Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1890-08-01
THE TYGERT FAILURE.
CITIZENS OF KENT
TALK ABOUT THE COLLAPSE.


Shareholders = Smyrna and Vicinity
All Arog over the FIRMS Difficulties.
Special Correspondence EVENING JOURNAL
sMYRrA, Del. Aug This town and
vicinity are all agog over the failure OF
John n Tygert q Co of Philadelphia,
with liabilities Of $317 900 and reported
assets amounting TO $34S, goo, as 1t was
here that they began business practically
and laid the foundation for the extensive
business they have been conducting IN
Philadelphia.
The Tygerts came to Smyrna early In
the 70's from Harrington, Del, where
they had been running very small
establishment, manufacturing fertilizers,
and located their plant at Rothwelis
Landing, about two miles eastof Smyrna,
on the present line Of the Kent County
and Delaware Bay railroad They bad
their Office in smyrna and went under
the firm name Of J. r. Tygert y %
with j K. Tygert as president and his
| brother, Herman s rs secretary ana
treasurer part OF the time and vice-presl-
| dent and manager at another period.
They ran their business under this tirm
name until the early part Of 1888, when
they had bill passed by the Delaware
Legislature changing the firm name ana
authorizing them to issue stock under
the name OF the Peninsula Bone Fer
tilizer Company.
There has been some crooked feature
connected with nearly every change or
move they have made since that time,
and there were many welllnformed peo-
ple here who expected the present crash.
immediately after the bill of incorpora-
ton was passed they opened the books
and hoated the stock, reserying q con
trolling number of shares. Among the
stockholders were many prominent men
IN this section, including DR., Crawford
of mar Middletown; James Z. Hoifeoker,
prohibition candidate for governor in
ia who also resides In Middletown;
John w, Grahamof Kenton; D. Heitcher
az near Cheswold; Isaac Truax of near
smyrna Hon. John H. Hoffscker, Speaker
of tho House. Smyrna; Colonel John d.
Raymond, president Of the Fruit Grow
ers' National Bank of Smyrna and n. F.
wllds. cashier Of the Fruit Growers
National Bank of Smyrna. A COMMITTEES
was appointed after the books were
opened to put valuation upon the plant
aud real estate, and the valuation agreed
upon was about $50. 000 The capital
stock was about $40. 900. divided into
sixteen hundred shares at 500 each.
In acceptingSthis valuation the TYgerts
} knew they had q larg majority OF tbs
stock issued and simply foated In order
TO get the use of the capital invested
Mr.. Wilds, who Is o shreya and capable
business man, cancelled his subscription
before he had paid in, evidently fearing
that everything was not rs It should be
The EVENING JOURNAL reporter CALLED
mon one Of the above-named stock
holders. who is a reliable man and CLEANED
the following facts In addition TO thu
, foregoing
After Mr.. Wilds withdrew tho Others
! became frightened, but were Induced t.
9 stay in by the Tygerts, who insiste,
j. that they could make it plain to the dis
/. satisfied stockholders that 10 would pa,
the subscribers to hold on to thslP stock
even at the figures they claimed as
y fair valuation Of their property an
h plant Then IL was that the agreemen
= was entered into on compromise basis
\ When the appraisement committee wa
going over the property, there was Oh
white oak frame. Of large buildin
"a upon the ground ready for erection, in
N a member Of the committee said
q would be well TO consider that In tn
q estimate. Mr.. Tygert said he did M
a. know whether the new managemer
g would need that building, but that
!. they did 10 would be there all the same
3 and 80 il was considered Ia the apprais
- ment.
After this they paid their money
~ some time after, the gentleman WI
c. was interviewed, incidentally heard thu
"a the frame Of the large building WI
= being loaded on barge for removal, an
" he approached the president of the con
IL pany, John Il. Tygert. and asked viii
i, such an unusual thing meant, statir
en- that he had heard the building WI
ne being removed. Mr. Tygert evad,
i, the question and remarked You don
= believe every thing you hear, do you
40 Aud the gentlemanin question considers
ct the rumor false and thought no mo
ST about 1t until he happened to be
0, philadelphia and found out positive
that the Tygert's We're having machines
made for the establishment of larl
$50 plant In or near Philadelphia; and upV
los his return found that the Tygerts hi
re, sent the building away on the barg
y. IL being currently reported at the tim
~ that the captain went out under seal
4 OIQNIb " h6 OHNAAA va GAAAfeA - "
Delaware bay from Smyrna river.
an This trick was an "eys-opener" O.
ees awakened the suspicious Of the men W
Ter had been floated int the concern q
IA they demonstrated with the Tygerts
dividing the plant, manufacturing I
same brands of phosphates, and weake
uo ing the business here while giving {
re- stockholders here no stock In the nj
an concern which was to be run by
,r- Tygerts under the old Arm name Of j.
~, Tygert 4 Company, manufacturing Q
- Of the brands manufactured bv this fl
w tory, but restricting the sale Of the ST
~ made here to given district sometii
TED after starting. This caused dissatisfi
ted ton and the stockholders claimed m
i've representation and demanded that r
NJ titution be made and they be allowed
M withdraw. The Tygerts told them th
'Ai' could not better themselves any !
aAh could they withdraw. Thereupon th
ven employed counsel and the matter '
left TO the counsel Of the two perti
ov- George v. Massey, Esq, representa-
a.. the defendants and Hon. w. B. Smith
.1l5 the plaintiffs.
elM The matter was left to the lawyers
lore settlement, the result being the def
han Of the Tygert scheme, refunding Of
ses money paid In and the withdrawal Of
~ those dissatisfied, with the exception
Frank Postles, who had induceme
offered him In the way Of a sslaried p
the ton II he would stay In the compa
iow, The next man to go into the concern
and lose several thousand dollars was