New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-04
GCE|VER FOR BIG CONCERN
MIR. OIcott Takes Charge of
Ferguson Contracting Go.
ITS LIABILITIES $3.50, 900
Meath of President Said to Have
Been Signal for Creditors
to Press Claims.

e-b- Ferguson Contracting Company, Of
~ g Wall street a concern which has
rad many large contracts. among them
s,r7e on the New York State barge canal.
went into the hands of a receiver yester-
dax with liabilities Of se6o.ee0 and assets Of
ss4n eo0. besides several large claims which
gre in litigation. An officer of the company
attributed the present embarrassment 10
he sudden death of Francis II. Ferguson,
the founder. president and treasurer OF the
company. n Denver, Col, on June =, while
OF g business trip. and the INABILITY 10
raise cash 70 meet maturing obligations.
An involuntary petition IN bankruptcy
vas fled yesterday against the company
IN the United States District Court 10y Nan
Ness & Van Ness, attorneys. for three
creditors with claims aggregatng Sh-'o.
The petitioning creditors are the John +
Gilbert Company. Of Tonkers, I.eS Tor
timber: John B Walker. OF Cincinnati
* 500 for work on the Ohio. Kentucky q
Atlantic Railroad. and Charles r. Neid-
linger. Of this city. Sl.67S for premiums for
liability insurance
Judge Rough appointed Congressman j
Van Techten OIcotr receiver With a bond
O. s1a0 09A and authorized MIN TO continue
business for ninety DAYS. &c carry out con-
tracts and TO borrow upward OF s<Wo0s
- carry on the business. The company
has contracts on hand amounting TO ST.
Ssaoa9.
Eorr 4 Vaughan. v1ce-PreSident II the
,0-7na7v consented 10 the appointment OF
Congressman Oicott on behalf OF the com
rsrv. He said the company was earning
g7l5o05 month at a cost OF Sloo,eeo tor
work The reason the company cannot
he
cause its estimates have been assigned TO
lanes .TaIcot-. Of No los Franklin street,
. creditor. who pays only 50 per cent Of
rre estimates 70 the corporation, and tnaL
together with the percentages retained by
TIE railroad companies. IS not sufficient 10
meet lis fxed charges He said further
thar nearly al Of the Liabilities Of the COM
many would become due within ninety days
and that judgments had been obtained
against II IN the courts here and in North
Carolina
IT was said that when Nj Ferguson died
MAN. Of tbs creditors took occasion TO
press their claims and the company was
unable to collect sufficient assets in time
10 satisfy them
The creditors assert that . Per cent Of
me work under execution sssub-contracted
20 responsible contractors at profit TO the
company. and viii require only the super
vision Of the receiver. Robert 4. Fti5baTc
OF No go Broadway, counsel for the re-
reiver. said yesterday that the Ferguson
company would he solvent Z Il could col
lect all IFS assets. but that they we're tied
1p in litigation aid il would take some
time TO free them
He said the company had claims against
TIE State of New York fer s42.+S7. which
were tried in the Court OF Claims last
april. and a decision was expected IN Octo-
4r which would allow the concern at
least $4,000. The company has done much
railroad construction. particularly in the
South. and has claims pending against
various railroads for extra work, etc
The company was originally incorporated
II 1889 as an Illinois corporation, and re-
organized as New York corporation in
-ssa with 2 capital stock OF SZ5o.oo1- Here
-ofore IT claimed q surplus OF SS53,g06 The
directors are John II. Vaughan. Fred
e-fck " Edmondson, George and " H.
Ferguson, Ralph T. Norton and Y c.
Merritt