New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-18
MOTOR CO. GETS TIME
Creditors of u. S. Concern Grant
Ninety-Day Extension.

The principal creditors Of the United
States Motor Company, among them the
Bankers Trust Company, the Chase Ma
tjonal Bank the Central Trust Company
and F. S Moseey & Co. have given the
CORPORATION an extension. 1t was announced
Yesterday. Of ninety days on its paper fall
ing due at this time. the amount of which
is reported TO be about $4,000. W. f.
Strong, brother of Benjamin Strong, jr,
Vice president OF the Bankers Trust Com
pany has been elected a director and chair
man of the executive committee Of the
motor company and will have direct charge
of its financial management
An advisory committee having among Its
members some Of the chief interests In
volved has been formed. with the object OF
continuing the business and giving equal
protection to all of the creditors. In future
all goods ordered will he paid for in cash.
The corporation is said TO be handling a
satisfactory volume Of business, the diff
Guilty being its lack Of ample working cap
ital. The business is a seasonal one, ana
a comparatively long period elapses be-
tween the locking up OF capital In the
manufacture Of an automobile and Its re-
lease when the machine is sold The sell
ing season begins I'm April and lasts about
six months, so that the present time is the
middle Of the season, with the returns COM
ing in in volume. Before the expiration OF
the ninety days allowed by the creditors,
It is hoped the company will have realized
sufficient funds to meet all obligations,
although the possibility of a readjustment
Of It's finances is recognized.
Among the largest stockholders Of the
United States Motor Company arc An
thonY y. Brady, Colonel S. p. Colt, Benja-
min Briscoe, Eugene Meyer. tr, Thomas
F. Ryan, H. P. Whitney, Herbert l. Sat
terlee and Richard Irwin.
The company was incorporated In New
Jersey In August, 1908, as the 1nterna-
tional Motor Company, the style being
changed in January, 1910, TO United States
Motor Company. The company acquired
upward Of % per cent Of the capital stocks
OF the following concerns, manufacturing
automobiles, steam and gas engines, marine
and stationary engines, etc: The Maxwell
Briscoe Motor Company, the Columbia Mo-
tor Car Company, the Briscoe Manufact-
uring Company, the Providence Engineer
ing Works, the Alden Sampson Manufact-
uring Company. the Dayton Motor Car
Company, the Courier Car Company, the
Brush Runabout Company and the Gray
Motor Company. The affiliated companies
own more than 40 patents, many OF which
are believed by the management TO be
fundamental
The authorized capital stock consists OF
ST. 800, 900 common and 100000 per cent
cumulative preferred stock Quarterly div
blends Of l% per cent each were paid on
tho preferred from May. 1910 TO November,
1911, inclusive. The bonded debt consists
OF 100000 fve-year convertible gold per
cent bonds. maturing october ?, 1916. which
are part Of an authorized issue OF N2,5"W'.
For the fiscal year ended July 81 1911, the
company reported net earnings OF N,65'26o'
no appropriations having been made FOR
depreciation. reserve and for contingent
Losses. and. after deducting Nls765 for IN
terest on loans and S73S.il1 for the dividend
on tho preferred stock. n surplus Tor the
year OF SlI9O99. The combined general bal
ance sheet as 81 tho same date showed
assets and liza abilities Of $1,000 &. compaT-
ing with s29,694 63i for tho preceding year
inventories OF s.. seo.O7s, accounts receivable
s.. s9247s. bills receivable E.2es,s 6l and cash
on hand 81. 3O57ts. Accounts payable were
s.. sos 212 and bills payable r,4S2e2o