The Birmingham age-herald., 1913-07-16
RECEIVERS REPORT
ON PAYNE & JOUbERT
Harding and Benners Re-
lieved of Their Duties
TRUSTEES ARE NAMED
Harding, J. n. Coffin and A. Dumser
Chosen-Creditors Meeting Held.
Assets Over Liabilities
Are $269,O7493
TRUSTEES ARE NAMED

The report of w P G. Harding and
| r. Fl. Benners, receivers for the Payne
and Joubert Machine and Foundry COM
pany, was rendered to Referee E. II.
| Dryer yesterday in the federal court and
they were relieved of their duties as re-
| ceivers Subsequently, at creditors
meeting Mr.. Harding j. n. Coffin of this
| city and A. Dumser of New Orleans
were named trustees for the properties
| The election of the three men as trus-
| tees was ratified by the court. Permis-
| sion was given for the constant opera
| ton of the Birmingham plant, but 1t is
believed the New Orleans plant will be
abandoned by sale or removal to Bir-
mingham.
The creditors meeting was attended py
| many we'll known New Orleans men, In
cluding Paul Johnston, A. Dumser, pres
ident of the Metropolitan bank of New
Orleans; M. l. Cannon, president OF the
Hibernian bank; Palmer Packard Abbott,
John Bernhardt, Charles A. Joubert, W..
S. Perkerson, ]. G. oliver, Judge Laz-
arus and others. Local creditors also
attended the meeting, which was held
in the offices of Referee Dryer. A. G..
Smith represented the mortgage cred
itors.
The report of Receivers Harding and
Benners indicated that the company's
assets over liabilities, exclusive of the
capital is S269,074. .93. which figures were
considered unusually fine after the vol
| untary petition in bankruptcy was filed.
The receivers called attention to fee
of $4,000 promised, Lazarus, Michael &
| Lazarus of New Orleans for filing the
bankruptcy papers. OF that fee so3OS .1S
was paid by the company with the un-
derstanding that the s30s.13 would be re-
| funded from the proceeds of certain
draft while the remaining 5000 was to
| be scheduled as a preferred claim.
| The receivers told the court that they
were Informed that such a proceeding
was unusual and have not recognized the
| fe paid or the subsequent obligation.
Report of Receivers
| The report of the receivers given to
the court in part follows:
July 15, 1913.
| Hon E. H. Dryer, Referee in Bank
| ruptcy, Birmingham, Ala:
"Sir-The undersigned receivers of
| the Payne and Joubert Machine and
Foundry company beg to report that
| they were appointed as receivers OF
| that company by the Hon. w. !. Grubb,
| United States district Judge, on June
| 15, 1918. The receivers on June II made
an inspection of the plant located at
| East Birmingham and on June % went
| to New Orleans, where a conference
was held with the larger creditors of
| the company in that city and an in
| spection of the plant there was made.
The company had filed a voluntary pc
ttion in bankruptcy and before doing
so had withdrawn all balances from
, bank and these funds, together with
all cash in the offices, We're used in
payment of pay rolls up to June 16
and salaries up to July l. and for other
purposes to which attention will be
| called later ON in this report The re-
ceivers received authority from the
court to keep the plans in operation
pending a meeting of creditors. and
were also authorized to borrow not
exceeding $4,000 to meet current bills
and pay rolls. OWING, however, to an
advance of $4,000 that was made by
Atlantic Refineries company of Mon
treal on work now being done in the
East Birmingham shop for that CON-
pany and to current collections, the
receivers have not found 1t necessary
to negotiate a loan and report total
cash collections made from June 16 to
July IA, inclusive. s23,367.05. Total dis
bursements s10,020.22. leaving a bal
ance in bank of s13,346s3.
Dumser Selected
Realizing the necessity of having some
responsible head in charge of affairs in
New Orleans the receivers on June 23.
after comforting with local creditors there,
appointed A. Dumser. president of the
Metropolitan bank of New Orleans as
their agent, in charge of the office and
plant in that city, subject to the ap-
proval of the court. which has been OBJ
tanned. Cash collections in New Orleans
amounting to $1522.0S were turned over
to Mr.. Dumser and remittance made him
of s350O additional to provide him with
funds for salaries and payrolls and other
expenses, as shown by his statement. The
balance In his hands deposited to his
credit as agent in the Metropolitan bank
of New Orleans is to be added to the
amount shown to the credit of the re-
ceivers in the First National bank Of
Birmingham, making total amount on
hand at close of business July IA of
S14,502 .90
"The receivers found enough work un-
der way and under contract to keep the
Birmingham plant well employed for sew
eral months to come, and believing after
careful investigation that there should be
fled them, and they recommend TO the
creditors that the trustees to be elected
be instructed to continue the East Br-
mingham plant in operation, for the pur-
pose of completing these contracts and
taking care of such additional work as
may be received and approved. The New
Orleans plant is located on leased land
at monthly rental of $40, and Its ar
rangement and equipment did not i'm
press the receivers as being as modern
and up to date as the Birmingham plant.
They therefore adopted the policy of de-
clining any new orders for this plant in
volving any considerable outlay and have
reduced the force of men employed, their
idea being to finish the work already in
the shop and to handle only smaller orders
until the creditors may have an oppor-
tunity of making their wishes known as
to the final disposition of the New Or
leans plant
Auditor Examines Books
THE receivers on June II employed f.
H. Smith of Suffern & Son, public &C.
countants, as a special auditor and as
the general books of the company were
kent In New Orleans, instructed Mr.. Smith