The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-03-24
The CAB and TAXI CO. FAILS
RECEIVER rs NAMED EOR THE
&!,.JtW.tNW lONBINE.
q e.. HuptingtOn Authorized IL Cont tin,,e
the I'usinrss for Thirt, DAYS ASSETS
and liabilities Fact, said to Bc about

The cab ard Taxi Company Of New
York of 2je to 26c West For,ieth street
which was incorporated in July last with
capital stock of - 800, 900 to consolidate
several cab and taxi companies. is in
financial difficulties. A bankruptcy peti.
,ion was filed against il yesterday. on
which Judge Hand appointed Francis G.
Huntington receiver and authorized him
to continue business for thirty d1ys. The
liabilities are said TO be sjOO.OOO and
assets about sJO0.0OO.
The petition in bankruptcy was filed
by Philbin. Beekman. Nlenken 4 Griscom
attorneys for three small creditors. Joseph
Gordon. 81 i.OOo for merchandise; John
Love. $50. and John II. O'Connell. s27o
both for work. labor and services.
1t was alleged that the company is
insolvent. transferred a part Of its prop
erty to creditors to prefer them. and
between March 10 and 20 made prefere n
tial payments to the Diamond Rubber
Company. 81. 800; the Texas Oil Company
$3.50. and Smith Gray 4 Co. $3.50. and
ia also believed to have transferred money
to other creditors to prefer them.
1t was said that the probable value
OF the assets is about $500. 900. Mr.. Hunt.
ington was appointed receiver on the
application of John II. O'Connell. and
Lexow. Mackellar 4 Wells. attorneys for
81, fal ka ;Df
ment.
II was stated that the business is Of
considerable magnitude; the assets, in
cl,ide 200 aut omobiles. 600 cabs. horses.
wagons, supplies and outstanding ac-
counts. The accounts are about 500, 600.
The company conducts business at thirty
five places in this city. has stations at
various hotels and clubs. has stables and
garages in East Twelfth. East Thirty-frst
West Thirty-second. West Fortieth. West
Seventy fifth. East Seventy-sixth and
West Eighty seventh streets. !
The company ia under contract to
supply automobiles. horses and wagons
to various persons and corporations in
this city by the day and month.
The company was Incorporated under
New York laws at Millbrook. Dutchess
county. on July 20. 1910. with a capital
stock Of 81, 500. 600. but was not rated at
Bradstreet's. The object Of the company
was to consolidate a number Of cab and
taxi companies into one big company to
give better and more economical ser
vice. Al the start it was said that the
new company had taken on the New York
Cab Company. which had been in business
many years; the New York Livery and
Auto Service Company. the Taxi Service
Company and stocks Of the Club Auto
mobile Company and Club Taxi Company
II was also said that bonds to the amount
OF 81 900 900 had been issued Allan
Lexow became president. Harlan W.
Whipple first vice-president and Emil
Kaisner secretary. Some time ago il
was stated that the companies taken in
the consolidation maintained their sepa-
rate corporate existence and their allot
ment OF securities were held in trust by
trust company until their obligations
were liquidated.
T. Tileston Wells. counsel for the COM
pany. said yesterday that the bankruptcy
petition was caused by the strike last
autumn. which hurt the company's busi-
ness. and it could not get money to con-
tinue the business