New-York tribune., 1903-07-07
JUDGE ORDERS SUITS
AGAINST ASPHALT MEN.
Barber, Greene and Others Got I'm
far Pro its, Says Receiver.
lqy TELEGRAPH TO. rHr rzrBuxEl

Trenton, n. J., July G.-Judge kirkpatrick
signed an order in the United States Circuit Court
to-day directing Henry TatnaII as receiver for
the Asphalt Company of America to bring suit to
recover profits alleged to have been illegally
made in the organization and manipulation of
the affairs of the Asphalt Trust. Those who are
u be made defendants in these proceedings are
FraItcis Y. Greene Amzi L. Barber George w
Elkins, J. J. Albright. Edward Hayes, c. +
Robinson, f. Burgess Warren, William L. Ell
klns, George D. Widener, Sidney F. Tyler. Will
lam j. Latta, William H. Crocker and Henry c.
spinks Spinks has made number of unsuc-
eessful efforts TO force different plan of reor-
gsnization and settlement IN the winding up
Of the defunct company's affairs
Judge Kirkpatricks o-der was based on
report presented by Receiver Tatnan to-day,
recommending that suits be brought against
the stockholders named for S24 900 900, alleged
20 remain unpaid on the stock issued to them.
On the capital stock of the company, consisting
OF 100000 shares par value $50. it is charged
that only $40 share has been paid The re-
Tort shows that all the assets of the Asphalt
Company of America have been sold for So $780,
tOO. and that after distributing all moneys re-
ceived there viii remain due to the creditors of
the Asphalt Company of America more than
%z',ZooooO. Even should a call be made on
an stockholders for the amount unpaid on their
1t is charged by the receiver that General
Greene George w, Elkins and Amzi L. Barber
by the transfer of 39975 shares of stock of the
On'ted Asphalt Company to the Asphalt Com
Eany Of America made a profit Of 81 9i1 SOB.
figuring the collateral gold certificetcs they re-
ceived in return at the highest selling price or
S2,666,J6O, figuring these certificates at their
lowest selling price. The sole assets of the
United Asphalt Company, it is alleged. consisted
al ctO sNfo fIar l. =,
also alleged that from the sale of 9,493 shares
OF stock of the Warren Scharf Asphalt Com
pany for $2.2TS,320 in gold certificates, General
Greene and Messrs. Barber and Elkins made
profit of $T099I0 at the highest price of the
certificates, or $539.O96 at the lowest price The
receiver says the par value of the Warren
Scharf stock was 500 and it was put into the
trust at $240.
The money to purchase this stock, the receiver
says furnished as follows: ]. ]. Albright,
$115.S75 in return for which he received $176-
130 in collateral certificates; A. L. Barber $233,
175, receiving in return $354 426 in certificates;
Francis V. Greene $5O,55O, receiving S76S36;
Edmund Hayes, $64950. receiving $9S,7 c.
K. Robinson. $20.325. receiving S3OSI4; George
D. Widener, $40 800 receiving ST5,696 f. B.
Warren, S215.325. receiving 1921 George w.
Elklns, William l.. Elkins and Snyder F. Tyler,
$3.50 900 each, receiving $3S0OO0 each.
The receiver charges that Messrs Greene,
Barber. Hayes, Robinson Widener, George w.
Eikips and Warren. after the plan had been
con- eve s. purchased the S5ock of the new Trim
idad Lake Asphalt Company at S48 so share
and put it into the trust at 800 a share,
making a profit of S73,477.
William H. Crocker. one of the promoters. is
charged with selling to the combination 1860
shares of the AIce traz Company of West Vir-
gina at Sc a share the par value being 50. At
the time of the formation of the trust Crocker,
it is alleged owned only 4O1,32O shares of the
Alcatraz stock and the receiver says he has
been unable to ascertain at what price he ac-
quired the additional stock He expresses the
belief, however, that he made a handsome profit
on the deal and that his profit is Illegal
1t is further alleged that Crocker also trans
ferred to the Asphalt Company of America
2S S725 shares of Denver Paving Company stock
at S5 Il a share the par value being 81 a share.
William j. Latta, it is declared, transferred
to the American Company 800 shares of the
Alcatraz Paving Company stock, the par value
of which 800, and for which he received
$500 snare. Prior TO the formation of the
plan Latta according to the receiver, owned
only thirty shares of Alcatraz stock.
Harry c. Spinks, who has brought half
dozen suits attacking the reports of the receiver
and making allegations Of fraud, is charged
with transferring ,995 shares of Southwestern
Alcatraz Asphalt Company at S64 a share TO
he trust.