerpt
In due course of time a receiver was-appointed but he died shortly afterward. Another receiver was then appointed who is now winding up the affairs of the concern. The receiver for the Middlesex county bank is Halsey Barrett, of Newark.
Source
newspapers
2. July 1, 1899* Suspension
Cause Details
Article states the bank 'failed' in July 1899 but gives no specific cause (no mention of rumor, correspondent failure, or macro panic).
Newspaper Excerpt
The Middlesex County Bank, of this city failed in July 1899.
Source
newspapers
3. August 19, 1910 Other
Newspaper Excerpt
The 'cove' or 'wet dock' property ... is in the hands of the Roessler & Hasslacher Chemical Company and the proceeds have been divided. Adrian Lyon ... has paid over $87,000 to Halsey M. Barrett, receiver of the former Middlesex County Bank ... The former depositors will receive amounts pro rata to the amounts of their deposits at the time of the downfall of the institution.
Source
newspapers
4. September 29, 1910 Other
Newspaper Excerpt
All of the assets of the bank have been converted into cash ... Mr. Barrett places the dividend at twenty per cent., ... which, with fifty per cent. already paid, will equal seventy per cent. ... 'HALSEY M. BARRETT, Receiver Middlesex County Bank.'
Source
newspapers
5. October 16, 1911 Other
Newspaper Excerpt
This settlement was co-incident with the closing the receivership of the bankrupt Middlesex County Bank, formerly of this city, which had been in the Court of Chancery for eleven years.
Source
newspapers

Newspaper Articles (11)
1. April 13, 1909 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, April 13, 1909

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Take Aldermen Steps for Sale of Land. TO END MATTER An important resolution was introduced at an adjourned session of the Board of Aldermen last night by A1derman-at-Large Voorhees, and was unanimously adopted, as follows: Whereas the city of Perth Amboy being the largest creditor of the Middlesex county bank, which failed about ten years ago and whereas its affairs still being in an unsettled condition and there being reason to believe that there is considerable assets in the hands of the receiver including valuable lands in this city; "Therefore, be it resolved that the city attorney is hereby instructed to apply to the Court of Chancery for an order requiring the receiver to sell said lands and close up the affair without further delay. "W. Voorhees." It was stated by Mr. Voorhees today that the land referred to in the resolution includes part of the old Ramsay property along the sound. The receiver for the Middlesex county bank is Halsey Barrett, of Newark.

2. June 5, 1909 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, June 5, 1909

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THE COMMITTEE MEETING Numerous Delays and Litiga tions Prevented Sale of the Shipyard Property. NOW READY TO PROCEED Decision Recently Rendered Makes It Possible for Receiver to Settle. City Attorney C. C. Hommann at committee session of the Board of Al dermen last night stated that Receiver Barrett, of the former Middlesex Count ty Bank, of this city, was now in a position to have its affairs settled with out further delays. The council rey cently instructed Mr. Hommann to see the receiver and take steps to have certain water front property, on which the bank held a large mortgage, sold, 80 that the city could secure what was still due from the institution. Mr. Hommann last night explained the situation as follows: Mr. Hommann's Explanation. The Middlesex County Bank, of this city failed in July 1899. In due course of time a receiver was-appointed but he died shortly afterward. Anothe receiver was then appointed who is now winding up the affairs of the concern The bank held a large mortgage against the old Ramsay shipbuilding property of which the wet dock' property is a part and as soon as it can be sold, the affairs of the bank can be finally set tled. 'A decree of Chancellor Magee a a hearing some time ago before Vice Chancellor Pitney sustained the con tention of the receiver of the amount due on the mortgage held by the ban and directed that a reference be take to ascertain the amount due up to the date of the master's report on the sub sequent incumbrances and their prior ties, with the amount due thereon; an whether they embraced the same premi ises. On the presentation of that rei port a decree would have been madi directing a sale of the property, "That decree was appealed to th court of errors and appeals and sub sequently affirmed by that court for the reasons given by the vice chancellor in his opinion. After that aproal other litigation was brought on by other clai mants against the shipbuilding com pany and fought out in the court o) chancery and appeal taken to the court of errors and appeals. Those appeal were only decided recently and ceiver Barrett is now in a position t go ahead with his order of reference and proceed to execute the decree.

3. November 20, 1909 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, November 20, 1909

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FOR SALE OF RAMSAY SHIPYARD PROPERTY Chancellor Pitney, it is expected, Hommann represented this city. Mr. Hommann, when questioned about will issue a decree shortly for the the matter this morning, said that advertisement and sale of the old the hearing was to get the matter in Ramsay shipyard property, which such shape that an execution could fronts on Staten Island Sound beissue and that, on the report, the tween Fayette and Commerce streets, chancellor would hand down a deThe sale of the property has been cree for the sale of the property. Mr. awaited for some time as it means a Hommann said he did not know just final settlement of the affairs of the when the decree would be made, but former Middlesex County Bank. The that the sale could be made in about a month. bank held a large mortgage on the property and, together with the inWhile the prospects for the clearterest due, it amounts to about ing up of the matter are good if the $80,000. There 18 also about $25,property is advertised for sale, it 000 due the city on the property for might be held for some time should back taxes. the bid be insufficient. The sale of Before Fred F. Guild, a special the property would also mean that master in chancery, the matter was the former depositors of the bank argued at Newark on Monday in an would receive another dividend, the effort to get it in shape for a final city being among the number. The settlement. Halsey Barrett, receiver city would also receive the back taxes of the Middlesex County Bank, was which are approximately about $25,present and City Attorney C. C. 000.

4. August 17, 1910 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, August 17, 1910

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CHANCELLOR IS NOTIFIED OF WET DOCK SALE Chancellor Mahlon Pitney has been officially notified of the action of the Board of Aldermen in adopting a resolution providing for the sale of whatever interest the city may have in the "cove" or "wet dock" property. Adrian Lyon, receiver for the Perth Amboy Shipbuilding and Engineering Company, has applied for several orders in connection with the matter to aid him in clearing up the affairs of the former shipbuilding concern and the former Middlesex County Bank. The bank, now a defunct institution, held a mortgage on the property amounting to approximately $80,000. This amount is to be paid over when Mr. Lyon receives payment for the land from the Roessler & Hasslacher Chemical Company. The former depositors will receive amounts pro rata to the amounts of their deposits at the time of the downfall of the institution. The creditors of the shipbuilding concern will also be paid from the amount received by Mr. Lyon, and the city will receive $10,000 for clearing the title. It will take some weeks, perhaps, before the chancellor confirms the sale. When he has taken this action a movement will have ceased that, it is believed, will benefit the city in several ways.

5. August 19, 1910 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, August 19, 1910

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Made Possible By Sale of "Wet Dock" Property --Money Paid. TO RECEIVER BARRETT About Twenty Per Cent Dividend for Depositors of Defunct Concern. $12,000 FOR THE CITY The Roessler & Hasslacher Chemical Co. Is New Owner of Property. The "cove" or "wet dock" property, situated along the Staten Island sound, between Fayette and Commerce streets, is in the hands of the Roessler & Hasslacher Chemical Company and the proceeds have been divided. Adrian Lyon, the rePerth ceiver of the Amboy Shipbuilding and Engineering Company, who received the money, has paid over $87,000 to Halsey M. Barrett, receiver of the former Middlesex County Bank, and $12,000 to the city collector. The latter sum includes the purchase price of the city's interest in the land and $2,000 for back taxes. The affairs of the shipbuilding company are now in couse of settlement. The $87,000, the amount of a mortgage and interest claimed by the former will be the County receiver Bank, of divided Middlesex among the depositors of the defunct tion will and realize it is estimated dividend that institu- they another of cent. new the about have dividend received twenty per depositors With will the about seventy per cent. of their deposits in the institution at the time its doors were closed. Adrian Lyon, the receiver of the shipbuilding company, has the balance of the money in hand and this will go a long ways towards paying the creditors of the former company. The settlement of this matter came much quicker than it had been expected. Chancellor Mahlon Pitney is on his vacation in the woods of Maine and it was not expected that his confirmation of the sale would come by return mail.

6. September 29, 1910 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, September 29, 1910

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RECEIVER OF FORMER BANK SENDS REPLY Haisey M. Barrett Says Another Dividend Will be Paid In November. BE ABOUT 20 PER CENT Affairs of Defunct Middlesex County Bank of This City Are Settled. FINAL CLAIM THIS WEEK Payment of $1,000 In Few Days Will Be Last Amount Needed. Former depositors of the defunct Middlesex County Bank, of this city, will be paid the dividends made possible by the recent sale of the "Wet Dock," some time in November, according to a letter received this morning by City Clerk LaRoe from Halsey M. Barrett, receiver of the former banking institution. All of the assets of the bank have been converted into cash, but there is still a balance of about $1,000 which the receiver expects to obtain this week. Mr. Barrett places the dividend at twenty per cent., but it is believed he is conservative in his estimate two cent. more. the and per the dividend will This, reach with twentyfifty per cent. already paid, will equal seventy per cent. If the claim of $1,000 is not paid within a few days, he says, he will attempt to pay a partial dividend, making the final payment later. The letter received this morning was to a sent a that he requesting few a reply days ago by communication City take Clerk immediate LaRoe action towards settling up the affairs of the bank at once. Following is his reply: 'Sept. 28th, 1910. 'Mr. Wilbur La Roe, "City Clerk, - "Perth Amboy, N. J., "Dear Sir: "Your favor of Sept. 21st stating that the Board of Aldermen of Perth Amboy on Sept. 19th, directed you to write me and request that I take action at once, toward settling up the affairs of the Middlesex County Bank, is received. It was not necessary that the Board of Aldermen should take this action, for I am as anxious to get this matter closed I.S anyone else can be; but in view of the fact that many of your citizens are interested in the affairs of the Middlesex County Bank, I leg to say, all of the assets of the bank have been realized upon and converted into cash except one. There is still a balance of about $1,000 to be paid to me, which I expect to recelve this week. As soon as I re"ceive this sum I shall at once prepare my final report and submit it to the Court of Chancery and take its directions about paying a final-dividend. I think that such dividend can be paid in November, unless something unexpected shall happen to delay the same; and I hope that this dividend will amount to about twenty per cent, which, with fifty sevcent cent./ If I per enty per already paid, find will make that the small claim of $1,000 will not be received within a few days, I shall take measures to obtain leave of the court to pay a dividend even though it may not be a final dividend. "Very respectfully yours, "HALSEY M. BARRETT, 'Receiver Middlesex County Bank.

7. October 4, 1910 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, October 4, 1910

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Board of Aldermen Accept Proposal of Standard Bitulithic Company. 15 CENTS SQUARE YARD Same Company Will Lay Pavement Around House of Garfield Hose Company. FIRE DEPT. MATTERS Resolution for Bitulithic Pavement on Sheridan St. --Work Next Year. Two contracts were awarded to the Standard Bitulithic Company by the Board of Aldermen last night, one being for the resurfacing of Rector street, from Market to Lewis street, and the other for a pavement around the new fire house of Garfield Hose Company, in Amboy avenue. Both contracts were awarded following the receipt of written proposals from the paving company, the acceptance of which were recommended by the committee on streets and sewers, to whom they had been referred. At the last meeting of council a petition was received from property owners on Rector street stating that it was in need of attention and asking that it be resurfaced. In the proposal the paving company last night offered to do the work for fifteen cents per square yard and could begin operations within ten days. Alderman F. A. Seaman stated that Superintendent R. R. Hoyt had told him last night over the telephone that, if awarded the contract, the company would guarantee to keep the street in repair for five years. The company's proposal for one work at Garfield Hose Company house was as follows: Receiving basins, $70 each; 4x20 header curb in concrete, eighty-eight cents per lineal foot; 4x16 new curb, set in concrete, eighty cents per lineal foot; raising and adjusting basin, $5; bithulithic pavement on sixinch concrete foundation, thirty cents per square foot. The pavement at Garfield Hose Company's house will be a marked improvement and has been carefully planned There will-b no eurb or gutter in front of the building, as the pavement will be laid on a slight slant from the doors of the house out to the center of Amboy-avenue. A receiving basin on one side will terminate the gutter so that no water will flow over it. The pavement will be laid on a six-inch concrete foundation, instead of a four-inch, generally used, and will extend as around the Hall avenue side of the house in place of a sidewalk to the rear of the building. The present macadam in front of the house in Amboy avenue will be used to in extend the pavement to the lot. To Alderman George T. Larson is largely due the cream rangement and Alderman F. A. Seawho is chairman of the committee_on man, public grounds and buildings, has rendered considerable assistance. To Pave Sheridan Street. Resolution was adopted instructthe city clerk to give notice that to it ing was the intention of the council introduce an ordinance at the meetOctober 17 for the paving of street, from with Sheridan ing on Market bridge, street southerly to the county be The street this year, the action paved bitulithic. will the not being work simply preliminary so that can be done without delay next spring. A communication was received Garfield Hose Company hose and chemical wagon from that a their asking new and steamer be installed in a house when completed. Theodore Anderson, chief of the fire departin another letter said he apment, proved the request and set forth his to reasons. The letter was referred the committee on fire. The letter from Halsey M. Barreceiver of the former Middle- relarett, County Bank, of this city, detive sex to a final dividend for the filed. positors, was read and ordered An application from Hans Miljes frame for permission to move a Dock" building from the Wet property to Broad and Mechanic committreets, was referred to the powtee on streets and sewers with er Motions were passed authorizing grounds committee on public for the buildings to get estimates fixtures for the of hall; to have the and of lighting the city third roof floor city hall painted; and to around curb, the and grade the grounds the flag rear of Garfield Hose Company's house in Amboy afenue. The committee on streets and sewrecommended that the petition in ers property owners for a sewer The of Sherman street be granted. recommendation was adopted. to The council adjourned Present meet again next Monday night. Alderman-at-Large Voorhees, were: Aldermen Dalton, Seaman, Galvin and Hornsby.

8. October 7, 1910 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, October 7, 1910

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# COUNCIL MINUTES PROCEEDINGS OF THE BOARD OF ALDERMEN OF THE CITY OF PERTH AMBOY N. J. OCTOBER 3, 1910. Regular meeting of the Council of the City of Perth Amboy, N. J., held Mon- day evening, October 3, 1910. The mem- bers present were: Aldermen Hornsby, Seaman, Galvin, Dalton, and Alderman- at-large Voorhees. The reading of the minutes of the last regular meeting of September 19th was dispensed with and the minutes ap- proved as printed on slips. A petition from Hans Miljes for per- mission to move a frame building from the Wet Dock property to corner of Broad and Mechanic streets was re- ceived and referred to the Committee on Streets and Sewers, with power. The following communication: September. 28, 1910. Mr. Wilbur La Roe, City Clerk, Perth Amboy, N. J. Dear Sir: Your favor of September 21, stating that the Board of Aldermen of Perth Amboy on September 19th, direct- ed you to write me and request that I take action at once toward settling up the affairs of the Middlesex County Bank is reecived. It was not necessary that the Board of Aldermen should take this action, for I am as anxious to get this matter closed as anyone else can be; but in view of the fact that many of your citizens are interested in the affairs of the Middlesex County Bank, I beg to say, all of the assets of the Bank have been realized upon and con- verted into cash, except one. There is still a balance of about $1,000 to be paid to me, which I expect to receive this week. As soon as I receive, this sum I shall at once prepare my final report and submit it to the Court of Chancery and take its direction about paying a final dividend. I think that such divi- dend can be paid in November, unless something unexpected shall happen, to delay the same and I hope that this dividend will amount to about 20 per cent., which with 50 per cent: already paid, will make 70 per cent. If I find that the small claim of $1,000 will not be receive within a few days, i shall take measures to obtain leave of the court to pay a dividend, even though it may not be a final dividend. Very respectfully yours, HALSEY M. BARRETT, Receiver Middlesex County Bank. was received and ordered placed on file. The following communication: October 1, 1910. Hon. Mayor and Common Council, City of Perth Amboy, N. J.: Gentlemen: We will furnish all the labor and materials necessary to re- store the surface of the Bitulithie pave- ment on Rector street, to true line and grade, and also flushcoat the entire pavement for the sum of fifteen cents ($0.15) a square yard. This will place Rector street in as perfect condition as the day it was lajd, and will insure you against re- pairs for years to come. It is a form of insurance which we are offering to cities where the guaranty on the pave- ment has expired. It has proven im- mensely successful and has been tried by a large number of the cities in which our oldest pavements are laid. This particularly refers to the flush coat. The restoration of depressions, of course, will be made with the regular mixture, the worst of which seem to be around the old flushing gate, which has so repeatedly caused us trouble. If you decide to have this work done we can get at it within the next ten days. Yours very truly, STANDARD BITULITHIC CO.. R. W. Turner, President. was received and referred to the Com- mittee on Streets and Sewers. The following communication: October 3, 1910. Hon. Mayor and Common Council, City of Perth Amboy, N. J.: Gentlemen: We will furnish all the labor and materials necessary to lay the Bitulithic pavement around the fire house on Amboy avenue for the fol- lowing prices: One (1) new receiving basin, $70. 4 x 20 header curb, set in concrete, $8 cents lin. ft. 4 x 16. new curb, set in concrete, 80 cents, lin, ft... Raising and adjusting basin, $5. For Bitulithic pavement on a six-inch concrete foundation, 30 cents per square It. We will agree to start this work and finish same during the month of Octo- ber, 1910. Yours very truly, STANDARD BITULITHIC CO, R. W. Turner, President. was received and referred to the Com- mittee on Public Grounds and Build- ings. A communication from Mike Chuyn objecting to sewer assessments on Lot No. 1, Block 269, was received, and re- ferred to the Committee on Streets and Sewers. The following communication from the Street Commissioner: Perth Amboy, N. J., Oct. 1, 1910. To the Hon. Mayor and Board of Aldermen: Gentlemen: I hereby render state- ment of use of Steam Roller to Thos. F. Dunigan during the months of June, July, August and September-$200. Respectfully submitted, GEO. M. ADAIR. was received and referred to the Col- lector of Revenue for collection. The following communication: Perth Amboy, N. J., Sept. 28, 1910. To the Honorable Board of Aldermen: Perth Amboy, N. J.: Gentlemen: We, the undersigned, forming a committee of this company, do hereby respectfully request that your honorable body cause to be placed in our new headquarters in Amboy avenue, a new combination hose and chemical wagon and steamer. Respectfully yours, ANDREW M. SMITH, SOREN C. JENSEN, JENS JENSEN, CARL HANSEN, NELSON P. SMITH, was received and referred to the Com- mittee on Fire. The following communication: To the Mayor and Board of Aldermen of the City of Perth Amboy, N. J.: Gentlemen: I would most favorably approve of the Garfield Hose & Chemi- cal Company having an engine and combination hose and chemical wagon. That section of the city needs an engine more so than any other part of the town, for the pressure is very low. The combination wagon would be very useful as that part of the city is thickly settled and the chemicals would often be used in extinguishing fires. Respectfully yours, T. E. ANDERSON, Chief. was received and referred to the, Com- mittee on Fire. The Committee on Taxation, to which had been referred a petition of H. Ras- mussen for reduction in valuation on Block E, Lot 28, recommended that the reduction be granted as petitioned for. which recommendation was, on motion, adopted. The Committee on Streets and Sewers, to which had been referred a petition for a sewer in Sherman street, from Market street to Paterson street, rec- ommended that the prayer of the peti- tioners be granted, which recommenda- tion was, on motion, adopted. The Committee on Streets and Sewers, to which had been referred the petition to resurface Rector street, recom- mended that the prayer of the peti- tloners be granted, which recommenda- tion was, on motion, adopted. The Comptroller, having audited bills to the following accounts: Police $1.237.57 Streets and Sewers 746.30 Fire 308.11 Poor 203.37 Convery place extension 2.050.00 Garbage 1,000.00 Excavation permits 34:00 District Court 13:0 Paterson street grading 30.00 Brace avenue grading 75.00 Groom street grading 33.00

9. December 20, 1910 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, December 20, 1910

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# RELIEF ASS'N. # HAS MEETING C. W. Knight Chosen President for Seventeenth Time. The thirty-fourth annual meeting of the Richmond County Relief Association, of Tottenville, was held in the lecture room of South Baptist church, that place, last night with President C. W. Knight in the chair. The annual reports of the officers of the association were received, and the election of officers took place. In the report of Treasurer Charles N. Lehman it was announced that the sum of $220.68 had been received from the defunct Middlesex County Bank, of Perth Amboy, as the last payment made by the receiver of that institution. By a vote this amount was equally divided among Class A and B of the association. After the report of the auditors the election took place with the result that all the officers were re-elected to serve again for the ensuing year. President C. W. Knight was elected for the seventeenth consecutive time as the head of the association. The other officers are: Jacob Herrel, first vice president; George W. DuBois, second vice president; Charles T. Van Duesen, secretary; Charles N. Lehman, treasurer; Robert Lee, M. E. Ayers, James Bailey, James W. Bedell, C. A. Marshall and A. C. Cortwright, board of directors; A. B. Marsh, J. L. Bedell and William Manee, auditors.

10. October 16, 1911 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, October 16, 1911

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CLOSE AFFAIRS OF FORMER CO. Final Settlement Made to Creditors of Perth Amboy Shipbuilding Company. RECEIVER LYON THROUGH Preferred Creditors in Full-General Creditors Received Claims and Part Interest. Judge Adrian Lyon, of this city, receiver of the Perth Amboy Ship Building and Engineering Company, announced today that he has closed the affairs of that bankrupt concern after a receivership of eight years. The most remarkable part of the receivership was the fact the preferred creditors were paid in full and the general creditors, of which there were neartly seventy-five, receiver 111 and one-fourth per cent of the money invested, or the principle and within a fraction of the interest accumulated on the same during the eight or more years. Paid Over $180,000. According to the figures of the receiver, the preferred creditors were paid over $180,000 and this settlement was co-incident with the closing the receivership of the bankrupt Middlesex County Bank, formerly of this city, which had been in the Court of Chancery for eleven years. One of the liabilities of the shipbuildnig concern was a mortgage by Hugh Ramsay to the Middlesex County Bank for about $80,000. The settlement with the preferred creditors obligated this claim. By negotiations and litigation, Receiver Lyon was enabled to reduce claims against the company or completely reject others, to the aount of over $100,000, all saved for the general creditors. The general creditors received 111 and onefourth per cent on the face of their claims, which totalled about $45,000. W. P. Voorhees First Receiver. Williard P. Voorhees, of New Brunswick, was appointed receiver of the concern on August 3, 1903, but resigned in August, 1909, owing to his appointment to the Supreme Court bench of the state. Judge Lyon was thereupon appointed and found the company"s assets to be an old and unused ship yard and plant, two hulls six years old, and two government vessels, in course of construction. The "wet dock property," owned by the company, was considered defective by a flaw in the title from the city. The city afterwards released its claim on the tract for $10,000 and was Sold the Roessler and Hassiacher Chemical Company for $200,000. It Is now valued at $500,000, including the improvements built thereon. Another direct lica was the $80.000 mortgage held by the Middlesex County bank. In addition to this the city claimed unpaid taxes to $20,000. The Board of Proprietors amounting East Jersey also had had the holding that they to re-enter for a right a claim, condition The broken under the old grant. Nautical Preparatory School, of Providence, R. I., had a claim for $70,000, but this was the last case to be settled in court and, like all its predecessors, ended successfully for Receiver Lyon.

11. October 16, 1911 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, October 16, 1911

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CLOSE AFFAIRS OF FORMER CO. a Creditors of Perth Amboy Shipbuilding Company. RECEIVER LYON THROUGH Preferred Creditors in FullGeneral Creditors Received Claims and Part Interest. Judge Adrian Lyon, of this city, receiver of the Perth Amboy Ship building and Engineering Company, announced today that he has closed the affairs of that bankrupt concern after a receivership of eight years. The most remarkable part of the receivership was the fact the preferred creditors were paid in full and the general creditors, of which there were neartly seventy-five, receiver 111 and one-fourth per cent of the money invested, or the principle and within a fraction of the interest accumulated on the same during the eight or more years. Paid Over $180,000. According to the figures of the receiver, the preferred creditors were paid over $180,000 and this settlement was co-incident with the closing the receivership of the bankrupt Middlesex County Bank, formerly of this city, which had been in the Court of Chancery for eleven years. One of the liabilities of the shipbuildnig concern was a mortgage by Hugh Ramsay to the Middlesex County Bank for about $80,000. The settlement with the preferred creditors obligated this claim. By negotiations and litigation, Receiver Lyon was enabled to reduce claims against the company or completely reject others, to the aount of over $100,000, all saved for the general creditors. The general creditors received 111 and onefourth per cent on the face of their claims, which totalled about $45,000. W. P. Voorhees First Receiver. Williard P. Voorhees, of New Brunswick, was appointed receiver of the concern on August 3, 1903, but resigned in August, 1909, owing to his appointment to the Supreme Court bench of the state. Judge Lyon was thereupon appointed and found the company's assets to be an old and unused ship yard and plant, two hulls six years old, and two government vessels, in course of construction. The "wet dock property," owned by the company, was considered defective by a flaw in the title from the city, The city afterwards released Its claim on the tract for $10,000 and was sold to the Roessler and Hassiacher Chemical Company for $200,000. It is now valued at $500,000, including the improvements built thereon. Another direct lien was the $80.000 mortgage held by the Middlesex County bank. In addition to this the city claimed unpaid taxes amounting to $20,000. The Board of East Jersey Proprietors also had a claim, holding that they had the right to re-enter for a condition broken under the old grant. The Nautical Preparatory School, of Providence, R. I., had a claim for $70,000, but this was the last case to be settled in court and, like all its predecessors, ended successfully for Receiver Lyon,