The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-01
RECEIVERS FOR U. s.
METAL PRODUCTS co.
Owes 81 100000. but Gives As
sets as 100000; Shortage
in Working Capital.
PLANT TO BE KEPT GOING

Unable to pays its employees the United
Ftates Metal Products Company. OF which
Albion II. Turner Is the president. HE'D
yesterday a voluntary petition In bank
r,ptcy. giving the assets as s3.7OO .Sbs-
Sc and the debts as sl.00S,b50.l6. Judge
Mayer appointed Mr. Turner, +. Tecum-
sch sherman and Thomas 6. Clarke as
receivers, under Joint bonds of $4,000.
to run the business for ninety days.
That the petition In bankruptcy Is pre-
Iiminary to a reorganization of the com
pany. which owns n large plant AT Col
lege Point l.. l.. employing at present
400 men. but with a capacity Tor LOO
men, is Indicated by a comparison OF the
company's assets with the annual state
nsnt of the company as OF December 81.
1918.
That report showed that the company
finished the year with deficit OF $500
1876, AFTER having paid two quarterly
dividends OF Ia per cent on the pre-
ferred and per cent. on the common
stock. II showed also that the assets
Of the company amounted TO s7,?92,S29.
The list Of assets, however. included
good will, &c" which was nut at 50
b82s45. but this item does not appear
In the schedule Of assets filed In the Dis
trict Court 1t included also 1857, 1873
as the cost Of the plant
II was asserted yesterday by representa-
flNfS OF the company lildt the l'tCtlllbtl
statement represented the assets as the
old board of directors figured them, and
thar since the new management TOOK
charge they have effected economies and
have pared everything down with a view
10 getting the company in good working
shape.
The liability side OF the ledger in the
December statement showed that the com.
pany had outstanding 100000 in pei
cent. cumulative preferred stock and
100000 in common stock. Two or three
dividends were paid on the common stock
several years ago.
The statement filed yesterday show ed
that the actual debts OF the company
amount 10 less now than they did AZ this
time last year. There are not so many
notes outstanding The list of liabilities
shows that there is about $4,000 due the
Chase National Bank. which is secured
Furthermore, the Chase will lose prac'
tically nothing, as the Metal Products COM
rany. which manufactures metal products
such as metal trim doors. window frames
and the like. is equpping the new quar-
tiers Of The Chase.
Bank Philadelphia, s225. 900 the Bank
or North America Philadelphia, 500, 600
and $4,000 to the Assets Realization
Company. There is s250,000 owing to the
AIT Metal Construction Company OF
jamestown. y. Y.
Mr. turner IN the petition says tn'
haukruptcv action was authorized by the
board OF directors. that the bills receiv-
able amount of 100000 and that tho aver
sgc business of the company has beer
about 81 500. 900 yearly. lie points out
that the orders amount at present tc
s35o.0oo. NE says, however. that there is
not enough money on hand TO pay the enl-
pluyecs; that suits are threatened by
creditors and that a receiN ership is neces-
sarl FOR the preservation of the property
going concern,
Tho present management mas been try
In for several months to put into effect
q scheme 10y which tho common stock
would De reduced from 100000 e
$3.50, 600 and by which both the holders
ot the common and the preferred would
max, payments to the company. for which
they were TO receive twenty year bonds
The company was organized in 1911
b. John W. Rapp. well known as a manu-
facturer of freproof trimmings for build
incs. and 10y the Assets Realization Com
r4uy. The company bought up the John
". Eapp Company and the j. +. Ban-
chard Company. The company was in
corporatcd under the laws of Massachu.
sets and SG0Ou,0O0 common stock. In
addition To 100000 preferred was
authorized. although only 5000 900 OF the
common was issued, The receivers TOOK
cha "a