New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-26
OTIEER CITY CORPORATIONS GO DOWN..
RECEIVERS APPOINTED FOR THE COMPANY con.
TROLLING THE READING ROLLING MILLS.

RECEIVERS APPOINTED FOR THE COMPANY CON.
TROLLING THE READING ROLLING MILLS.
ri iladelphia. Feb .5.--A sensation caused late
tbs afternoon by the announcement that the Corode
a Saylor Company. incorporated. controlling the
Reading Rolling Mills. was insoNent. and that re-
ceiycr had been applied for hy som" Of the principal
creditors Of the conn any. shortly before O'Clock
the counsel Tor the company appeared In the
pro,honoary's Office OF the Common Pleas No.
and filed iii I'm equity behalf Of number OF
creditors OF CorOde & Saylor, asking for the appoint
nlent Of n receiver. and also for decree declaring
the corporation insolvent. The comrainnnfs In me
I'M are the George ". Bush d sons Company. OF
Wilmington; L,ingt tone SAVIOR, Roberl Il. Grimn'y,
Francis IL. Saylor. James Mccormick. Henry Nc
Cormck J. Donald Cameron and the trustees OF the
estate of James Mccormick. trading Il, the Paxton
Rolling Mills II Is set ont that the corporation
was org;nKed with iapfti! stock OF Sooo-
900 Of which 100000 has been issued that the
Bush a sons Company holds notes OF Cofrode
& SAVIOR 10 TIE amount OF S52,1OO' that Francis H.
saylor is stakeholder 10 the amount OF FAD
500 ana thu ndo,rr Of given by TIE defendants
Of SjG.5t1 H. which alout 10 become due, ana
will no, IL. paid that the Paxton Mills creditors
Of Cofrode a Saylor 10 the amount Of S22,"oO.
The court appointed the rc"iv"r> Joseph H. Cofrode
and william g. llarrity. Mr. Colrode is the vice.
president Of the Cofrode 4 snylor Corporation. az
we'll MS vice prosdent of the Reading Iolling Mil
Francis H. saylor, is the heaviest creditor who
signed the bill OF application for receN ership lis
claim being I'm round numbers 100000.
II WI, laid that the same motives impelled the
seeking Of this rccrIycrShlp were imputed To the
application for the Reading Railroad recivers-volun-
tarv action the part Of the management to save
the corr yrati0 from general raid Of creditors ana
to secure the best administration of its assets in settle
ment or reorganization. The court has fixed the bonds
to Le furnished by tho receivers $4,000 each.
The receivers were empowered Ia continue the opera
ton Of the works and the business will 90 Oh as usual
number of large contracts are now being hlled, ana
these will not in any way De lnterfercd with. The
legal representatives stated that the liabilities are
heavy and the assets also but that the assets were
In such Il shape that they conld not readily 10 realized
upon. No estimate of either assets or Liabilities was
obtainable
The fall Of the two corporations carried down the
iron firm OF r. Bailey SONS. Mr.. Bailey this
afternoon said firm OF Bailey & sons had been
closely allied to Cofrode Saylor aud the Reading
Rolling Mills Company closely, In fact, TO be
generally considered part OF each. being the selling
uCent of the company Mr.. Bailey himself has been
managing director Of the Rolling Mills Company for
some lime. and has appeared frequent indorser
Of the company'S notes. Besides, he Is large stock.
holder In the company. The firm has not made
assignment but Mr. inilcy said he bu,ly engaged
In preparing "a statement for his creditors, and he
than cqualled the liabilities, but they In
such n shape that II would be impossible to realize
upon them short notice. With time, he was con.
ndent he could pay dollar for dollar.