New-York tribune., 1907-08-15
POPE CO. In TROUBLE.
pFCETVER APPOINTED.
Ranks CmtaiE Loans-Assets Far
Eroeed Liabilities, 1t Is SAID.
TBv Telegraph 20 The Tribune ]

-. T. Pope. Of this city, vice-president of
o. po,a Manufacturing Company. manufact-
= ~ automobiles and bicycles. and son of
-s,aea Albert A Pope. the founder of the great
...,,oes was appointed to-day auxiliary
tor ~ the Pope company and later furnished
,ona for 100000 The receiver is authorized
:. ,,,rchase supplies and to employ such labor
:, be NAV deem necessary
. nay discount notes payable 90 his order
,as,er and. for the purpose of conducting
- business may borrow money not exceeding
,v one time $4,000 He may pay current
an. for labor such constitute preferred
,s-,s against the company, and may pay such
N-.-,,,nns as may be necessary 10 keep insured
-, nronerty of the company as ought TO be
Insured
The receiver Is ordered 10 make an inventory
:. ..a corporations assets and 10 collect its bills
80, accounts receivable. Another hearing will
;, bs,s On August IS before Judge Case, when
,s-orr from Mr. Pope will be submitted.
The receivership was ordered on the applica-
ON, of the MacManus- Kelley Company, of To-
,sso an advertising concern, which is a creditor
= he Pope Manufacturing Company In its
,s.;ign the MacNanus- Kelley Company de-
rs-ad that the Pope company had become
s-sncially crippled and had suspended its ordi
,a-v business for want of funds to carry on the
sane.
COMPANY COULDN'T RENEW LOANS"
Colonel Albert I. Pope said last night:
The assignment due the company's
inability TO renew its loans on account OF the
srringency in the money market. The quick
assets are several million dollars more than the
liabilities The business will be conducted the
sane as heretofore. and the company will re-
main d going concern. The assignment will
make no difference TO the company's hundreds OF
agents all over the country, TO the thousands
Ct persons who have bought Pope automobiles" :"
Colonel Pope has also been appointed receiver
Of the Pope Manufacturing Company and its
oontroled company. the Pope Motor Car Com
pany in tgo judicial districts Of this state, and
n Connecticut and Massachusetts. In New
Jersey the home state OF the Pope Manufactur-
ing Company Vice-Chancellor Howell has ap-
pointed Colonel Pope and Egbert J. Tamblyn. a
Newark lawyer, receivers OF the two corpora
cons. Receivers viii probably be named to-day
~ the courts in Illinois. Ohio. Indiana and
Maryland. where the companies have manufact-
erag plants.
Albert Rathbone. Of the law firm of Joline.
Rsfhbone & Larkin. Of this city. counsel for
The receiver. said yesterday afternoon:
the case Of the Pope Manufacturing Company
and IFS subsidiary company. the Pope Motor Car
Company. arises from the cJrtailment OF credit
snd reduction Of loans IN notes. IN other words.
ths -eceivership proceedings are the direct out
oore Of tie present rigid money conditions
Loans were falling due and the company was
unable 10 raise funds with which 10 meet them,
50 that The placing Of the company in the hands
G a receiver seemed 20 be the only alternative
which would conserve the rights of creditors
Ks have every reason 10 believe that the assets
are worth many times the amount Of the liabil-
fiss If the company continues as a going con-
oe-n- We expect that such will be the case"
STRIKE HAD SOMETHING TO DO WITH 1T
An interest closely identified with the Pope
company said that its troubles Were in meas
u-e due 10 q six months strike. ended not long
ago. al its Toledo plant The output Of this
factory was four hundred cars a year, selling al
$40 each OF this years production nearly
'so hundred cars. because of the strike. could
not be completed IN time to be turned over as
contracted, and the contracts had been can
celled by the purchasers. The failure to dis
pose Of these cars meant the tying up OF a large
amount Of capital. the company's position being
weakened also by the fact that the end Of the
Season was az hand. and the banks both in this
snd other cities, instead OF granting any addi-
aoaai accommodation. had lately given the COM
lany smaller credit than had been their rule
10 The past The company. this man said, would
p'ooably be able TO pay ali creditors in full AS
10 the prospect Of a reorganization. everything
depended upon the action which the courts
might take
Ihe Pope Manufacturing Company is a re
Equalization of the American Bicycle Company
which went into a receivers hands in Septem-
Der 1902, and was incorporated in New Jersey
n February. 1eG5. 1t has s10,000.000 common
s'ook. all outstanding; s2.5O0.oo0 per cen
cumulative first preferred, Of which s2.3s0,s7t
Issued: and s10.00o,000 per cent cumulative
second preferred. Of which 100 is out
sanding. All OF the stock is in a voting trust
WINCH VIII terminate February i, 1903 Ths
company has no bonded Indebtedness. The bal
snce sheet as Of July 81. 1906. showed total as
sets OF S23. ,l55, and surplus for the year o.
s1s.eso against s23.s59 IN 1905 and s50e93 IN
lsoi Among the liabilities shown in the bal
anoe sheet OF that date was an item OF bankers
loans. i.ls7, ,5oO-"
ASSETS APPEAR TO SWAMP LIABILITIES
The petition Of the MacManus-Kelly Company
states the assets Of the Pope Manufacturing
company On June %. 1907, according TO thei
oook value, at S7.724 21s, and the liabilities a
sA1os,ses, including notes aggregating Sl.OOS
Va The assets Of the Pope Motor Car Com
p1ny On the same date given as S3.4S1,354
sno the liabilities s512972. the latter includ
Ax s-sI.ol2 CT notes. The total assets OF th'
so a COMPANIES. therefore, are set forth as SILL,
~N'o1 and the total liabilities S1972.S26.
me MacManus-Kely Company petition say
a' the Pope Manufacturing Company ha
heretofore been able to carry on its very larg'
ousiness By reason Of the fact that 1t had
,'''owins capacity OF S1.30o.ooO a year and tha
~"s 70 that amount had been necessary to tn
0oHunuanee Of its business: but that sine