New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-13
RIG CONCERN FAILS
cEyVB4I, FOUNDRY
20 IN TROUBLE.
Reoauer appointed for Nes0
Jersey Corporation srltk
CamtaI Of $1,000, 00o.

A. Involuntary petition in bankruptcy
- against the Central Foundry Com
-, n No - Wall street, New Jer-
-. oorlp,ration with an authorized capt.
..,ol, ,,f S14 Goo 600 resulted yester-
IN the appointment Of a receiver for
=, concern The petition was presented
- 7n5ze Houe1. in the United states
-,;s,rirt Court. by 4. Leo Everett, or
y 90 Wall street representing three
.-,,-ors 10 whom $4,000 is due
7,-s6.;iIl Catchings. OF No "a Wall
erect Vas appointed receiver under
md Of S100.oan. which WAS furnished
>. tho American Bonding Company.
~, order authorizes him to continue
=, business and allows him TO issue
Initiates not 10 exceed S2oaea-
The central Foundry Company. the Pc
..ior+rr creditors say. has liabilities of
,7o-a than 1851 eco. and mas assets o.
Il alAnsla. exclusive Of real estate and
Imminent II employs 800 men. and
,bs ns,rof amounts - about Sl.ett.'Es
~ear The business transacted an
-,.zr- the creditors say. exceeds, s.
...ndsNo
The property ~ the alleged insolvent
-onrsre consists chiefly Of seven oper-
.-irr faundriee At each Of which II
ms real estate. buildings and general
..--,nr,err The corporation also owns
--,ra-t- ~ Wilmington. Del. tn" entire
..-sr., =t.rl, Of the Central Iron and
.,-,s7 l-,.-,rar7z- Of %as- Jersey. amounting
-. = naa nno and the stock If the Cen
~, Radiator COMPANY 81 New Jersey,
-r,o,yr-fns - S2onooo
~ us authorized apta1 stock Of Sl4.-
fnaaaa Tho central Foundry Company
LIS issued and outstanding S662e.e'n 81
nc -4rr cumulative preferred stock
md S6 $40 500 II common stock II has
z7.o outstanding 3. s6t GOO IN s per cent
5e,,enrrre bonds unsecured: an add
,-ana1 unsecured Indebtedness Of $40
ts4a and S245 004 secured + holds in its
.rsasq1--- $3.50 600 81 preferred and 500
- Of common stock
As further assets The petirionins cred
,rars say The foundry company has &C
counts receiva Die amounting 10 &5@o,rn
md -s~ materials on hand worth $500
consented 10 the appointment Of Re
osfre- Tarching> 4 The Offices IF the
,o77vsnv M CatrhinCs said that the
COMPANY rad 4 contract with the city
~ Philadelphia for the supply Of pipes
-o~ high pressure fire system which
5r7-oxf-ra-ss Sflp.nnn. part Of which has
been filed
-fc
Central FOUNDRY company issued the
following statement:
The Central Foundry Company for some
-me mas been handicapped IN the transac-
-ror o. IFS growing business by lack Of
a5eera-e banking facilities and working
sap-al The result is embarrassment.
-rflch ~ believe 70 be temporary United
sr-id- a- -he -erf Of creditors and share
-cl6e-s can promptly make effective a r.
ovzs-i-a-irn which VIII admit Of large
economies and ~ better earnings
TIE receiver issued 4 statement * tho
zz1e time. in (which he said:
Thz court has authorized me TO continue
-1a business - the Central Foundry Com
7srE without interruption and 10 borrow
-g.H money may b. 0eceSSaT! 10 90 TINS
70 70 Efs-fsHl There viii be no interruption
-- the operation o. the plants All orders
vii be ful- LED promptly and the receiver
7i- tzke na0 business Although there IS
ir-le cash On hand. the accounts reCelVa bic
ar substantial and the collections should,
n greet extent supply lilt lt+ttSSotN
funds for me continued operation Of the
business The Central Iron and Coal Com
psnv and the Central Radiator Company,
,he NO subsidiary companies Of the Cen
ira Found~-- Company, are not affected
n he legal proceedings which have been
brought and they wiU continue 10 operate
their cvU plants.
" Ca-crinss said ne could not give
any figures IS 70 the financial standing
n the COMPANY Accountants were at
work closing The accounts up to Friday
night. r-It II viz take several days be
fore thev can finish their work.