Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-06
.DEFUNCT FIRMS
|. INSURANCE RAISED
Lansden company's Trustee in
Bankruptcy Boosts Policy
to $1o5, 900.

| Because of inadequate insurance on
the assets of the bankrupt Lansden
| Company, of Frelinghuysen avenue.
now located in the factory of the
Webb Company, at Allentown, Pa,
Harry L. Davisson, the trustee, yes
terday raised the insurance on the as
sets there by $4,000 The property
under the receivership was insured
| for $4,000. After an investigation
and the alleged discovery of addi-
F, tional assets, Mr.. Davisson decided TO
raise the insurance to s1o5, 900. which
was effected yesterday.
| There was a persistent rumor in
bankruptcy circles today that $4,000
worth of Lansden automobiles had
been located in Allentown. Mr.. Da-
visson. however. denied this and said
that no assets of such value had been
| located. When asked how he thought
| the rumor started, he explained that
| 1t probably got its source from his
raising the insurance. He was then
asked why he raised the insurance
and, replied:
II raised the insurance on the plant
| because l found the insurance which
existed was not adequate to cover our
interests there. It is true we have
discovered some additional assets
since my appointment as trustee, but
not as large a sum as $40 900 worth.
! We have located three automobiles
which it is claimed were Loaned" to
parties holding them. One was at the
Acme garage New York; another at
| the Edison Works here, and a third
we found in the possession of a man
named William L. Linge of Jersey
! City"
Did you find $4,000 worth of auto
mobiles belonging to the Lansden
| Company within the past few days?''
an Evening Star man asked him.
Not that l know of." he replied.
j. Tracey Horton, of 236 Washington
street, attorney for the trustee, SUBJ
stantiated this statement.
There was a persistent rumor in
bankruptcy circles today that $40, 600
worth of Lansden automobiles had
been found. but Mr. Davisson ex-
planned that this probably grew from
! the fact that the insurance on the
! Webb plant was increased $40 900
/ The Lansden Company manufac-
| tured electric vehicles in Freling
] huysen avenue. this city, until a few
months ago, when the firm went into
! bankruptcy. With failure staring the
automobile firm / nthe face an st
| tempt was made to put the company
on its feet again by consolidating i
with the Webb Company, of Allen
| town. Pa. This was not successful
however, and now both firms IRE
bankrupt
During the process of consolidation
large number of semi Unfinished autos
and machines and various other stock
were transferred from the Lansdcn
! factory in this city to the Webb plant
in Allentown, according to the testi-
mony offered recently in the Bank
ruptcy Court here, 1t is these assets
that Mr.. Davisson seeks to protect
| by further insurance.
According to a lawyer, who is as
sociated with Mr.. Horton as counsel
for the trustee, $4,000 worth of
Lansden trucks in a partly finished
condition We're found in the plant of
the Maccar Company, which adjoins
the Webb factory at Allentown.
The additional assets were dis
covered yesterday while the lawyer
was at Allentown paying rent claims
to the Maccar Company.
The rent was paid under protest
because no arrangement for paying
storage was made when the auto
parts and machinery were shipped
from Newark. The unfinished autos
| it is said. will be returned TO New
ark and after completion viii be sold
1t is the intention of the trustee to
sell the Lansden plant as a going
concern"
Mr.. Davisson said today that he did
not know of the location of the addi-
tional assets and that that was not
the reason the insurance was raised