The Washington times., 1901-12-30
HEAVY CRASH
IN ASPHALT.
Competition Drives Two
Concerns Into Court.
THREE RECEIVERS TO TAKE CHARGE
National Asphalt Company and
Asphalt Company of America De-
clared to Be Insolvent-Papers
Submitted and Appointments
Made Late Saturday Afternoon.

NEW YORK. Dec ss-Judge Andrew
kirkpatrick OF the United States District
Court of Newark held court in his ofice
In Newark yesterday afternoon to oblige
j number of men from Philadelphia and
this city. who telephoned that they we're
on The way over to arrange for the ap-
| pointment Of three receivers for the Va
| tional Asphalt Company.
Word sent on Friday.
| He had received an fntimation on Fri
| day night by wire that he would be asked
! to act in this case. The visitors were C.
B. Alexander, of Alexander & Green. OF
120 Broadway. this city. representing tho
Land Title and Trust Company Of Phila.
delphia. trustees for me holders cf $780,
OoOO0o of the per cent gold certificates
issued by the Asphalt Company of Amer
lea. for interest upon which the National
Asphalt Company is responsible; Julien T.
Davies. of Davies. Stone 4 Auerbach rem
resenting the Asphalt Company of Amer +
ica; Gen. Avery d. Andrews, for the M. g.
tlonal Asphalt Company; Jacob B. Woort
endyke, of Jersey City. for the same com-
pany. and John NJ Mack and Henry Tat
nail. OF Philadelphia. whom the lawyers
had arranged to have appointed receivers
should the consent OF the court be given.
Papers Were Prepared.
All the papers in the case had been
prepared by the lawyers. and the oniy
mitch was that Judge Kirkpatrick, Insisted
tnat prominent Jersey man within his
ulstrict should be appointed one of the
receivers He telephoned to Jobn If
Shaniey. wealthy contractor of Tswart
ana Stanley consented 10 serve. and bur.
rled to Judge Kirkpatrick's Office.
Inc matter was settled quietly and
quickly, and the visitors left the city with
the papers after having them endorsed
Win the hour and minute of the appoint
meEt. so as to guard against a counter
movement on the part of the others CON
cerned
The bill presented declared that the
Asphalt Company of America was ,nsoIv-
ent and with it was paper in answer
setting forth the facts and admitting tho
insolvency. "A similar bill and an admis-
sion OF the insolvency OF the National
Asphalt Company were fled with the
court.
Receivers Asked For.
Then the appointment OF receivers was
asked TOR by the representatives OF both
companies present, and Mr.. Mack and Mr..
Tatnsli were on hand to be sworn in at
once When Mr.. Stanley arrived he. too.
was sworn in 1t was Mr.. Mack who
suggested Mr.. Stanley as a responsible
Jersey man who he knew
The whole proceedings occupied less
than three hours and the papers were
all sent to S ID. 0liphant. clerk of the
United St,tes Court at Trenton. He will
probably ne them tomorrow
In the course of the proceedings II was
asserted that neither of the asphalt com
panies concerned had any properties other
than the securities OF about seventy paw
ing companies and asphalt companies.
purchased some time ago by the Asphalt
Company OF America. which then issued
$50, GOO. 600 in gold certificates to pay for
the securities of the smaller yompauies,
and $50, zee 600 stock on it's own account.
Competition to Blame.
The chief cause assigned in the papers
for the failure OF the combination is the
too keen competition with which the sub
ordinate companies have recently had to
contend. and which left them unable TO
pay dividends upon their stock. nearly all
Df which Is held by the National Asphalt