New-York tribune., 1907-12-11
BIG AUTO FAILURE.
n. J. Tehicle Concern, $50 900, 900
CanitaI, IN ReceiUers' Hands.

1uSge Cross OF the United States Circuit Court
at his home in Elizabeth. n. J.. yesterday, ap-
pointed Hasey NJ. Barrett. of Bloomfield, N j.
and Henry w Muckless receivers for the Electric
Vehicle Company. 800 0po.Oo0 New Jersey corpora
ton, with plant at Hartford. Conn. The re
ceivers are bonded for $4,000 each. The Hartford
Rubber Works Company. which has a claim Of
slI 7s5 65 was petitioner Inability to get
ready cash is said to be the cause of the Electric
Vehicle Company's trouble.
Judge Cross adjudged the company to he in
solvent because it had defaulted in the payment
of S5OO0OO per cent gold bonds which
tured on November /. The indebtedness consists
OF these bonds. secured by mortgage property
of the company held by the Morton Trust Com
pany, OF New York: notes aggregating $685. so
and accounts payable amounting TO 500 $50 81
The assets placed at s14 04 432 A. OF this only
$1,000 is in cash. the rest consisting of the plant
patents, stock, accounts payable, etc.
Judge Ward, in the United States Circuit Court
here also appointed Halsey M Barrett receiver
and William S. Mong gomery of this city. receiver
of the property of the Electric Vehicle Company.
The bond of the receivers here fixed jointly
at IS 900.
"Moody's Manual for 1907 gives NJ. ]. Budlong
as president of the Electric Vehicle Company,
Walter C. Henderson treasurer. II. w. Kyle as
secretary and assistant treasurer and the directors
these three men and II. II. Vreeland Grant B.
Schley, jr., NJ. Gavin I'd, Albert Taylor and w
o. knudson There have recently been several
changes in this list, Messrs. Vreeland and Schley
being longer directors ana MI HENDERSON nav
ing succeeded as president Mr. Budlong, who is
now president of the Association of Licensed Auto
mobile Manufacturers of America. The Electric
Vehicle Company is the of the "Selden
patent" the basic patent on gasolene automobiles
which it receives royalties from the manufact-
who members Of the Association OF
Licensed Automobile Manufacturers
Isaac L. Rice, now president OF the Consolldated
Railway Lighting and Refrigerating Company, the
Electric Boat Company the Casein Company OF
America and several other corporations, was the
organizer OF the Electric Vehicle Company, which
has Sl1 100000 common stock of which s104 600 is
outstanding and s9OOO0OO s per cent cumulative
preferred stock which $S.1450O0 has been issued
In 1899 the Whitney Ryan Widener Dolan syndicate
acquired a large interest in the company, and IN
December 1900 George H. Day, of Hartford, repre-
senting the Pope interests became president Ihe
board of directors at time included. in addition
to Mr.. Day, Colonel A A Pope. Martin Moioney,
Isaac L. Rice and personal representatives. o.
Messrs Whitney and Ryan
OF the stock of the Electric Vehicie company
S3152 800 preferred and ST. 800 common, IN add-
ton to $4,000 bonds, owned by the Electric
Storage Battery Company of which Herbert LLOYD
is president Grant B. Schey is :irst vice-presdent
W. c. Henderson, now head OF the Electric Veh-
Gle Company is secretary and treasurer. and
Thomas Dolan, Rudolph Ellis. Herbert Lloyd
George D. Widener. p. A. B. Widener, Anthony
n Brady, II. p. Whitney, H. H. Nreeiand and
Grant B. Schley directors