Weekly Arizona journal-miner. [volume] (Prescott, Ariz.) 1903-1908, 1907-11-20
RECEfvERsHIP FOR SHELTER IS
REFUSED.

Full particulars of the appl"aiin'
tor 90 receiver for the COu,olid1t 10
Arizona Smelling company appear 90
the Ncw York Commercial. iu its Ia
SUE OF tine nth which reached hero
yesterday II contains thc gratifying
information fhat the rr"oi,tr.up wa.
denied, and that plans nrc bong de-.
yi,cd TO supply the company with q
working capital for tic resumption 1T
business ai It's mine, aui -mcltrr- The
article Says:
can application wa m,dc iu -
United States court Yesterday at
Trenton. y. w.. for the appointment 81
receiver, for the Consolidated NIi1'ut
Smelling company ard fh' Arizona
Smelling COMPANY Tho rocci,cr.hir
i, sought 10y the creditors of the com.
pauics. who alcgc insolvency, aud ask
tina, Toe concerns bc pm, into bank
rupicy.
Frank T.. Crockcr of New York
Shepard for the company. The appll.
cation was heard before .Iudgr Ian
ming. who declined Ia appoint re-
ccivcr. rcmarking that the company
seemed tn be- solvent. and that wa
might be- found To- prevent liquidation
of it's affairs. lie accordingly adjourn
ed the proceedings until Friday. Ono
Of the principal creditors is Wallace y
CO. Of New York. whose claim amounts
to Si0l,69l The statement Of assets
aud liabilities presented TO the court
showed si,000,o0o assets. ~ compared
with $500. 900 liabilities.
"This is the enterprise that Thomas
W. Lawson bought a small interest In
las, spring The ccmpany's stock has
sold as high as - share. hut re-.
Gently declined to - cents on the local
curb.
"Th'sa enterprises represented re
organization and consolidation of the
Bradshaw Mountain Copper company,
De Soto and Blue Boll mines and thu
smcltcr. The site of tnc smcltcr WIZ
that upon which the Val Verde com.
pany originally had a small plant near
Prescott, Ariz. The name of the place
was changed from Val Verde 10 Hum.
holdt. when the Arizona company too,
charge of the property.
"Tlic smcllcr has been IN operation
for almost n year. aud at one time WA
handling GoO tons of ore day. the per
ccntagc being distributed among ores
secured from Navapai county, Arizona.
blowing in of the Smcltcr gave the dis
irict u great impetus. rs many mines
were able To ship their ores which had
heretofore been unable 10 secure an
outlet for their product.
"As most of the copper ores were
purchased on an ascending market. the
concern found itself with several mill
ion pounds of copper on hand when the
slump came. As the declines continued
the loss became greater and finally,
when copper reached its low price OF
II cents. several weeks ago, all ,hc
profit and surplus already accumulated
was practically wiped out. The smclter
was recently shut down and "a the
eomPany's ore fund had been impairc
il has been r,morcd for some time that
the appointment of n receiver would
he asked for soon.
son the return of the attorney to
this city, yesterday afternoon. negctia.
tions were at once begun with the 90
jet 81 devising a plan for taking care
Of the compsny's floating indebted.
ness and supplying II with working
capital to bc used on tne resumption
of business at its mines and shelters.
These. 1t is said, will be opened ny
soon as the improvement in the cop.
per metal market becomes more pro-
nounced. Practically all of the in.
debtcdncss is for advances from local
bankers and banking houses. 1t seem.
ed psobabie, yesterday afternoon, that
an arrangement for taking care Of this
might De made without recourse to tns
courts