Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-06-07
rrISoHEsrEn avn BUCK.

The hearing on the bill filed Tuesday
afternoon by Bradford & Vandegrlft
for the appointment of receivers for the
Walton s. Whann Co. was given by
Judge Wales in the United States circuit
court yesterday morning. There was a
large gathering of persons interested in
the matter, several Of them being stock.
holders.
Bradford " Vandcgrift appeared for
the petitioners; Walter Hayes represented
several stockholders, and Colonel Nields
appeared for the Walton & Whann Co.
Mr.. Vandegrift opened the proceed
ings in referring to the action his firm
had taken Tuesday in filing the bill for
their client Marcellus Il. Wheeler of
Rutland, VT, and for other creditors.
lie stated that the movement is an ell
tlrely amicable one on the part of the
petitioners. Due notice had been given
to the company to be present this morn
ing and give answer.
Counsel stated that the affairs Of the
corporation are in such condition as
not only to warrant, but to demand an
immediate appointment of receivers and
to wind up the affairs of the company
under the laws Of the State. Colonel
Nields, representing the Walton d
Whann Co., said he did not deny any of
the allegations of the bill and, therefore,
agreed TO submit to the present move
ment.
He stated, however, that the corpora
ton has large, extended and extremity
valuable business, distributed over sew
eral States, comprising a great deal of
detail accounts, which would call for
the special attention of the Walton 81
Whann Co. itself, in order that proper
and intelligent returns be made. He,
therefore, asked that one of the members
OF the company be named as one of the
receivers.
Colonel Nields then suggested the
name of Francis N. Buck, the president
of the corporation. Counsel asserted
that it is to the interest of large block
of the stockholders that Mr.. Buck be
appointed one of the receivers. 1t is
neces airy in order that the gathering up
OF the property be accomplished to the
best advantage of the stockholders and
creditors.
Il. q. Bradford-"Wc are perfectly
content that Mr.. Buck be appointed
one of the receivers. We also suggest
to your honor that Mr.. Winchester,
president of the First National Bank of
this city, be the other"
Walter Hayes representing other
creditors)-"I wish to say, you honor,
that we also are satisfied with the names
suggested as receivers"
Judge Wales here reminded counsel
for the company that in case of the
appointment of Mr.. Buck, who is a
large stakeholder of the company, that
the creditors, on their part, would be
represented by but one receiver. In
other cases there are three receivers.
Here a divided vote may develop.
The court observed to counsel as to
whether it should not be that the
creditors have more than an equal vote
with the company.
Lewis O. Vandegrift-"There is no
conflict here at all, your honor. One re.
ceiver will be sufficient check on the
other"
L. G. Bradford--"owing to the cir
cumstances in the case, think the ap-
pointment of the two receivers mem
toned will be perfectly satisfactory to
all parties"
Colonel Nields-"The preferred stock
holders have a large proportion of the
Judge Wales expressed his personal
of both names mentioned.
MIR. Vandegrift-"What is the desire
Of the court in regard to security? 1t
has been suggested to Mr. Winchester
TO give large bond. | suppose that a |
bond Of $4,000 from each receiver is |
sufficient, for the presepta at least"
Colonel Nields thought a Joint and |
several bond in 100000 would be suf- |
licient to carry evorything-this, in the
place OF bonds of $4,000 each. Colonel
Nlelds added that the assets of the com |
pany are very large. There is total of |
100000 of manufactured product, and
an equal amount of other assets, indie
pendant of plant, sc. . ...-..
Referring to the amount of bond sug-
gested by counsel the court here re-
sit appears to me that il ia n
very low figure. But if counsel is salts
led | suppose it may do under the
oroviso that the bond be increased IL
.ounu necessary. The receivers will
get into their hands total of sums
much larger than the bond figures. But,
IS say, If counsel is satisfied ana they
iraw up the decree will sign 1t. 1t is
understood that the bond can be in
creased If found necessary"
Mr. Vandegrift expressed his opinion
hat there is no moral risk whatever.
The hearing then closed.
The bill for the appointment of a re.
'eiyer relates that the company owns
arge real estate and also large personal
property. 1t shows that there are about
100 shareholders of preferred stock,
md 1000 of common stock.
The Walton e Whann Co. was
reated corporate body in 1886, with n
apital stock of 100000, divided into
1000 shares with par value of 300
The sum of 100000 was to be paid in
lnder the original certificate before
commencing business; the original sub
cribers are Ephraim T.. Walton, Francis
\. Buck, George A. LeMaistre, A. L.
anderson, O. Elton Buck.
Subsequently there was an amend
nent to the charter, in March, 1892,
Hhen the shares were increased to 1000
With capital of 100000; an amount
i $4,000 to be paid in before com
nenclng business. 1t was also provided
hat 1000 shares be held and known ms
referred stock and the capital stock
heretofore issued having been reduced
,l2O shares, 1000 shares thereof out
landing were thereafter to be known
5 common shares and 100 thereof to be
referred shares, the said 100 shares
eing part of 5000 shares of preferred
took. 1t was also provided under the
mendment that the corporation might
ecome seized of personal estate to the
alue of $2,000,00O.
1t was stated, yesterday morning, that