The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-07-28
After q night with the boys
Yours for q clear head-Bromo
Settler.


The appointment OF the Glrard Life
Insurance Annuity and Trust Co., as
receiver for the Wilmington Dental
Manufacturing Co. is the result of a
decision OF its directors. entirely vol
untary on their part, and made in the
defense Of creditors and stockholders
alike. A thorough Investigation of
tile affairs of the company has been
made and its solvency under any or
binary business conditions clearly es-
tabiished. The depression in business.
the difficulty OF making collections
and the probability OF commercial
panic in which solvent firms are liable
to be swept away by reason OF tenn
porary disability, dictated defensive
policy on the part Of the directors
and the recelvership is the result.
The business of this company as in
dIcated by its several branch houses
extend all over this country and its
The extent OF its business and the
character OF the materials it uses ne.
cessitates large open accounts with
both debtors and creditors, and while
the books of the company show it tc
he entirely solvent and abundantly
able to pay all its debts, it was posi-
BILE for any one OF its creditors who
should get caught iii squeeze to pro
duce conditions In which even it,
large excess of assets would be sacri
feed and its debts left unpaid.
! To prevent such o disaster, and Il
apply the preventative measures be
fore the crisis was reached, the direc
tors decided to make all the interests
secure without stopping the works oil
sacrificing the business.
: The business of the company will
now proceed as usual. The manu-
factory in this city will be run to its
full capacity. Since the concern has
passed Into tho receivers control al
the employees who were recently laiG
of have been notified to report FOL
duty this morning.
/ The bill of complaint filed In thu
United States Court for this district
by Il. ID. Maxwell, was presented bS
Samuel A. Macallister. The company
was Represented by j. II. Hoffecker, Jr
! The bill AYERS that the complainant
believes the Wilmington Dental Manu-
featuring Company to 10 insolvent
that 1t has been and Is now threatened
with suit, and Is In daily expectation
OF being sued and OF having its proper
ty attached by its creditors, which &C
ton will DO to the prejudice and IN
. Jury OF the corporation as well OF 1T
, creditors; thut such action will result
lin the wreck and sacrifice OF the pro
perty Of the corporation and entail tn
: needless loss upon many OF its eredl
a tors and stockholders unless prevent
ed by the Interference OF the court. e
The liabilities OF the company, &C
cording to the bill OF complaint, cor
sists of bonded Indebtedness OF $4I,
1000, and sundry bills payable aggre
eating approximately S!25. 900. III
cause of the colnpany's insolvency, sc
forth by the complainant, is the linar
clal depression which has prevailed fo
several months, and still prevails wit
apparently increasing stringency. III
Q company has been unable to collec
I bills due from its debtors, and conse
, 'quently its obligations have been uI
:, avoidubly allowed to mature withou
payment.
/ There Is no complaint in tho bi
o filed in the local court of unlawfu
, attempts to dispose OF the company
property.
: The order of the court provides &c
sIthe prosecution under the direction {
4 the receiver of tho usual bueiness {
the company. 1t orders the deliver
of all property and effects of the con
J. tpdiiy 10 lllc ioSClNNIt anu hubiiOEiGt
/. him to pay all the debts of the con
pany, including interest on its bonde
: debt.
's IL. c. Tntnall, vice-presideut OF Il
o Glrard Life Insurance. Annuity an
Trust Company, was here yesterday
the receiver. The bond OF 100000
case tho Wilmington branch failul
was executed and filed in tho Office
yithe United States Court.
/, Nice-president Wiley was seen an
',glye5 this statement:
W There Is no reason for alarm aboi
c-ithe solyency of the company. a
GO thoroughly well acquainted with i
, origin, history and development, al
l. in my Judgment II Is stronger tod;
d than 1t las ever boon; IL Is able to cal
Ii and pay better dividends than ever
I fore In its history.
Tho facilities for manufacture
d are better and the demand for /
ID goods greater than ever. Its sal
II, have been increasing month aft
month. The business OF the coInpaI
II for this month has Increased consi
rs erably over that of July, 1892, and
es feel perfectly safe In declaring til
tho company's business under the co
70 troll OF tie receiver Will justify II
10 only my statement OF its affairs,
the action of the directors in app
ing for the appointment ol areceive