The star and Newark advertiser. [volume] (Newark, N.J.) 1908-1909, 1908-06-17
RECEIVER FOR Pope
COMPANY ASKS TO
CONTINUED BUSINESS
ce-ChancelIor Howell Reserves
His Decision, but Is Thought
to Favor Application.

Sherrerd Depue applied today tc
Vice. Chancellor Howell. on behalf OF
the receivers of the Pape Manufacture
ing Company, which makes automo-
biles. bicycles, etc, for an order per-
hitting them TO continue the business
of the concern in Connecticut and other
States, where here are plants in opera
ton. Viee-Chancellor Howell took the
papers and reserved decision.
ePrcy Bryant, of Hartford. Conn,
who represented the Pope family and
creditors, argued that the court should
NOT permit tire receivers to continue the
business for another year, until they
gave the creditors and stockholders a
clear statement of the profits they have
made, not IN estimate, since they took
hold of the business. and also what
they would probably make in another
year.
In reply 10 questions by the vice.
chancellor it was said the Pope COM
pany, a New Jersey corporation. had
$22. 900. 600 of capital stock. its assets
were estimated now at IS, O00, 900. and
the property value of the plant al
s. $50, 900. There were about 700 stock
holders, one in New Jersey, and Mr..
Bryant said the Pape family have
nearly so per cent. of the preferred
stock and a lot of the common stock,
a good deal of which was widely scat
tered.
Vice-Chancellor Howell asked how
much o the receiver needed to run
the plant another year, and Receiver
A. L. Pope said $500, 0O0,. and that an
offer of $3.50, 900 for the Columbia Com
pany plant was made. and If the court
favored this offer the receivers would
get that much cash.
In answer to this a stakeholder said:
The receivers want to use 100000 oil
the money they viii receive out of the
business and $500, 600 of our money to
run the business
Mr.. Bryant said the creditors com
mittee represented claims of $1,000, 600
and they wanted to know where the
receivers would set the money 10 build
10000 automobils and $4,000 bicycles,
and exactly how much profit the re
ceivers made at Connecticut, Maryland
and other plants, he claiming Tor them
that only estimates of profits and been
made in the report of the receivers.
MIR. Depue said that where men in
vested in the stock of the concern they
know that If receivers were ever ap-
pointed by a New Jersey court the
court would have authority to permit
the receivers to n the business
if they showed their was a probability
of doing it for the benefit of the
creditors and the stockholders. In re
ply to the ce-Chancellor it was SAID
by Mr.. Depue that the Pope Company
owned the Motor Company. which
owed the Pops Company owe 100000
and there were other claims up to 6
total Of about $500, 900 against the con
Germ.
A large stakeholder in the Pope
Manufacturing Company said ia az
EVENING STAR man that it was easy
to water stock When the company was
organized.
Although vice-Chancellor Howell re
served his decision, the lawyers sur
missed from his remarks that he was
in favor of the receivers continuing the
business for a year. and at the end OF
fopr months paying 70 per cent. of the
creditors, whose claims aggregate
about $1,5 100000.