The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-02-26
arAprxe ROLLING mrIbs INVOLVED.
The Corrode a snyior Company fut Jnte
the Hands OF Receivers.

the ftnnue OF tteceivcrt.
PHILADELPHIA. Feb. 25.-A sensation was
caused late this afternoon by the announce
ment that the Cofrods a Saylor Company. in
corporated. and controlling the Reading Roll
ing Mills. was insolvent. and that receivers had
been applied for BY some OF the principal
creditors Of the company.
Shortly before 8 o'clock the counsel for the
company filed q bill in equity on behalf OF q
number Of creditors OF Cofrode & Baylor. Ia
corporatod. asking for the appointment OF a
receiver. and also for o decree declaring the
corporation insolvent.
The complainants in the bill are the George
W. Bush & Sons Company Of Wilmington.
Livingstone saylor. Robert b. Grimacy.
Francis H.. Saylor. James Mccormick. Henry
Mccormick. J. Donald Cameron. trustees OF the
estate OF James Mccormick. trading as the
Paxton Rolling Mills.
1t is set out that the corporation was organ
ized with n capital stock Of $500. 600. OF which
100000 has been issued: that the Bush IL
Soma Company hold notes OF Cofrode & saylor
to the amount Of S32. 800; that Francis II.
Saylor ls a stockholder to the o OF $24o.-
800. and the endorser OF notes given By the
defendants Of S5o.547.14. which ore about to
become duo and will not he Paid; That the
Paxton mills are s s5S hSr Il TS 0o ioSls t y ssy ISr
mediate action. and after hearing the state
ments Of counsel. appointed as the receivers
Mr. coirode is the Wee.President Of. the
Cofrode 4 saylor corporatton. AZ well AZ Vice
p p1ssidrHnss r.. Of p tbs di;Saa' 81 b asih,in Sor M,ra Gom.
Francis Il. Saylor. is the heaviest creditor who
signed the bill OF application for a receiver.
ssaaUtT5i .od rs calm 0e'ns' In t0On' nHuf's
it was said that the same motives impelled
puted to the application for the Reading Rail-
road receivers; voluntary action on the part
from . general raid OF creditors and 10 secure
the best administration OF its assets III settle
msnt or reorganization.
the operations Of the works and the business
Will go on as usual. 4 number Of large con.
In any way be interfored with.
The legal representatives also stated that
Also nSbD but that t ase assets sse{ n wsTs in nn sue shs a a shass
they could not, readily be realized upon. No
estimate OF either assets or liabilities was OBJ
The downfall Of the two corporations carried
With them tho iron firm Of !. 1. Bailey Il Sons.
corning the rumors as to the business en-
based upon facts: The firm q Bailey : SONS;
saylor and the Heading Rolling Mills COMPANY:
SO closely. In. fact. as to be generally consid-
the she' c c Rar. " sf M. f sailsy hi Sim as seli has sse nss .,
managing director OF the ,Hohing Mills Com
FREQUENT sndorser Of the. com pany's notes.
Besides. he is a large stockholder in the
COMPANY. The firm has not made an assign.
ment, hut Mr.. Bailey said he was busily en-
gagged In preparing, o stateme emit for his cred-
His assets. he said. more than e1uslled the
liabilities. but they were. in such a shape
that it would be impossible to realize upon
them on short notice. II given time he was
confident he could pay dollar for dollar, but
no might not be able to %straighten out the
tangls for three months. probably longer. He
hoped. however. that his creditors would not
push him to the wall. but grant him an extern.
sion SO that hescan realize upon his assets.