The Birmingham age-herald., 1913-06-17
NEW ORLEANS PLANT
MAY Be MOVED HERE
Harding and T. II. Benners
Named Receivers
STATEMENT ISSUED
STATEMENT
Untitled Orders of Joubert Machine
and Foundry Company Amount
to COnsiderabIe-COmpany
Asked for Receivers

That the plant OF the Payne & Joubert
Machine and Foundry company. located
at New Orleans, will be removed to this
city and consolidated with the plant at
East Birmingham is an announcement
contained in a statement issued yesterday
by that company. That orders for a con-
siderable tonnage are on hand. and that
others of magnitude are expected Is also
al assertion in a statement issued follow
ing the appointment of receivers for the
concern
w. p, G. Harding. president of the First
National bank and I. H. Benners. a we'll
known iron broker. were appointed re-
ceivers for the company following an APP
plication by the company Tor the receiv-
ers. Upon application the two well known
business men consented to take up the
temporary management of the company.
The recevership of the Payne & Jou-
bert Machine and Foundry company dis
closes that the untitled orders include
considerable amount of business and alb
solutely no uneasiness is felt in industrial
circles as to the final outcome of their
temporary embarrassment.
The formal statement issued by the
company follows.
"A condensed statement from the
schedules of the Payne & Joubert Ma
chine and Foundry company shows that
their indebtedness. secured and unse-
cured, amounts to approximately 1894, ,97S.7o,
the major portion of which is due to cred
itors in the city of New Orleans, and a
large portion of which Is due to east
ern creditors and manufacturers.
"The assets consist of real estate, open
accounts, stock in trade, machinery and
tools, etc. of the appraised value of $685.
139 If the assets have realizable
value of two-thirds of their appraise-
ment, the corporation Is solvent, although
as recited in their petition to be ad-
judged a bankrupt, they are unable pres
entity to pay their creditors their matur-
ing debts. and for the interest and pro-
lection of their creditors, they have ap-
pealed to the courts for It's orders to con-
tinue the business under the supervision
OF receivers
"W. p. G. Harding and Thomas IL.
Benners were suggested and named by
the court as receivers, and knowing their
conservative, careful business methods.
and giving the administration of the
property the attention which is to be ex-
pected of them, the opinion is entertained
that 1t will eventually work out its in
debtedness, and there will be maintained
in this city one of the largest and best
equipped foundries south of the Ohio
Its operation adds to our commercial
growth and attracts business here. The
company has on hand today for eXecu-
zion large and valuable contracts. APP
proximating 100000, some of which con-
tracts are in the course of execution.
and one recently received by the Payne Il
Joubert Machine and Foundry company
for upward of $4,000 for sugar apparatus
to be erected as far northeast as st.
Johns. n. b.
assurances are given of other con-
tracts from large oil companies for the
construction of tanks and other APP
pliances, and now that the concern Will
be conservatively managed, it Will reacn
out to secure larger business in the
north and west. We feel assured that
under the new administration, with an
able corps of assistants, that the bust
ness of the Payne e. Joubert Machine
and Foundry company will be continued.
and the business now conducted in New
Orleans will in the near future be re-
moved here and consolidated with the
foundry and machine plant at East
Birmin CHAM.
'Messrs. Harding and Benners were
solicited to act as receivers, and eN-
pressed the hope that the business VIII
be successfully continued. New busi-
ness will be solicited and obtained and
within six months there ought TO be
a reorganization of the company and
its indebtedness adjusted"