New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-26
CAR-BUILDERS IN TROUBLE
RECEIVERS APPOINTED FOR THE JOHN
STEPHENSON COMPANY.

ASSETS AMOUNT TO s1175. 77e-UNABLE TO DIS
POSE OF NETWORK REAL ESTATE.
The John Stephenson Company, Limited. car
builder whose headquarters at No. Il East
Twenty-seventh-st is In financial difficulties and
Justice Cohen of the Supreme Court, has appointed
Albert A. Wilcox of Paterson. y. j., and Louis
Stern. OF New-York City, temporary receivers III
proceedings brought by Sullivan Cromwell on
behalf of the directors for the voluntary dissolu-
ton Of the corporation The bond of the receivers
was fixed at $4,000 and order to show cause
for the dissolution set down for December .
before James VI. Varnum, referee. The applica-
ton was made by Charles II. Davis, the president;
Leander VI. Deamater, secretary and treasurer; a.
L. Phillips and b. p. Flint directors. Their petit
ton stated that the payrolls amount TO 800
week; that there are now due and unpaid claims
for materials and supplies amounting TO sl25."o
there are also maturing from day TO day bills pay
able and there are outstanding demand loans OF
the company which cannot be met az they fall due
the credit of the company Is impaired to such an
extent that It has become impossible to obtain a
renewal or extension Of bills falling due within a
few days amounting 10 $4,000. The company will
be unable 10 continue Its business and meet It's
payrols as they have matured. or will mature, and
the company is insolvent 1t was the opinion OF
the directors that II for the best interest OF the
stockholders that the company be dissolved and re-
ceivers appointed and unless the business can be
continued its contracts completed, It's plant utilized
and kept going concern. large part OF the
value Of the will be destroyed or greatly
impaired L. VI Delamater. the treasurer. stated
that the company has obligations falling due
IN the Eext four months aggreeating over s2d1"0
which It is unable to meet The company is en-
gagged IN carrying out number OF important and
valuable contracts. from which. II they can be
completed. considerable profit can be realized.
which will be of benefit to the creditors Of the
company.
IT..
the principal items Of which are Cash in banks,
$3.50; cars delivered and finished. sE73s; car
frame up. $500 cars in progress ordered <l0o335
reai estate at Larchmort. 1854; real estate In
Nsy ~ ?rH W s new ' ps 9i ss BAN new Paat
other items, $3.50; machinery and tools. $50.
is at Nos 429 and 49, East Twenty-hfth-st. mort
gagged for 5000, No i2S to 432 East Twenty sixth
Twenty-sixth-st mortgaged for $1,000, and in
wenty-seyenih nnG Twen'y eight oew ofl
fnn@rtgagcd FOR s.; go ard the Bayway properly is
mortgaged for $500. total mortgages $1,000; The
liabilities are not detailed in me Pape's ilied IN
Mortgages, $4,000, notes maturing from now until
March l3 next. $4,000; accounts payable. $3.50;
tine bills PAYABLE. 81 2Ci, o6ligatlons for goods
ordered but not delivered NI,5i; bills charged to
new works az Bayway, 27s'1; obhgations due on
The business was established many years ago by
John Stephenson. VINO lied on July 81. 1893. at tho
heeen d IN efiy manageen for some years prior to
his death. The present company was Incorporated,
'Bradstreet's' reports state under New-Yo DIRK laws
I'm 1875 with a capital stock Of 10000. which
reduced to $4,000. The company has always done
a large business principally in street line
Some years ago the company purchased some
property in I.archmont with view Of constructing
new works there. but 1t was afterward decided to
build at Baywav. near Elizabeth. y. j., where III
acres were purchased ard a large factory erect
ed which has Jus; been completed large amount
was invested in the new factory and considerable
amount was borrowed for that purpose. The
pany expected to pay off the loans by the sale of
lis New York real estate. but unable to dis
pose OF the latter as expected The principal stock
holders in the company II. c. Valentine $4,000:
G H. Davis 81. 0D) j. a. Tackaberry, $A@s0. L. NJ
Deamater. $780, Noah I. Rogers $500 and d. S.
Eglcston. &. sJl.