The news-democrat. (Providence, R.I.) 1906-1909, 1907-08-15
POPE COMPANY
ASSETS MUCH
EXCEED DEBT

New York. Aug. l5.--The failure of the
Pope Manufacturing company, which Is
capitalized at s22.boo,ooo and whose assets
are placed at more than 81. 900, 900. because
II Is unable to meet obligations amount
ing to less than s2.ooo.ooo. owing to the
stringency OF the money market was a
great surprise.
Receivers for the company and its sub
sidiary company. the Pope Motor Car
company, which are engaged In the
manufacture of automobiles and bicycles,
with main offices and plant at Hartford
Conn, were appointed yesterday IN New
York, New Jersey, Connecticut and Mas
sachusetts. Similar action Win be taken
shortly in Illinois, Ohio. Indiana and
Maryland. where the companies own
plants.
Col. A. A. Pope is president OF the
company; Albert l.. Pope. vice president;
George Pope, treasurer, and among the
directors are Charles Hayden OF Boston,
william A. Read, II. 8. Smithers. New
York, the above three members OF the
Pope family and Colgate Hoyt OF New
York, who has made several gifts TO
Brown University, OF which corporation
he Is one OF the trustees. Herbert How
ISOLATED with the Indianapolis plant or
the Pope Motor Car company.
The petitions filed by the McManus-
Kelley company OF Toledo. asking for
receivers, show the total Assets OF both
companies to be 1.205,N0. with total
liabilities reaching N,N2,S26.
The difficulties OF the Pope companies
were the direct result of curtailment
of credit and reduction of loans on notes.
fx... nrf n.
Pope, vice president OF the Pope Manu-
featuring company, who has been ap-
pointed receiver in New York, Massa-
chusetts and Connecticut, said this after
noon:
THE necessity for the present pro-
ceedings in the case OF the Pope company
and its subsidiary company arises from
the curtailment Of credit and the reduc-
ton of loans In a word. the receiver
ship proceedings are the direct outcome
of the present rigid money market con-
ditions. Loans are falling due and the
company was unable to raise funds with
which to meet them. We have every
reason to believe that the assets are
worth many times the amount OF the
liabilities IL the company continues as a
going concern. We expect that such will
be the case"
The financial district was affected by
the news of the failure and prices fell
rapidly on the stock exchange.
The petition for the receivers shows
the total capitalization OF the Pope
Manufacturing company to be s22, 900
and that the company was organized in
1903 In New Jersey. The Pope Motor car
company,s entire stock is owned by the
Pope Manufacturing company. which
owns and operates plants at Hartford.
Conn, Westfeld. Mass, Hagerstown, Md,
Syracuse. N. Y, and Chicago. The Pope
Motor Car company has plants in Indian
apolis and Toledo.
William A. Read. banker and director
OF the Pope Manufacturing company said
that the company was hurt by a strike
In one OF the automobile plants six
months ago. and at the time orders for
200 cars were cancelled. Since then the
banks began to restrict their credit and
the failure resulted. Mr.. Read said that
he believed that the Pope family held
more than one-half Of the stock OF the
company.