The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1894-06-06
A DIG FIRM IN TROUBLE.

Over Halt n Million Dollars Involved
Receivers Appointed for the Walton
n WhRnn Co. All of the Endorsers
on Its Paper Thought 10 be Full,
Secured.
For tho past month rumors have
been going around our streets that
the Walton Il Whunn Phosphate Com
pany were In financial difficulties, and
It was only matter of time when the
firm would he driven to tho wall.
| No surprise was evident yesterday
afternoon when Mr.. Lewis G. vande
grit appeared iii the United States
Court and filed motion for Marcellut
e. Wheeler OF Rutland, Vt. asking 10!
the appointment of receiver Tor tb,
walton " Whann Company, OF thi,
Lefty the motion Cor which wal
argued In the court before judy,
Wales this morning. The firm ha,
been pressed for money to carry OF
their large phosphate business fol
some two years or more, owing t.
their Inability to collect Their bills
whlch neceSsitated the putting OF con
siderable paper In the banks. The
Trims credit in days bygone having al
was been. gilt-edge, no trouble was
found in raising all the money wanted
| 1he old company about two years
ago or less procured a charter and put
inc stock on the market. which con
sisted OF seven thousand shares with a
par value OF 500 per share repre6 mt
ing capital stock OF 100000 The
preferred stock consisted of 5000
shares which was put or the market
anu sold to Investors. The four thou.
Sane shares OF CON mon stock beng di.
vldcu up amongst the members OF the
old company, Mossrs. l.. +. Walton
ana L. n. Bnck. Considerable OF the
stock was taken by several we'll known
Wilmingtoninns who have money that
Is generally seeking Investment
The Coupany's plant was put in the
new corporation at $500, 900. for which
tho members received In payment that
much OF the common stock. Tho
DaiikJ which held the firms paper have
been trying for more tlIun u year past
TO get discounts down and have really
Insisted OH IL here lately. Nearly every
| Dank and financial institution In our
city holds their paper, but are amply
protected by good endorsers. The Sc
ontlty Trust Company holds nearly
| one hundred thousand dollars OF the
Companys paper with five iirsL.class
eauorSerS on it,
Inc First National also has several
tho usand dollars of tho coInpuny's
paper. which Is amply secured. Less
1850 - , NNA hta " -'AAs ASllllltS HOW
land purchased nearly one hundred
thousand dollars worth of stock and
the company was orgnulzeu with,
Francis A. Buck president. Charles 5.
How and vice president and treasurer
and Frank L. Bailey secretary.
MIR. Rowland has been drawn into
the company's affairs TO such an OK
tent That he ls on it's paper for some
s5O, OOO or more, which lie will have to
pay. Several other well known Gen-
liemen are also on the paper TO the
tune oil s2U,uOO to $50 600.
gentleman said to reporter OF
The RErrRLICAN yesterday that ho did
not believe that any of the banks or
Inc endorsers OF The compuny's paper
would eventually lose dollar. us the
company mad property aud other
valuable franchises that in good times
would realize several hundred thou.
sand dollars.
Inc company's books were examln.
eu by experts. ana earnings III 1892
showed that the company made .T7. :
49,. Is above Salaries and EXPENSES. to
be divided amongst the old members
of the firm.
1he cumpany's affairs will now be
run by receiver sand 1t they can make,
tho business pay it viii lie continued,
otherwlse Its Affairs Will ba wound w
ana the plant sold 70 the highest and
best bidder.