New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-27
Plan TO Conserve Assets
Of Huge international
Steam Concern.
S39,OOO.OOO WORTH
OF STOCK INVOLVED
Cash Tied Up Because OF war
Conditions Liabilities Pvt
at S11,000,000.


national Steam Pump Company, when
has found il difficult 20 get cash oe-
cause Of tho war. e. Philip Coleman
and Grayson VI. T. Murphy we're ap-
poIutcd ne ciycrs last night by Judge
Mayer IN the federal court ON the ap-
plication Of William ". Conley, who
owns S3O.OSO ln stock; j. Horace Hard
ing who has $4,000 Boo bonds, ana
Alexander T. Lindsay, a $4,000 creditor
The company is New Jersey cor
poratiou with an authorized capita
stock preferred and common OF S3J,-
600 600. Of which Sll.350,OOO OF pre-
fcrrcd and Sl7722. 500 common have
been issued and are outstanding. Also
there is first lien mortgage bond
issue of nearly S9.OOO,0O0, upon which
interest Us due on September ], but
which cannot be paid because OF the
present financial stringcncy
Judge Mayer authorized the receiv-
en-. who gave a joint bond OF SJO,OOo,
10 continue the business. Later on
they will be permitted 10 issue re-
ccivers' certificates 10 pay current and
running expenses.
The applicants decided that a receiv-
ership was the only course 10 he fol
lowed 70 protect the interests OF stock
and bondholdcrs. The officers Of the
corporation admitted that the com
panv cannot meet It's debts now. and
they Joined in tho application 20 Judge
Mayer The liabilities arc between
$4,000 600 and Sll 100000; the assets,
when properly husbanded, about So
100000
The international Steam Pump Com
pauy, incorporated in New Jersey dur
ing the early part Of 1899. acquired
control. either through the conveyance
Of the titles to their properties or by
ownership. Of not less than two-thirds
of the capital stock Of the following
corporations: Blake & Knowles Steam
Pump Works. East Cambridge. Mass;
Deaue Steam Pump Works, Holyoke.
Mass: Henry r. Worthington, Harri-
son. y. j.; Laidlaw- Dunn Gordon Com
pany, Cincinnati; Snow Steam Pump
Works. Buffalo; Holly Manufacturing
Company. Buffalo; Clayton Air Com
pressor Works. New York
In 1905 the company acquired the
entire outstanding stock Of the Power
and Mining Machinery Company.
In 1910 the company secured the
plant Of the GAINESVILLE Iron Works
pumps. of Hazletou. Penn, and the en-
tire $500, 900 capital stock Of the Fred.
". Prescott Steam Pump Company,
maker Of underground pumping en-
glnes and allied machinery, AZ Nilwau-
kec.
The compsny's majority interest in
the stock Of the Denver Rock Drill and
Machinery Company. now the Denver
g.
was disposed of during the fiscal year
i912-13.
Dividends on preferred stock have
not been paid since February /. 1913;
OF common. since April, 1905. A post
poned meeting of directors, 70 decide
whether interest on bonds Is 20 be
paid, will be held to-day.
The International was promoted by
Benjamin Guggenheim, who was lost
in the Titanic disaster William Gug-
geuheim Is chairman of the board Of
directors; l.. p. Feustmsn is vice pres
ldcnt and general manager.
The rcceivership will not involve any
OF tho associated or subsidiary com
panics. according TO statemeG:
from the board of directors, and these
companies are expected 10 continue
their business without any change.
The company, the directors say. has
been doing fairly prosperous business
and has been earning considerably more
than its fixed interest charges, but 1t
will not be able 10 make the interest
payment Of about S235,O0O and the
sinking fund payment of $250,OOO, due
on September /. Orders will be han
died as before without interruption.
Reorganization is planned. Charles
H. Sabin. president Of the Guar
anty Trust Company, has been selected
chairman Of the bondholdcrs' commit
tee to effect this. other prominent
mon will work with him.
The Guaranty Trust Company Of this
city. selected as depositary, has APP
pointed as its agents to receive de-
posts Of bonds in other cities the ST.
Louis Union Trust Company, Of ST..
Louis, the Commonwealth Trust Com
pany. of Boston, and the Association
Casa Of Amsterdam Holland