Every evening, Wilmington daily commercial., 1921-02-12
RECEIVERS NAMED
FOR HANNEWG & co.
involuntary Petition Filed in the
Federal Court at New York;
S8,OOO.OOO Debts, $780,
900 Assets.

Wig a Co. a banking, foreign eAchanBe
and shipping concern with offices at
i39 Broadway. and Christoffer Hanne-
Wig, individually Ti2e lh'bilhes were
said 10 amount TO sA.0Oo,O0O and the
free assets 10 about 100000.
The appointment of receivers was
agreed 10 by the alleged bankrupt. and
the proceeding. it was explained, was
due largely to the desire to conserve
the assets Among these is a claim
against the United States shipping
Board for Sl4.OoO.OOo by the Pusey &
Jones Company. n subsidiary of Han
nevig 4 Go.
The pctitioning creditors are Osler
Wade. as nauidutor of the Dominion
Shipbuilding and Repair Company. Ltd.
who claims SSS7.105; \. S. Reid. as
siguee of George +. Pawling. a Judgment
creditor Sc 600. and the Equitable Trust
COMPANY $3.50, coo due on r note In
dorsed by Mr.. Hannevig.
According to the papers the large
amount due TO Dominion Company
arises olrt Of a contract made in 1919
for thc purchase OF two vessels on
which are still due amounts aggregating
SNO1 54k that there is also due the
dominion Company S67 .I04 for dis
bursements and about s12,462 which il
~ said the company had on deposit with
Hannevig & Co.
Ii " stated that the alleged bankrupt
has assets and liabilities I'm Norway and
that q r.rciVcrship is necessary 20 pre-
vent the dissipation Of assets of Hanne-
,tE y Go as well as those Of the Pusey
\ Jones Company which is said to be
.udebted 10 the Baltimore Drydock Com
amy for $3.50 600. which is seoured, II
was stated by the capital stock of the
former company.
The petition filed by osler Wade asked
for the appointment OF receivers and
Federal Judge Knox appointed Henry
A. MaIse and Thomas r. flanagan 10
take temporary charge Of the assets.
tt was announced that tho receivers had
retained as their counsel Saul S. Myers
and James n Rosenberg Of the law
urm If Rosenborg. Ball & Marvin.
statement by MIR. Myers was 10 the
fect that the cause Of the trouble in
which Iiannevig 4 GO. found themselves
VAS the delay r. collecting lust compen-
-ltion from the United States Ship
rinE BOARD for the Pusey & Jones Co.
Last night the receivers issued a
-tatcmeu; saying that the Shipping
f'oard had made an award Of sT,100.-
100 tn the Pussy & Jones Company for
essels taken over during the war and
that il had been refused. a suit has
reen instituted in the District of Colum-
lila for the fun amount claimed. $4,000
H0o. II was said, and that Charles r.
hughes. counsel for the company. had
heeu instructed 10 have the suit tried
as speedily rs possible.
Christoffer Hannevig issued the fol-
lowing statement from his home, 500
Park Avenue. last evening:
4 consented to the bankruptcy pro
cecdings and to the appointment Of re-
ceivers because l wanted to fully pro
tect my American creditors
The United States shipping Board
has heen pretudiced against me per-
sonally for years and has wilfully and
deliberately held UP claims Of the Pusey
q Jones Company. which 1 own and
control. I have personally financed the
Pusey Jones Company. ] put in
$4,000 600 Of my own money. The plants
u this company at Gloucester. y. J..
and Wilmington. Del. cost over s12-
zoo. 600.
During the war and since this com
pany delivered 10 the government Of
the United States fhirty-four steel cargo
caEgo vessels turned out by any ship
ard in the United States during the
war period
The Pusey & Jones Company holds
he record for delivering to the govern
neut. cargo vessels at the lowest cost
Ter ton Of any yard IL the United States,
The Shipping Board held UP the
eiairns of the Pusey s. Jones Company
or three years, and finally awarded
hat company s7,100.000. and then un-
awTully deducted s3.400. 600 The Pusey
q Jones Company has sued the Shipping
}osrd in the Court of Claims for sI4,-
200 900, and has brought SUIT In the Dis
riot Of Columbia 10 restrain the Ship
ping Board from carrying out its award
AS soon as the Shipping Board
rlakes 3 proper settlement ali my
creditors will he paid IN full"
Washington. Feb 12-The Pusey g.
Jones Company. one Of the largest ship
building concerns on the Atlantic Coast.
with shipyards at Wilmington, Del, and
Gloucester Point. \. J., which was the
beneficiary Of an order signed by Jus
tice Frederick L. Siddons Of the District
Of Columbia Supreme Court restraining
the Emergency Fleet Corporation from
yards, began yesterday. the second
srase of the proceedings TO compel the
Fleet Corporation TO pay Il Immediately
SIS 1896 900.
Justice Siddons took under advise
ment q petition for a writ Of rnandamus
70 force the payment Of this money, re-
gardless Of the fact that the plaintiff
company Is now involved in the United
states Court OF Claims in a proceeding
involving a total Of s14 100000 alleged to
be due from the Fleet Corporation.
The money is claimed as being law
fully due on contract TO build and de-
liver thirty-four merchant ships now in
control Of the Fleet Corporation.
The shipbuiIders claimed that the
Fleet Corporation awarded II the sum
Of ST,l94,975 The Fleet Corporation
explained that the award was made
with the understanding that sS,77e. .7S7
would bl deducted for moneys paid 10
the Cunard Line on behalf of the plain
tiff company.
The Pusey d Jones Company now
claim IS 5.39e 900 under the law which
directs the Fleet Corporation 10 pay out
right three-fourths Of what il considers
just compensation IN regard TO the
claims Of shipbuilders and allows the
balance 10 be settled in the Court OF
Claims
The present proceedings in a law
court, 1t is claimed, do not conflict with
proceedings in the Court Of Claims in
volving the S14 100000.
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