New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-04
CYCLE TRUST RECEIVERS.
A COMMITTEE TO REORGANIzE THE
COMPANY URSIDTARY CONCERNS
NOT AFFECTED. IT Is SAID.

On the applfcatfon of Elliott Mason. Of Brooklyn
ana Emma Is. -Stimson, of Newly ork a' ltei'toi
yesterday. Judge kirkpatrick, of the Chlted oId'eS
Circuit Court, appointed Colonel Albert \. rope
X Lindsay Coleman and John A Miller receivers
FOR the American Bicycle Company MIR. Coleman
Is president Of the company. and totonet rope was
the chairman of the executive committee ur'i
some months ago. when he resigned the chairman
snip. nut retained his membership in the COM
mittee The following have consented to act as
committee to reorGanizc the companys ana1rS:
George + Crane, of Barring MaGoun & CO.. George
y. Read OF Nernilye & Co: George W Young OF
the United States Mortgage and Trust Company;
T. s SmithcrS. OF +. : Snlfther5 & 90, and cot
gate Hoyt. Of Colgate Hovt & Co
According to Paul Walton, the secretary of the
company the troubles of the trust will not inter
ferc IN ans way with the subsidiary companies
known a. the American Cyc,e Manufa curing Com
Panyr the International Motor Car Company. the
fe'eF"i manufacturing Company ANA the National
Battery COMPANY
me dents Of the American Bicycle Company are
scheduled as follows Interest on debenture bonds.
que September /. s22aooo; due Barring. Magoun K
Co. on demand. $1,000, due National Battery
company. $3.50. due +. Smithers X Co 55S.JI3 6S.
que f'deTaI Manufacturing Company $4,000 The
Dill OF complaint alleges that he company has not
in i'm, In ~ "lntL 641hclent money can ne FedHA.u
,,i,ga, -, =" me company deldult on us
TfPls5tt2nS, III. company is furthermore liable
MarSh insta!ment OF interest paid, but &C
cordlng TO the bill default occurred on the Sep
SIaFeE a. the Comranys stock. and the other
hiaintih owns eight uf the debenture bonds
,oc I on M. company has paid up capital stock Of
s-oSSo ~ For two years prior January last N"
company MAS actively engaged in the manufacture
ana SAFE 81 bicycles. automobiles. etc. but on IN"
latter day, Say the plaintiffs il became mere
holding company transferring its assets 20 corpora
lions having outstanding capital stock held
owned by the company. The assets ~ the holding
company include $s,rnG0 par value of the cartal
stock Of the American Cycle Manufacturing Com
pany. actual value. according 10 the plaintiffs.
100000. stock IN the International Motor Car Com
pany; par value &oCp, actual value ss"""; stock
Of Federal Manufacturing Company. par value
$4,000. actual value * 5000: stock of National
Battery Company. par value S2l5Eo, actual value
&p,Nn Tn" company has $500 Of the stock nf th"
harvest Coaster Brake Company and SSiGrl OF tn"
stock Of the Auto Street Sweeper Company, the
actual value Of which Is declared 10 b" merely
nominal" and SIi6J0G par value Of the stock of the
American Wood Rim Company the actual value OF
which Is $4,000. Other assets are: Accounts re
Ceivabe. SGlSJ cash in bank. S4,Dv and the follow
ing plants: At Syracuse. $1,000: at North Buffalo,
S36 90: at ThOmpSouViIle. Conn 5000, at Hartford
$4,000: at Reading. $oHoo; at Chicago x5oo9: at
shelby Ohio SO go and At North Milwaukee
$4,000. Their. beside miscellaneous assets at
various places IN the United States and Europe
estimated at $500
The suit is a friendly and has been instituted
50 that the business may he continued under re-
org luizatioH plan that is now being considered