New-York tribune., 1909-06-11
PIERCE co. RECEIVER
BRADLEY CONTRACTING
FIRM IN TROUBLE, TOO.
Both Put in Hands of II. K. S. Will
iams By Justice Guy on Peti-
ton of Creditors.

The John Perce Company. stone contractors
and builders and William Bradley & Son I'm
corporatedD. in the same business. were placed
in the hands of receiver yesterday wS7h the
consent Of the concerns, Justice Guy. in the
Supreme Court, appointed Henry K s. Williams
receiver for the two companies and fixed his
bond in each case at 100000. The offices Of the
firms are at No. 90 West street
John b Mcdonald the contractor for the sub
way. made the application for receiver in the
case of the John Perce Company on his own
behalf as a creditor for $4,000 and on behalf
of other creditors. The application for a re-
ceiver for William Bradley & Son was made
by Pisan Brothers. of Astoria. creditors for
S6.272. The plaintiffs are represented by
oBrien, Boardman. Plat & Littleton- Both
companies New York corporations
The John Peirce Company. one of the largest
contracting firms I'm the country. incor-
porated on January 80 1905, taking over the
business Of John Peirce. who up to that time
had conducted as an individual extensive con-
tracts. both Of public and private nature The
authorized ca pitaI of the company was SL25o.0oo.
Some of the larger contracts that had been
handled by Mr. Peirce we're the supplying Of
granite for the Brooklyn Bridge and the Wash
ington postofice and the construction Of the
Hall Of Records. the new Custom House. the
piers and anchorases of the Mania ttan Bridge.
and the Broad Exchange, Johnstone. Empire.
American Surety. Mutual Life AMI Bank of Conn
merce buildings.
INQUIRY IN PIERCE BID.
In November 1907. an inquiry was conducted
by Mayor Mcclellan into the bid which the John
Perce Company made on the contract for the
construction Of the Ashokan Dam. The Peirce
Company was the lowest bidder. with bid Of
S10.315.S50. which was s2.S5O 600 lower than the
next highest bid The Board Of Water Suppl
refused TO recognize the hid and warded tho
contract for the dam to Macarthur Brothers &,
CO. and Winston & Co. which made Joint bid.
This done the advice OF the engineers
called in by the board. who said that the bid OF
the John Peirce Company too low
\ special board Of engineers appointed by
Mayor Mcclellan to investigate the letting Of the
contract reported that although the Board or
Water Supply had acted within its legal rights
in rejecting the Peirce bid the Peirce Company
had allowed itself sufficient margin for a res-
sonahe profit. The result Of the Mayors in
0uir>. however. led 10 the justification Of the
Board OF Water Supply. Mr.. Peirce later said
that he had made mistake in making his bid
for the contract 40 low. and that he was glad
10 be released from it. as IL WOULD have enta1ed
Il loss Of at least 100000 to his firm.
The relations between tho John Pelrce Com
pany and William Bradley & Son was made
closer on April Of this year when Mr. Peirce
was elected president Of the Bradley company.
William Bradley < Son was incorporated in
May. 1902. aith capital stock Of 100000 and
succeeded 10 tho business OF William Bradley &
Son. Of Brooklyn. which established in 1857.
Some years ago the Messrs. Bradley retired
from the firm. and about the same time the
Peirce interests began to assume control Of the
company.
HAD CONTRACT FOR NEW LIBRARY.
In 1906 the firm erected a plant at Ravenswood
at a cost Of 100000, 1t had the contract for the
new library. at Fifth avenue and 42d street; the
Senate office building at washington. and the
federal building at Salt Lake City.
This abrupt change I'm the affairs Of the Peirce
and BRADLEY companies unexpected, and
created a sensation in contracting circles. The
announcement that receiver had been appoint
ed was made late in the afternoon Just before
the court adjourned for the day. II was not
known that either the Peirce or the Bradley
concern was in financial difficulties. and
prise was expressed on all sides.
Many large contracts are In the course OF ex-
ecution by the companies. but unexpected delays
in making collections have made II difficult for
them to meet their obligations. It Is said 1t is
expected that It will be possible to complete
these contracts. but the court was asked to ap
point receiver TO protect the companies against
possible defaults upon these contracts and to
safeguard the property and assets for the bene-
ft OF all concerned. According 70 counsel, all
the creditors approve of the appointment of
receiver who will proceed with the completion
Of the existing contracts.
Edward F. Giberson, who until April l
president Of the Bradley company, said last
night that the application for a receiver was a
complete surprise to him, as the condition of the
firm at the time OF his retirement prosper
Gus. He could assign no reason for the sudden
change in its affairs.