Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-08-03
A RECEIVER APPOINTED.
For The Wilmington Dental Manu-
featuring Company.

rcctors OF the wilmington Dental Com
pany--A straightforward Statement,
showing the Firm to Hold Nearly
100000 Of Assets, as Against Total
of 100000 Liabilities.
News was received from Washington
at EVERY EVENING office on Thursday
Of the appointment in that city of a re-
ceiver for the Wilmington Dental Manu-
featuring Company.
A representative of THE GAZETTE
called at the office of the company, Nos.
1910 and 1919 King street, where Vice.
President Stansbury j. Wiley was
found. On being informed Of the re-
porter's mission, Mr.. Wiley conceded
the basis OF truth in the statement, and
added;
A VOLUNTARY APPLICATION.
"This is voluntary act proceeding
from the board Of directors. It is
simply due TO the stringency Of the
money market, and to prevent any
sacrifice of the eompany's property. II
is done in the interest of the creditors
and stockholders alike.
ASSETS TREBLE THE DEBTS.
"The assets of the company, as nearly
as l can approximately give you, are
about 100000, and the liabilities are
within 100000
THE regular accounts are kept in
Philadelphia, SO that | am giving you
but Approximate figures. But the assets
statement, as you have written it, is
correct and the indebtedness figures
fully cover all that the company owes.
The nature of the assets is shown as
follows: approximately the open ac-
counts due the firm are nearly 5000, 900,
enough to pay every dollar of indebted
ness could the accounts be collected at
this moment, and this without touching
another asset. All the accounts are
good, as far as we know. The other
assets are real estate, the plant and ma.
chinery, merchandise, tools, fixtures,
&c. We have branch houses in New
York, Washington, Chicago and Phila-
delphia, and the manufacturing place is
here.
WHO THE RECEIVER Is.
"The receiver appointed is the Girard
Life Insurance, Annuity, and Trust
Company of Philadelphia, who will now
appoint Representatives at each one of the
branch houses of the Dental Company.
BUSINESS Is Nor INTERRUPTED.
1.-The business of the Wilmington
Dental Manufacturing Company will
continue without interruption, just as il
no receiver had been appointed. Work
men will continue at the factory and all
features OF the various departments will
proceed as before.
"Phis action of the Dental Company
in asking for receiver is iu the same
line as that taken last month by the
Pennsylvania Steel Company and the
Maryland Steel Company, who asked
for receivers to protect their interests. y
MR.. wILIEY's DIRECT STATEMENT.
In closing the interview the reporter
asked of Mr.. Wiley his own persona
view Of the commercial status of the
Dental Company. His reply was as
follows:
"My confidence in the integrity of the
Wilmington Dental Company and it!
ability to pay good dividends is stronger
to-day than ever 1t has been. I am thor
oughly acquainted with the origin, the
gradual growth and development o.
this company, to its present magnifcen
proportions.
"our facilities to meet the demands
of the trade are better to-day than they
have ever been. The fact that our sale
have gradually increased from montl
to month show the healthy condition O
the company's business.
"The other simple fact is that ou
business for July, 1893, shows con
siderable increase over that for the cor
responding month of 1899. Now fee
free to say that the management of tn
company's affairs by the receiver will
fully justify every statement hay,
made"
MORE ABOUT THE APPLICATION.
Details of the manner in which tn
application for receiver was made ar,
given in the following special dispatcl
TO EVERY EVENING from Washington
"Robert d. Maxwell of Pennsylvania
yesterday, filed bill in equity Cor tn
appointment of receiver for the Viii
miugton Dental Manufacturing Com
pany. The company has depot in thi
city which Is the reason for filing tn
bill in the district courts. Mr.. Maxwell
alleges that the company is insolven
and endeavoring to dispose of its good
unlawfully, and as stakeholder he oh
jects. Henry Wise Garrett is solicitor
Justice Hagner issued an order appoint
ing the Girard Life Insurance Annuit
and Trust Company, receivers in tn
case, with $4,000 hond."
The above telegram, on its receptio
at EVERY EVENING office, was shown t
Mr.. Wiley, who spoke in regard to
as follows;
"The term 'insolvent in the abov
telegram is merely the formal legs
, phrase, necessary to secure the appoint
inent of receiver.
'In regard to the clause 'endeavorin
TO dispose Of goods unlawfully' woul
simply say that that allegation has n
foundation in fact. Mr.. Maxwell, VIII
is our attorney in Philadelphia, mad
: this amicable and voluntary request.
don't understand the expression used i
the dispatch.
81 know Of no disgruntled stool
holder who would adopt position al
: tagonistic to the company. The con
pany has heretofore paid an annual div
| dend of per cent.
, Robert ID. Maxwell owns so shares I
| the stock of the company at fac
value Of $4,000.
HURT ON MARKET STREET.