The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1913-05-16
TELEPHONE COMPANY
PURCHASED FOR 100000
JOHN H.. vERcoE, OF COLUMBUS,
SECURES PROPERTY FOR
SYNDICATE.
Local Men Financially interested in
New Desl-Bondholders 70 Re-
ceive About 80 Cents
on the Dollar.

: All or the property and assets OF
the National Telephone Corporation
were purchased at public sale held in
the Federal court rooms yesterday by
John II. Nercoe. OF Columbus. Ohio.
: for the sum OF Sl.OOO.O00. The prop
erty was sold to Mr.. Nercoe as trus-
tee, and IL is understood upon good
authority that he represents u syndi-
cate holding practically all OF the
bonds OF the corporation. IL is fur
Their understood that a number Of To-
! cal men are substantially interested
m this syndicate. which fact prob
, ably means that the properties OF the
company will be in charge of the old
management and will be operated as
independent companies.
The price paid for the proerty
means that the bondholders will re-
ceivo about 80 cents on the dollar, as
the expenses of the receivership must
he paid before a distribution can be
made To the bondholders Mr. Vercoe
refused TO disclose the plans OF the
parties whom he represented, but
{ stated that the properties will be op-
Grated practically as they are at the
present time.
q Sale Of Subsidiary Companies.
Since the assets of the holding COM
pany have been sold. there will no
doubt, follow foreclosures and sales OF
subsidiary companies. including
! Wheeling, Parkcrsburg. Fairmont.
I MOreantown and Steubenville.
Three companies which will absorb
the holdings of the National have al
ready been formed and will be known
as the Consolidated Telephone Com.
pany Of Pennsylvania. which has taken
over the Pennsylvania properties: the
. Consolidated Telephone Company of
/ West Virginia. which will take over
the West Virginia properties. aud the
. Consolidated Telephone Company ut
Ohio, which will control the Ohio hold
ings. The stock Of these three com.
, palics will be controlled by one com
pdny. and W. &. Handlan. manager of
the Interstate Telephone x Telegraph
. Company Of New Jersey. and former
/ ~ manager Of the National Telephone
COMPANY, Will be president Oi the
company.
Samuel W. Harper will act as sec
ictdry-tr"aSurer tor the Consolidated
company. Bo'h gentlemen have been
active in the Affairs oe IN" company
for a number OF years and are thor
cEEA!y familiar with the details OF the
business.
Stock Worth $500 600 Par.
/ The total par value OF tho stock az
/ the old National company and all al
/ the subsidiary companies which were
! absorbed in the consolidation IN, rgcr
: was at a close estimate four and one
half millions Of dollars
There was only one bidder quail
{ Tying 10y drpositiug tie required So
900 certified check. J. II. Vcrcoc. rep
reseuting the hOndholders' syndicate
Beside his deposit of $1,000 necessary
% bid. he put up an additional certi-
fed check fog $4,000.
The trustees sale OF the property
was made ~ %" special commits. ION
ers James ". Ewing. Arnold c.
g Scherr and General + :. Riley. m the
I n!;ed states court rooms IN this city
( at 20 O'Clock The trustees. under "a"
mortgage. are tho Commonwealth
Trust company, OF Pin. bur=h