Salt Lake Telegram | 1902-02-07 | Page 6 | $5,000,000 Auto Concern in Hands of Receiver

AUTO I IN HANDS OF RECEIVER TRENTON N. N J. J Feb 7 Papers Papers were filed fed in the office of the clerk In chancery today showing the appointment appointment appoint appoint- ment at Newark yesterday esterday by Vice- Vice Chancellor Chancelor Stevens of a receiver for forthe forthe forthe the Automobile company of America The appointment Is made temporary and a rule to show cause is granted returnable before the vice chancellor at Newark n Tuesday next The application for a a receiver was made by V. V Everett Everet Macy and others They stated in the application that the company is Insolvent but that with proper management management it could be made profitable The ThE liabilities are given glyen at of which consists of f commercial p paper per The assets are given as follows Real estate state machinery stock and book accounts Mr Macy owns of the company's stock and the company's in indebtedness indebtedness indebtedness in- in to him is Among the other petitioners are John H. H Flagler Flagler Flagler Flag- Flag ler who o ons worth of stock and to whom the company is indebted d Sidney D D. Ripley who owns and whose claim is and Frank L. L Underwood owner of worth of stock and whose claim caim is The petition petton sets forth that the company com corn pany is capitalized at and of I this amount only was paid in cash the balance having been expended ex ex- exI I for patent rights The company's company's com corn pany's plant is located in Jersey City