The sun., 1901-12-30

,St,3dk,s of,co. Tho matter was settled
oMetiy and qudcRly and the visisors is1t M
The city With the papers after having them
indmeed With the hour and minnee OF the
snnointment 40 % 10 guard against
counter movement on the part OF Others
TSs biil presented declared that the
Asphalt Company OF America was insolyent, :
and With IL was paper In answer, setdns
forth fort the he facts and admitting the insol olysncy
dn,jlar bill and an admission OF the IN
solyency Of the National Asphalt Company
were then hled with the court, Then the
appointment OF the feos've nrss va Tor afaeb hoeb
companies, and Mr.. Mack and Mr., Tatnall
were on hand TO be sworn in at once when
Mr. Shanley arrived he, too, was sworn IN
II was Mr. Mack who suggested Mr; onahney
as a responsible Jerseyman wnom ne. ne Anem Ssn
The whole proceedings occupied less tnaD
three hours, and the papers were aiI sent
tos d, OiIphant clerk Of the United States
Court at Trenton. He will probably file
them to-day.
.siertsd an un9 that neither OF the asphalt oom-
nanisa- -conoerned had any property other
Han the securities Of about seventy paving
COMPANIES and asphalt companies purcnaseai
spus time ago by the Asphalt Company oi
America, which then issued $50 'oooo ooo IN
aid oertiAcates to pay for the securities
OF the smaller companies and $I $SoIygy,.vGp ~
stook on its own account. The Land litle
ard Trust Company OF Philadeipma was
made trustee Of the certificates, and aiter,
vard the National Asphalt Company capital
IA COO 900. swallowed up the Asphalt Com
pafiy OF America. becoming responsible Ior
the payrnent Of the per cent interest upon
the ESQ. 600 900 and issuing Sd'ooo,oo more
gold certificates for working 3api.G, Sc
cured BY the capital stock oi the AspnAa'
Company Of America.
.G,dee Kirkpatrick asked what had be-
ooSne Of the 80, 100 600 and was told that over
4. 100000 had b zen lent TO subor1inate com m
panies as WORKING capital, about n;ooo,0oo
had been used In making up deficiencies
III Hsfntereet payments which had not been
eaffled and that the remaining 0,Ooo,ooos
pledged 70 the trust company as eecuIlty
for the payment OF interest upon tho sSe'-
100000 OF gold certificates
The chief cause assigned In the papers
FIR the failure OF the combination is keen
competition with which the subordinate
COMPANIES have recently had to contend
and which left them unable TO pay divi-
dends upon their stock, nearly all OF whioh
Not getting these dividends and failure TO
receive all of the interest upon It's loans 70
subordi mate companies have made the Ma
tional company unable TO pay the interest
upon the 100000 OF the bonds OF the
Asphalt e COMPANY ,Ps 5i that S am'f1 the Tst dsfauls
occurred last spring, when the National
company failed to pay bond interest
amounting 70 500 900, and In October there
was another default OF 500 900 followed by
the probability Of at least SsO'ooo being
due this week, with no possibility OF 1t being
net. Besides the National company Is
ex,ected 90 deposit with the trust COM
pany this week $500 900 as the first INSTALL
inent Of a sinking fund agreed to IN the
merger OF the two companies, lot the re-
damption of the ts0,O00,o 900 bonds and a
further sum as a sinking fund for the addi-
tional 5000, 600 Of National companny's
bonds II was figured out that the Ma
tionnl company would I've expected TO pay
about s2,5OO,0oo charge annually and
could not expect 10 receive more than
a 600 600 a year from the subordinate
companies.
The National Company. according to the
original announcement, was 10 pay ior
the Asphalt Company of America with
the 80 .OoO.ooo gold certificates and N2o0'0oo
Of It's preferred stock and $1,000, 900 of its
common stock, using the balance OF its
capital In acquiring other concerns, except
S2 $50 900 preferred and 100000 common
stock, which 1t was the intention to hold In
the treasury.
Mr.. Wortendyke Of counsel for the trust
said last evening that II was thought upon
the Organization Of the National company,
the present trust, the company had mon.
opoly, but that the ersnts of Saturday had
indicated that II hadn't The counsel repre-
eeutinx the trust interests issued state
While the earnings Of the subsidiary or
operating companies during the present year
have been very large, yet they are not sll-
ncientiy large 20 meet in full the hSed charges as
70 pfesrrv the property intact the protective
committees who now represent the majority
t6at glits should he brought and the appoint
ment OF receivers asked for
The. Land Title aud Trust Company %
the 5000, ,OhO, issue OF gold certificates of
the Asphalt Company 81 america, nnd the
Ttty, n u. Rnshton and Sewall. repre-.
ssntlng more than "A majority oi the $4,000
issue Of gold ccrtttcates and oi th" prsis5rsia sii
Company, filed hills Of complaint and Judg"
Kirkpatriok appointed the receivers ,-,,.
National Bank of Phladolphia Mr. Mack
l. ths Nio+- President oi both cOmpanles.
and ihor2nshly rHp'i'SInis'a ~ the s%nuuJ. I.ui
dent Of Newark and w"l-known contractor
ard basinsss man Mr nln'll ana M
have taken possession II The uHioes aud assets
TIL. rrooaedirg does not IN any way arect
or intsrferD With the r"gulIr transaction ~
the busina-. of tie -sh-.diary oompanies.
such ss ,he Bar',.f Asphalt PAVING Company.
~ NsS .siaIa a,a et%pA,g @ g"a Gon,@g %si iIc "
CllsoD AsphuliuW Company Ud ",hTt'. hli
(which are actively 'hshf'n lu 'nI asnnl
inc duriuf 'hs oHt"n' '-Hf
Ths oonmittscs representing a large ma
loTiiy Of all Dlr securities 0l w.. Ifopu'atb
oompAslas have for some Time had au ll i".
ta.li.nt Alldltor 'lEaFrd upuu tho Nolk ~
sIhminipE th' usruuulr ui ilrr" con i1nl"s
ard III flis subsIdIlfy tofUp4fIt# hbd a. fn1n
a. ths audt Is rOmulrird .u1 fhr tFufr7
are sulsfitttsd 60 thf CIUIHiirsH u AIT lf
possible ia then g. 'pn..d'I 400 l"f .,l.' q
4 llAn fnf rad ustlus llr Hstuuirs H w"
Ifolfl.f aTy tuIuuHnIre 90 fafu .id &C.
asN basE vhirl .sasll h' Ius'ifed ~ ln"
ngsual cafrins. - thr suisidIlff cot. thri"s
Tbo National oumpary's hYudH arr hold
lATasly bY IhlladrlI IaI.r. uWurE ilD lifg'a'
hSldrFr Bling q A b M,drnrr hud william
a. Ekins
I.AH asHnHI AHlAIAIAID