Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-22
Name Receiver for
s., 900, 900 Concern
Continued from Page One

Continued from Page One
Wetherin specifically, and to suggest other
candidates for the post
With the imperative need Of receiver
for the company. Judge Dickinson appointed
Mr.. wetherlll temporary receiver Tor thirty
DAYS, reserying TO the stockholders the right
10 come in at that time and challenge Mr.
Wctherills qualifications.
RECEIvERSHGP \ SURPRISE
II Is the expectation of those seeking the
annointment that within short time the
conpany will be re-established on SOUND
financial basis, hut the fact that a receiver
Tor the company was necessary created
bie surprise, The American Pipe and Con-
stT,ction Company was regarded as one OF
tho most substantial of corporations, ana
only recently its stock OF par value OF
SI00 a share sold on the market for SlS2
share, according to counsel Tor tne stock-
bolders Mr.. Smith, counsel for the stock
noIders. made the startling statement that
i'm the present condition Of the company II
was doubtful If the stock would bring 50
a share.
From statements made by counsel, the
con,pany has been in difficulties since last
January. An effort was made to have the
stockholders subscribe $l,5O0,OO0 to fund
FOR tidIng the company over the rough
natbs hut failed because the company did
49, have securities sound enough to give
The stockholders for the loans 1t was de-
clared The attorneys for the stockholders
asserted that the management OF the COM
many had pledged all of its substantial
securities for loans, and was unable 70
| raise any more money on the securities "
still has.
Unsettled conditions in the labor and
! money markets made IL impossible for the
| connanv 10 negotiate loans TO carry 1t
over II was declared and receivership
| was necessary.
BOND FIXED AT 100000
! r,o r.oa,ver's bond was fixed at 500, 900
! n stuart Smith. counsel for the TWO
| stocl,hoIders who filed the bill and who
nronosed MFR. Wetherill as receiver, resented
! the i,nnutations that Mr. Wetherills man.
| agement of the company was responslpie
! for. its present condition. NO blame coulu
he attached TO Mr.. Wetherill for the con-
| dition Of the company asserted the attor-
~, as n was known 10 an interested In
the company at the time Mr. Wetherill was
| eIected that the company was In financial
straits and that reeeivership seemed un'
,rhose supporting Mr. Wetherilrs candi'
| dacy hadn't a dollar TO risk declared @ @couil,
sci for the objecting sharehoIIers, ,',So ~,
ali their claims weIe secured; W. winte -. ~
stockbolders had their s5,OOO0OO invest
| ments at stake. - .a,,,t,irs
The company filed an answer admit.int ann ~
the averments Of the PHI OF collpia''''
ioining In the petition for receiver,
ssrhs American Pipe and Constructor
co,,,nsn, Is a New Jersey corporation, ane
was originally capitalized at sl'o9o,ooO oS u
tc coo shares of a par value Of 500 each eeo
later the capital was increased 70 sS'VSy soo oo,
900. According 70 Attorney 1aui' '''''V''''
OF the capital has been paid IN. -, ,,n
~ addItion 10 controlling seventeen un
a.ri.,nS companies, the American compan,
rs ossas - LOON IN SIX other public ntilily cor
norations Many Of the rtletso e4.R,..'''
~. concerns senldg ano oisu'pe''rs