The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1895-02-16
RECEIVERS NAMED
For the Mccullough Iron Company.

bill was filed in equity on Wednesday in
the United States Circuit Court. in Whining
ton, asking for the appointment of one or
more receivers to take charge of the affairs
of the Mccullough Iron Company.
The billwus flied by Benjamin Nields, ESD,
representing Henry Whitley. of Philadelphia
one of the leading business men ot the firm.
\ representative of the company was pres
ent when the bill was filed and admitted that
the statements made were true.
After this answer had been made Mr.. NieIds
asked that Mr.. Whitley, and the Girard An
nuluy and Trust Company. of FhduIelphid,
should be made the receivers, and they were
appointed by Judge Wales. Each of the Re
ceiyers llIed a bond for 100000
The Mccullough Iron company h., works
at North East and Conowin%o this county,
and at Philadelphia and Wilmington. The
Philadelphia branch of the firm is run under
the name OF Mcdaniel and Harvey. The
works at North East. which manu- ulacturc the
sheet iron, were partially burned down on
October 10 last but have since lcen rebuilt
ON an improved plan.
Mr.. Whtciy was in EIkton ON Thursday ON
business connected with his rcceivership. To
"A representative Of the WING he stated that
this action was taken to straiehtcu up the
company : AFFAIRS. which had gotten tangled
up owing to the long continued Disagree
ment existing among the members OF the
company. He did not anticipat" any stop
page vi the works, which III any cilse would
only be temporary. For some time 1t has
been known THAT Messrs. Mcdaniel and Har-
vey differed widely III their views as TO the
management Ol the concern. ana out OF winch
state ol affair, consideraDI" litigation has
sprung.
EKuCEEpiNGs ~ rE,II.
Il. c. Tnarhory and {. G. Crolnrrs. attor-
nryo, nlcn I. uIll III equity. asking ior the
appointment oi receivers py the Cccll County
Court.
The Diil OF complaint OF H"nry Whucly vs..
the Mccullough Iron Company. Il corporation
existing under tine laws ot the state o. Mary
land. shows ina, Che capital sto X OF tn" sand
Mccullough iron Company now amounts TO
four hundred ana IiDly thousand dollars,
divided into four thousand, live hUuared
shares at 200 per snare, mat said capital
stock is luiI. pdid, and that the complainant is
the owner oI ,puy shares. par yau" Ol =4OOO.
Fifth. That the cUnpnunanr Is informed
and believes, ant luerc,or" AYERS Inat
SAID defendant corporation. the M"tui-
louSh Iron Company, not able 10 pay
its arcrumg deUJ~, when ana a. the sane
bcrume due ana payable, and Is lnsoIyent;
that OWING 10 tnr dus-nas,ous and DISAGREE
mcnts among certain OF the stockholders;
the linanc4al depression which has prevailed
for IA long time past ani stIu prevails, and 10y
reason ul slita nov pending against said
company, there Is 2rcat danger that The
property and effects OF SAID company Will he
n"rdlce-iy sarrillced and great loss caused TO
its rlnsal.sieu creditors and Stockholders,
unless tins Honorable Court shall AT one,
Interfere to protect sad company, and take
possession ui and administer It~ property
uHIcr ana by virtU" Of Its equitable powers
sixth. the said defendant has a consider
able number Of contracts IOr its pro luc,s
which VII require 1t to contlnu" business ana
winch when performed, Will, it is expected,
yIGid "a considerable profit. Ii lheS" contract
De not Perlorlh'u IL ana II" 'r'nllor' VIII be
Su'J''''' 10 great loss us business Is Il val
u''le one eA'eh"lie over " "''e area ANA II
h'aliiIalhc"' WILL 1t Is oel'e'ed' ehaple II
to pay some, il not all, OF its indebted
hess. II its Indebtedness pr not paid
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~Ih" bill prays that wit OF subpoena he
directed 10 IN" shid Mr' "I"uSh iron Com
ranN, ""AhtaihHhS III To appear III court ana
answer the premises ana aid" iE and per
form Su'h DEGREES is may "' passed therein.