The Penn's Grove record., 1919-05-02
No receiver For Pusey & Jones Co.

According to information received
in Wilmington, arrangements satls-
factory to the creditors have been
made by the Pusey & Jones Company,
and the application for a ~receivership
will be withdrawn.
Application for ~receivership was
filed thru petition in the United States
Court some time ago, and on last
Monday at Trenton, N. j., the matter
came up before Judge Davis in the
United States Court. At that time
attorneys for the company asked a
continuance of two weeks, but this
was resisted by attorneys for the pc
~titioners, and after a conference, the
matter was postponed until next Mon
day, when it vas to come up before
Judge Davis ah Newark, n. j.
At the hearing on Monday i%nterven-
ing petitions were filed by attorneys
for Blakely Brothers and the Key
stone Screw Company and other cred
itors.
1t was indicated at the hearing on
Monday that the company would be
able to satisfactorily adjust matters
with p%etitioning creditors, and that it
would not be necessary to appoint a
receiver.
Officials of the company in Will
mington, when asked about the report
that the application for receivership
had been withdrawn, stated they knew
nothing of it. 1t was also stated by
the clerk of the court at Trenton, by
telephone, that no action had been
taken there with reference to the
withdrawal of the petition. Robert
Pennington, local attorney for Pussy &
Jones Company, is in New York and
could not be communicated with in re-
gard to the matter.
Creditors filing the petition for re-
ownership hold claims against the
company amounting to about $4,000.
The Delaware Trust Company of Will
mington holds a first mortgage OF
$500, 900, and former United States
Senator Baird of Camden, n. j., holds
a mortgage of $150,000. The United
States Shipping Board holds a mort
gage of SIS, ,000.
Besides the plant located in Will
mingeon, the Pussy 4 Jones Company
own and operate two plants at
Gloucester. Their property is said to
be worth about 100000 and the sol
vency of the company is not doubted.
1t is stated that the government is IN
debted to them in the amount of about
81, SOC, 900 for work done, and 1t IS
said. to be owing to delay in the pay
ment of this amount that financial
embarrassment has resulted.
1t was reported that Chr1stoffer
Hannevig, president of the company
and one of the largest stockholders,
would return from Europe in a few
DAYS, that the financial difficulties OF
the company would then be straight
ened out and that the yards would re-
sumo operations under private man.
agement on a large scale.
Hannevig, who is interested IN 70
different companies in this country
and Canada, has been in Europe four
months, and it is generally believed
that he will bring back a number OF
contracts for ships, as when the war
started the company was building
craft for Norwegian interests. HIS
private secretary, c. T.. Vattleson,
who was with him in Norway, arrived
a few days ago and on Monday visited
the two Gloucester shipyards with
Captain c.. Forelich Hansen, manag-
ing director of the company, and j.. D..
Mason, comptroller of Chrlstoffer
Hannevig, Inc, both from New York.
One Of the trio is said to have IN
formed some of the officials that be-
fore long Hannevig would again have
control of the, plants and that there
will be plenty of work.