The semi-weekly messenger., 1907-10-29

Temporary receivers were appointed
yesterday for the Cape Fear Fisheries
Co., the receivership proceedings haV-
ing been brought before Judge Lyon Ill
this city shortly after noon yesterday.
that official having arrived IN vii
mington on the train from the south
at 1925.
The rcceiyership proceedings were
instituted by stockholders of the com.
pany and the application for the ap-
pointment of a permanent receiver
was made returnable before Judge
Lyon in Lumberton on November 1th
The temporary receivers appointed
yesterday are Mr.. r. w. Davis of
Southport, and Mr.. o. J. Delaney, OF
Philadelphia. Mr.. Delaney arrived
from Philadelphia Wednesday night
and yesterday he and Mr.. Davis went
to the fisheries plant and took charge
of the properties.
1t is understood that the liabilities
of the company amount to about $780,
900 and the assets are said to be about
100000
The capital stock Of the Cape Fear
Fisheries is largely held by The FISH
cries Company, a New Jersey corpora
ton, with headquarters in Philadel-
phia, against which receivership pro-
ceedings have also been started.
The Cape Fear Fisheries, it is stated,
owes about $4,000 in floating debts,
the remainder of it's liabilities, amount
ing to from $4,000 to 5000 being
due to the Fisheries Company. Its
only assets are the properties situated
several miles below the city, where
the fish factories are located, and this
property is considered to be worth
about $4,000, it's original cost having
amounted to $4,000 The vessels AMI
fishing steamers used by the company
are the property OF The Fisheries
Company.
Of the $4,000 of alleged floating
debts, it is said that between $4,000
and $40 900 Of this amount is due to
Wilmington merchants, one merchant
in this city, it is understood having
a claim of nearly $4,000 against the
company for an order recently filed
Jy his concern.
When the hearing is held before
Judge Lyon an effort will be made to
have resident of this state appointed
as permanent receiver 1t is intimated
also that there is the possibility of
an attempt being made to throw the
company into bankruptcy.
The Cape Fear Fisheries, which has
a large Menhaden fish factory situated
near Southport on the Cape Fear river
has been in operation for several years
past, and it has been the general i'm
preston that the company was doing
a successful and profitable business.
However, it is said that the supply o.
Menhaden this year has been unusual
~ small and although the expenses OF
the concern have been as large rs
usual the returns have not been profit
! able and this, it is believed, is largely
the cause why the company is appar-
emily unable to meet its Indebtedness
In Magistrate Furlong's court on
Wednesday judgment was given
against the Cape Fear Fisheries Co
| for $175.91, as the result of suit in
| stituted by M. W. Divine & Co., of this
| city, the claim being for supplies fur.
nished to the plant Of the fisheries
After the announcement of the verdict
| notice OF appeal was given by X. w
Davis, Esq, of Southport, attorney fol-
the Fisheries company. This suit was
| considered to have been the beginning
of the receivership proceedings, but
| it was stated that the action was start
ed by stockholders Of the company.
The following Associated Press dis
patch was received early this morning:
Philadelphia, October 24.-Local
surprise today when it became
known that the Atlantic Fisheries
Company, a corporation which is the
principal factor in the Menhaden fish
ing industry, with offices in this city
| has been declared insolvent and tern
porary receivers appointed.
Joseph Wharton, of Philadelphia
| the millionaire iron merchant. is pres
ident of the company and announce
| ment that the concern had encounter
ed financial difficulties, therefore, occa-
| stoned the more surprise. The action
| however, was taken upon the petition
| of Robert r. Haydoek, vice president
of the company The impression pre-.
| walls that Mr.. Wharton will help it &c
| meet its obligations
The company controls fisheries from
Maine to North Carolina. and mus
| show cause in fhe United States cir
emit court at Trenton. N J.. next Mon
day why they should not be declared