The Lambertville record., 1925-12-17
Joint Meeting Held BY Bond And
Stockholders in Worthington
Hall Last Friday

New Hope-A joint meeting of
the bond and stockholders of the
New Hope Brick Company was
held here in Worthington Hall last
Friday afternoon to devise ways and
means to rehabilitate the Company
which is now in the hands of re
ceiver. 1t was reported at the meet
ing that the receiver, A. V. Wise, of
Philadelphia, had not been able to
secure money on the $4,000 worth
of receivers certificates which he
was authorized to issue by the court,
and as interest payments had not
been made on the coupons of the
bondholders, it was decided that ac-
tion must be taken Immediately to
protect the holding of the owners
of stocks and bonds.
Egbert T. Bush, of Stockton, was
elected temporary chairman of the
meeting, and Charles F. Holcombe,
of Lambertville, secretary. Ives L.
Harvey, president of the Company.
made lengthy and detailed defense
of his management, and despite the
fact that the majority of the bond
and stockholders were dissatisfied
they gave him a courteous hearing
Harry Fox, of Lock Haven, who
has been interested in the plant
from the beginning, replied that re-
gardless of what had been or what
hadn't been done, and regardless of
the assets of the Company, the fact
nevertheless remained that unless at
least 100000 could be raised to
complete the plant it could not be
rehabilitated. He called attention
to the fact that with only three
kilns the brick could not be made
cheaply enough to sell at profit.
He also stressed the fact that The
brick now being made are not run
ming uniform in color, due to the
poor management of skimming off
the surface shale and not mixing it
with the depth shale which is nee
essary to give it even consistency
and color. He was emphatic in his
belief that the value of the shale
deposits on the property runs higher
than even the most optimistic have
estimated, but unless the plant is
completed so that brick can be
turned out in quantity and under
efficient management it will con-
tinue to run at loss. He contend
ed that unless the stockholders were
prepared to put up the necessary
100000 to complete the plant that
the bondholders would have no choice
but to act on their rights in fore
closing on the mortgage and either
take the plant over or sell it for
what it would bring.
Charles A. Bothell, of Philadel-
phia, who holds bonds as security
for money advanced to the plant in
his capacity as broker for the sale
of the plants product, stated that
he and other bondholders had con-
cluded that summary action would
have to be taken to protect their in
vestments. With this end in view he
introduced resolution authorizing
the appointment of committee of
five to take whatever steps We're
necessary in the protection of the
bondholders' interests, and with
whom their bonds were to be de-
posted.
Gordon Cooper inquired if this
contemplated the exclusion of the
stockholders, and protested that tho
he personally held very small
amount of stock and bonds, he did
not think it just that any action
should be taken which would freeze
out the stockholders who had no
bonds. Mr.. Bothell replied that this
was not contemplated, and that he
thought it could be arranged so that
the, investors who had stock exclu-
sively could be protected.
The resolution was then read, and
the committee named in it was com
posed of Charles F. Holcombe, Lam
bertville; Julian E. Ward, Stockton
r. F. D.; E. McLain Waitress, Phila-
delphia; Robert Tosti, New York
City, and Charles A. Bothell, Phila-
delphia.