The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-12-19
FOR A NEW RECEIVER
A stochhslder OF the Dental Company
wan.s a New Rseslvss AppeInlca.

wsnIs New Receiver Appointed.
Judge Wales has granted an order dl.
recting the Glrsrd Lilo Insurance AnnuI-
appear on Monday. December 80. to show
cause why new receiver should not be
appointed Tor the Wilmington Dental
Manufacturing Company.
The dew order was made on the appll.
ca tIon OF Thomas Ireland Elliott, OF Bal.
tlmore.
The petition contains twelve counts set
ting forth the claims OF the petitioner. The
counts set forth that MIR. Elliott is a resi-
dent of Baltimore and that he Is the owner
Of twenty shares OF the companys stock,
which are fully paid; that the Girard Life
Insurance. Annuity and Trust Company
was appointed receiver and took charge of
the affairs of the company on July 81, 1898.
and collected sum aggregating nearly
$500, 900.
The petition also charges:
THAT though continuing said business.
said receiver has been most derelict In
making exhibitions to this court. under
whose supervision and direction it is sup.
posed to act. of its transactions, and in
spite and neglect Of its duty has utterly
failed to put either this court or the credi-
tors or stockholders of said defendant cor
poration In possession OF any information
upon the subject. 1t having treated said
business as II 1t belonged to 1t absolutely
rather than as IL committed to 1t in trust
for said creditors and stockholders.
"That no report has ever been filed by
ahid receiver, except the very imperfect
and deficient one filed on or about the 4th
day OF October, 1875, in pursuance of a
general order heretofore passed by this
court, which report this petitioner re-
spectfully represents as being remarkably
inadequate to convey any Ineligible idea
of the manner in which said receiver has
performed its duties. or of the condition of
the affairs of said defendant corporation
as the result of said receivers manage
ment.
That SO far as this petitioner is able to
interpret and understand said report, 1t
shows that when said receiver assumed
charge, on July 27, 1893. of the property
and assets of the Wilmington Dental
Manufacturing Company. the inventoried
assets amounted to the sum of $651 $50 Il.
While the indicated indebtedness
amounted to only s1S7, ,O21.s0. thus show
ing $3.4S of assets for every 81 of indebted
ness, OF which assets $131 .17460 were in
the shape of bills and accounts receivable
to meet S1S7,021.S of bills and accounts
payable, leaving an indicated Indebtedness
of only $55,S47.20 against the real estate,
plant, merchandise. formulae and journal
| of said corporation inventoried at $780,
| 3s5.11."
The petitioner thinks that from this re-
| port he is justified in believing and charg-
| ing that any efficient and capable ad-
| ministration of its trust by said receiver
| must have resulted in either freeing said
| corporation from debt or In placing 1t in
| such relation to its creditors as would
| have enabled 1t to resume the management
of Its own affairs, with the corresponding
/ benefit which must have ensued to both its
said creditors and stockholders"
The petitioner believes ''that notwith.
standing its retention of said recelvershir
for nearly two years and half. during
| which time the collectable accounts owing
to the defendant corporation and the mer'
\ chandise and other property II had OF
hand on July 81 1898, must have diminished
In value; said receiver has failed absolute
ly to show any act performed by 1t in col
lecting or attempting to collect said &C
counts or In selling or attempting TO sci
any Of said merchandise for the purpose o.
paying debts, but on the other hand 1t has
shown a large volume of business trans
acted, a large sum of money received
almost exactly the same amount OF money
paid out, without the slightest indication
or attempt, to show that any of the debt.
owed by the company on July 81, 1898. hay,
been paid.
1t is charged further. that the receiver
Seems to have exhausted Its time, abllt,
and ingenuity, during the period OF its re
ceiyership In deyising and formulating
plans of settlement; none of which havt
commended themselves to the judgment
of the stockholders as either acceptable Of
practicable"
The eleventh count asserts that the pc
titloner charges that the said stockhoid
ers and creditors have remained in sucl
ignorance of the condition of the affairs o
said defendant corporation from the fail
| ure of said defendant corporation
to make proper reports to the court tha
they have been easy victims of the cours
pursued by the receiver in its management
OF the affairs OF said corporation. whicl
management. In the opinion of this peti
toner. clearly calls for the removal of th
said the Girard Life Insurance, Annuit.
and Trust Company of Philadelphia from
the Office OF receiver