New-York tribune., 1912-03-15
MCCruM-HoWeI| Company in the
Hands of u. S. Receivers.
ASSETS EXCEED LIABILITIES
Prosecution of Bathtub Trust
Given as Reason for Trouble
Stock Suffers Slump.

Chicago, March 1.-THE McCrum-Howell
Company, the vacuum cleaner concern
whose stock has been buffeted in trading
centres of late, is In the hands OF federd'
receivers on proceedings begun In Phliad"i-
phia and Chicago in the name of ~ r..
PfahIer, of Philadelphia who holds S}lo,|O
In stock of the. concern.
United States District Judge Sanhorn' to-
day appointed Edward Il. Stettinus. presi-
dent of the Diamond Match Company, ana
Walter u. I-pdegraff. Of Philadelphia. a
stockholder of the company, receivers IN
anciIIary proceedings begun here. lhe
same receivers had been appointed in Phi'-
adelphia by Judge Burlington
The prosecution Of the company in con-
nectIon with the governments suit against
the hathtub trust. with which It was
said 10 have been allied. was given in the
complaint as one of the causes Of IN" con-
dition which demanded the Intervention OF
the court. In the petition 1t Is stated
The companys credit has been consid-
erahly hampered The sudden tall OF "
compsnv'S stock and diminiShment OF tne
receipts of the concern resulted from tne
widely advertised prosecution by the gov
ernment under the Sherman act, in Whlcri
the McCrum- Howell Company was aliegeu
10 be member of the bathtub trust.
The McCrum-Howell Company is capital
tied with 35,Oo0 shares of common STOCK
and 5000 shares Of preferred stock, with a
capitalization value at par OF ST""V'. Ills
general Offices of the company are at NO
10S Park avenue, New York city. Branches
and plants OF the company are in Phlladel'
phia. Tacony. Penn: tniontown. Penn
Racine Wis: Norwich Conn Chicago ano
New York.
In an answer to the petition, the vice
president. George D. Howell, agreed TO the
receivership "as necessary for the preserva-
tion of the business for the stockholders
and creditors" out denied that the COM
pany is insolvent The answer suggests
that attacks on separate assets Will be IN
vited unless the property can be preserved
intact for all by reorganization or con-
tinuation under some general agreement
either liquidation sale Of assets for the
stockholders and creditors or a general re-
organization Of the affairs
The lowest point touched BY the stock of
the McCrum- Howell Company on the chi
cago Stock Exchange to-day was for COM
mon stock and IL for preferred
In the petition for the appointment OF a
receiver a financial statement Of the con-
ditIon Of the company on April I. 1911. was
included. placing the assets at S.3sI 4e6 and
the liabilities al the same amount a SINH
lar statement presented to the court showed
what purported 10 he the present circum-
stances Of the company. The estimated
statement dated March S, 1912. gives assets
Of Sc, ,l22,coo and liabilities OF s2lls,@o
The shares of the McCrum- Howell Com
pany have suffered a severe decline on the
the Chicago Stock Exchange during the
last few days. and the recevership was not
unexpected The common stock Yesterday
fell 2la points. closing at 81, and the pre-
ferred declined lOa. points TO l4i:, loss OF
more than 80 points from its level Of only
few months ago The company was d.
rected by the Chicago Stock Exchange
early this week to furnish "A statement OF
its affairs 10 that body by to-day
The McCrum- Howell Company was in
corporated in 1874 and manufactures radia-
tors heating boilers and enamel ware
(bathtubs. sinks. etc) being classed as the
largest Independent producer OF these ar
ticles in the United States. and 1t Is also
an extensive manufacturer OF stationary
vacuum cleaner apparatus and owns
elghty-five vacuum cleaner patents. Lloyd
G. McCrum Is president George ID. Howell.
vice-president. and Howard q. Gates, sec
retary: and the directors are these three
men and ". 4. Cameron. Francis Il.
Cooley ]. w Curtis. c. f.. Merrill and a.
f. Pfahler
Judge Holt late Yesterday appointed Wal
ter D. Uptegraf and Edward r. Stetinius
ancillary receivers for the assets In this
city, under a bond Of 5000