Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1893-07-27
IN HANDS OF A RECEIVER
Stringency and Non-Collec-
tions the Alleged Causes.
WILMINGTON DENTAL COMPANY

The Wilmington Dental Manufaotur.
ing Company went into receiver's
hands yesterday. The action was In.
stituted IN Washington. H. w. Gar.
nett. counsel for r. d. Maxwell, of
Philadelphia, fled a bill against the
company and petitioned Justice .Hagner,
Of the United States Court, to appoint
the Girard Life Insurance, Annuity and
Trust Company, Of Philadelphia, re
ceiver.
The BIN Alleged Insolvency.
The complainant alleged that he was
the holder of 90 shares of stock of the
face value. of 5000. To the best Of his
belief, the company, which had deposit
In Washington, was insolvent
Upon these representations Justice
Hagner appointed the trust company Co
take in charge the Wilmington Dentals
affairs.
Books Are In Phiiade lphia.
No definite figures Of the assets and
liabilities Of the company are obtainable
at the Office here. President j. L Frantz
Is not In the city and ex Mayor Stans-
bury j. Wiley, the vice president. says
that the books are all in the main
Office In Philadelphia He can neither
give lists Of creditors nor debtors. but
he places the assets at $780, 900 and the
liabilities at 5000. 600. The plant will not
be shut down, but will continue to make
full time under the Iecei yer.
No judgments Entered.
No judgments have been entered here,
as the appointment of receiver shuts
out anxious creditors from forcing
sacrifice. There is on record in the
recorder Of deeds Office q mortgage Of
$50, 600, given TO William g. Penny
packer, Alexander J Hart aud Abram
r. Frantz, trustees for the bond holders.
It is dated June "a, 1890, and will come
Ia ahead Of anything else
The Omcers of the Company.
Dr. J. F. Frantz, president; stansbury
]. Wiley, vice-pr esident; j. r. Moore,
secretary Henry G. Robinson. treasurer.
wiley Says IL Was Mutual"
This morning a reporter called at the
Office of the mandatory on King
street this morning and asked for
President Frantz Vice President
Wiley informed him that the doctor
was out Of town, but he didn't know
Just where. Mr.. Wiley was shown "a
| Washington dispatch dealing with the
appointment OF the receiver, and aske
him for an interview. De said:
81 heard it last night, and think that
is correct
Have you heard Of any such action
upon the part Of any stookholder Other
than r d. MAXWELL
"No, have heard Of no such action on
the part of any other stockholder. All
the allegations referred TO and the ap
pointment of a receiver are the result
Of an amicable arrangement. The action
was asked for by the stockholders and di
rectors
No Truth I'm Trust" Rumors.
"Is there any truth in the rumors that
your company tried TO absorb all tbs
other companies in the country, and thai
that brought on the present troubled"
no" he replied laughingly. eve
couldn't do such thing II We
wanted to. We never tried e
do such thing The receiver
was asked for in behalf of the directors
and in the interest of the creditors anC
stockholders II was necessitated by
stringency of the times We have asset
Of nearly $70O,0C0, with liabilities oi
about 5000, 600, as shown by the las
statement taken from our books
"Have you copy Of that statement
here p
mo, and all our books are at the mair
/ Office in Philadelphia.
where are your branch establish
ments situated p
'In Chicago, Washington, New Yorl
and the main Office is in Philadelphia
The manufactures are located here II
this city. DR.. Frantz is president Of th'
whole thing"
Afraid of Captious Creditors.
"Why was receiver appointed will
the assets so largely in excess OF th'
liabilitiesp
"It was voluntary action on the par
of the company. IL is done TO prevent
any captious creditor from coming In
} and sacrificing the property. We have
open accounts due us of about 100000 II
we could have realized we would not have
owed a dollar in the world Stringency
of the times makes it impossible t
J collect
"Can get list of creditors ant
debtorsg"
"No. they are on the books in th'
Philadelphia office"
"Have any judgments been entered2'
There Is not "a single judgment eu
tered up against the company anywhere
andlwe have never had suit since VI
have been in business.
"Will work stop, nowG"
"No. Business will continue an'
work will continue under the re
ceiver. The hands laid of her
[ were no more than we usu
ally lay off in summer. Thi
receivership will not last very long,
Z don't think-at least the trust compan.
saws it will not. II is done more I
, bridge the stingency of the present tim
I than anything else. We can't alway
tell what a creditor will do
"What is the capital stock of the CON
psny?
been iseued. The limitation is $500, OOI
: We were chartered under the Delawar
S laws. The assets are place
at the lowest notch cost and not whole
a sale price. The trouble was caused b
q growth of our business and output, an
failure TO make collections.
e "Why was the action taken In Wasl
y ingtonl'
THE laws are this way. They won
.....,4 , saoafxar anvvvhpra unless fir