New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-30
Calvert Brewer, Appoint
ed Receiver, Hopes to
Adjust Affairs.
LIABILITIES SAID
TO BE $2,47S,2l2
Inability to Borrow Money Is
Said To Be Cause OF
Difficulties.

The Atlantic Gas and Electric Com
pany, % Broad st., owing S2,SIe,zlE Vo'
filed a petition in bankruptcy yester'
day. The company is a holding con-
Germ for gas, electric and power COM
panies doing business in New YORK.
New Jersey and Pennsylvania. VI the
liabilities S2,420,85 are secured. CSl-
vert Brewer, vice-president OF the
limited States Mortgage and Trust
Company, was appointed receiver, un-
der a bond of $4,000. t.
c. NJ. Phil, first vice-president'
signed the petition. The company Is
a Connecticut corporation, chartered
early in 1912 as the American Utlllties
Investment Company, but changing itS
name in December of that year. Lho
capital stock was $12,0O0,0O0, OF when
$4,000, 900 was preferred: Spooner q
Cotton, Il Wall ST., are the attorneys
In the schedule of assets appear ma.
terials and supplies in possession OF
the Pennsylvania Utilities company, OF
Easton, Penn, valued at $ZO,ooO, anu
stock, bond and note claims sgalhsS
subsidiary companies amounting L"
In ns treasury the company holds
bonds and stocks of subsidiaries aggre-
eating SI143,S17 "a, and Of its own
Stock $3.50 500. The common Stock
bonds and a note of the Pennsylvania
TTtilities Company, totalling S2,Elb-
9o6 o5. are also included in the assets
The utilities controlled by the Az
lantic Gas and Electric Company, when
has been the sole manager OF the prop
critics of the subsidiaries, furnish SER
vice 10 a population of approximately
235. 600. It is maintained that to real
ize the full value of its assets the
company must continue without hqul-
dation or interruption Of it's business,
Late in the afternoon Spooner q
Cotton issued the following statement:
"The company states that the ie-
ceivership is caused by its inability IN
the present financial stringency to Dor,
row money to meet its maturities ana
construction requirements.
Meetings of the security holders
have been held A strong committee
is to be appointed, which is at once 70
take I'D plans for raising new funds
and 10 preserve the equity Of all those
interested. The proceedings this day
taken are the first and necessary step
in the adjustment of the affairs Of the
company, which will permit, 1t IS
hoped, in a short time the completion
of it's work and the Encouragement OF
it's financial affairs"
The principal unsecured creditors
are the Babcock & Wilcox Company, 80
Liberty st., $2,496 So; the Guarantee
Construction Company, l40 Cedar ST.,
S4,397 n; the W. A. Clark Wire Com
pany, Elizabeth, n. j., S4,725 n, and the
Atlantic Construction Company, go
West ST., $5,876 80, on an Endorsed note.
There is due to the Pennsylvania jail
tiles Company $22 ,204 72 and to the
Easton Gas Works Company, another
s; bsidiary, $4,000 on a demand note
The company holds or owns all or
mart { the stocks, bonds or notes Of
the Binghamton Light, Heat and Power
Company, the Eastern Pennsylvania
Power Company, the Pennsylvania
Utilities Conipcny. a Jersey corpora
ton; the Jersey Power Company, the
Morris and Somerset Electric Company,
the Interurban Gas Company, the
Saver Electric Company, the Slate Belt
Electric Company, the Chemung Land
Company, the Gas and Electric Com
pa1y, the Demon, Inc, the Atlantic
Construction Company, the Farmlanls
Development Company, the Northern
PENNSYLVANIA Power Company, the Jer-
sey Central, Hoboken & Paterson
Street Railway Company, the Nazareth
Electric Light, Heat and Power Com
pany and the Slate Belt Electric Light,
Heat and Power Company.