Smyrna times., 1923-08-01
THOMAS R. WHITE IS NAMED
RECEIVER DALLINGS COMPANY
MANY IN SMYRNA AND VICINITY
HAVE INVESTED IN CONCERN
Total of Ten of Various DOllings
Company Enterprise Under Fire
S85.OOO.OOO of Stock Involved

$85,OOO,OOO of Stock Involved
Thomas Raeburn White, attorney, of |
Philadelphia, was appointed receiver
for the R. L. DOllings Company of |
Pennsylvania, investment bankers, by |
Judge Dickinson in the United States |
District Court Thursday. Bond was
fixed at 100000. He promptly took
charge of the company's offices, 1921
Walnut street, Philadelphia. The an
nouncement has much local interest
for the reason that many in Smyrna
and all parts of Delaware have invest
ed more or less with this well-known
banking firm. In announcing Mr..
Whites appointment the Court direct
ed him to continue the business of the
company and make a report in thirty
days of the result of his examination
of the concerns affairs. Coincident
with the appointment of the receiver
Judge Dickinson issued a permanent
injunction restraining the present
managers from interfering in any way
with the receiver, from removing or
handling any of the books or records
of the concern and directing them to
assign all their powers to Mr.. White.
All creditors who have filed suits
against the company were likewise re-
strained from proceeding any further
with their actions unless permitted by
the Court, and other creditors are en-
joined from commencing suits against
the company. Shortly before Mr..
White was made receiver of the DOLL
ings Company of Pennsylvania the
Chester County Court appointed Rob-
ert o. Sperry, general salesmanager
, of the American Bronze Company, of
Berwyn, a subsidiary of the Dollings
company, temporary receiver for the
bronze company. The petitioning cred
itors were Nathan Trotter & Co., the
Benjamin F. Emery Company, the
Equipment Manufacturing and Supply
Company and White Brothers, Inc.
Start to Examine COmpany's Books
Accompanied by his associate coun-
sci, Councilman Francis F. Burch,
representing the petitioning share
holders; Percival H. Granger, attorney
for the receivers of the DOllings Com
pany of Ohio, the parent company
and the International Note and Mort
gage Company,a subsidiary, Mr.Whit(
started an examination of the com.
pany's books. Mont Leaky, formerly
of Columbus, o., who succeeded
George D. Porter as vice presiden
and treasurer of the Dollings Com
pany of Pennsylvania March Is, wa
questioned by the receiver. Mr.. Port
er is a former Director of Public Safe
ty and served as an officer of the Doll
ings company more than six years
Mr.. White declined to issue a state
ment and said he could not say wheth
, er or not there would be criminal pro
ceedings. The Attorney General o
Ohio, where the headquarters of tn
company were located, has demande
that officers of the company be pro
ceeded against "for swindling the pub
lie out of S8O,OO0,OOO in the sale o
worthless stocks" William G. Ber
ham, president, and Dwight Harrison
vice president and secretary of tn
Dolhngs Company of Ohio, and of tn
companies of Indiana and Pennsy
vania and the International Note an
Mortgage Company, both reside i
Columbus. More than S85,OOO,OO
worth of stocks of various Dolling
~ enterprises are in the hands of tn
~ public. Residents of Pennsylvania
- New Jersey, Delaware and Marylan
hold approximately S15,000,000 wort
bought from statesmen operating fro
the local office. The Dollings compal
les specialized in re-financirg, throug
increased capitalization, various il
dustrial concerns and selling Il
stocks Of these companies and the mi
? jor Dollings companies to the publ
Dividends, although not earned
many of the subsidiaries, were pal
it is alleged, through funds obtaint
from the sale Of stock.
are Ten Enterprises in Receivers Hanl
oal The receivership for the Dollinl
Company of Pennsylvania and Il
American Bronze Company brings t
total Of the various Dollings ente
our prises now in the hands of receive
nse to ten. The others are: The r.
DOllings Compahy,of Ohio, r. L. Do
ings Company, of Indiana, Intern
tional Note and Mortgage Compar
Recording Devices Company, DaytC
o., Franklin Brick and Tile Compar
Columbus, o., Champion Engineeri
eeo Company, Kenton, o., the C. &
ms Shoe Company, Columbus, o., and (
20 American Motor-truck Comnanv Ne
'ack ark, o. An investigation of the |;
nnd to determine what offense, if al
officers or agents of the Dollin
a Company have been guilty of in CT
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