Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-07-08
SUITS AGAINST TRUST
Efforts to Recover Enormous Private
Profits Of Asphalt Company Of Am
erica-ln Interests of Creditors.

Trenton, NJ j.. July s.-General Fran
els V. Greene, police commissioners of
New York. and other promoters of the
Asphalt Company of America. will be
sued by the receiver Of that trust to
recover the enormous private profits
they are alleged to have made when
they transferred the stock of the sub
sidary companies to the newly organ
ized trust.
Judge kirkpatrick of the United cir
cult court, yesterday authorized Re-
ceiyer Henry Tatnall, to begin the suits
in the interests of the creditors of the
trusts.
AT the same time Mr.. Tatnall also
asked the court to authorize him to
begin suits to collect unpaid subscrip-
tions to the company's stock, sS0,000,-
900 being issued, and only $6,0O0,000 ac-
tually paid.
The names of the promoters mention
ed in Tatnall's petition are:
Police Commissioner Francis Greene,
of New York; Amzi l.. Barber. William
l.. Elkins, and George w. Elkins. j. j.
Albright, Edward Hayes, c. Is. Robin
son, E. Burgess Warren. George d.
Widener, Sidney r. Tyler. William j.
Latta, William II. Crocker. and Henry
C. Spinks.
Receiver Tatnan charges that Gener-
al Francis V. Greene, A. l.. Barber and
George M. Elkins transferred 39,975
shares of the United Asphalt Company
to the Asphalt Company of America,
on which they made a profit of $2,941,-
600.
From the sale of 9,493 shares of stock
of the Warren Scharf Asphalt Paw
ing Company for s2,27S,32o in gold Ger
tificates, the receiver AYERS Messrs.
Barber, Greene and Elkins made a
profit of s7O9,97o, if figured at the high
est selling price, or s339,0s6, If figured
at the lowest selling price of gold cer-
tificates. The par value of the Warren
Scharf Company stock was 500 share
and it was put into the trust at s24o
a share.
A greater portion of this stock, 1t is
alleged, was acquired by the promoters
between the time the scheme to form
a trust was evolved ana lhe liiHe ~
was sold to the trust.
From the papers in his possession the
receiver says 1t appears that the money
to purchase this stock was furnished
as follows:
Some of the Returns.
j. ]. Albright, S115,S75, in return for
which he received $176,130 in collateral
gold certificates.
A. l.. Barber, s233.175, in return for
which he received $354.426 in gold GER
tificates.
Francis V. Greene, s5O,550, for which
he received s76.S36.
Edmund Hayes, $64,950, for which
he received s9S,724.
c. K. Robinson. $20,325, for which
he received s3o,S94.
George Widener, $49,S00. for which
he received $75.696
p. b. Warren, $215,S25, for which he
received s32T,294.
George w. Elkins, William L. Elkins
and Sydney f. Taylor. s250,000 each, for
which they received s3S0,500 EACH
Similar items regarding other COM
panies are enumerated. The receiver
states that all the assets of the As
phalt Company of America. both
pledged and unpledged. have been sold
for $3,3S0,000.
After distributing all the moneys due
the company. the receiver says there
will remain due and unpaid to creditors
of the Asphalt Company of America
more than $27,75O,Oo0 by way of de-
ficiency in their claims. The receiver
says in the event of a call being made
for the whole amount unpaid in the
shares of capital stock, and even
should all the stockholders respond,
there would still remain deficiency of
at least $3,750,000.