Ogden Standard-Examiner | 1923-12-09 | Page 33 | Ask Receiver for Oil Firm

ASK RECEIVER FOR OIL 01 FIRM I I Independent Company tOI to f II Accept Action and fj Avoid Suits SALT LAKE LAHE Dec 8 8 Appoint Appointment bent ment of a receiver er for tor th the KIm KIm- KImball Kimball ball Kirn-ball ball Sign Slen compact com company a which which tiled flied a ag g petition today In tho Third dle- dle dIstrIct dis district I triet court It Id la alleged that the I I total Indebtedness of the concern I J h The actual amount of tho tho claim on which the tho application cation cotlon Is s based blUed Is la 1388 96 alleged to be bc due for tor or painting signs signe and pOI performing forming other work for tor the company LARGE YS It Is la also set forth orth In the Kim Kim- hall Kirn-hall hail petition that the on oil company has total tota resources ef t approximately approximately approximately represented bY plants equipment and Ible IDIo Ible securities upon which the tho corporation cor- cor cor cannot connot realise ready read cash Ono One ot of o the Items of oC o In Indebtedness alleged to be bo standing against the concern la to an account of ot held by the Producers and Ro- Ro Re corporation a concern from which tho the local company has lias been Its oil and gasoline Among the tho debts alleged to be outstanding against the company are also listed overdue notes In n the amount of o contract nm- nm amOunting am amounting to and In open accounts according to the petition It Is recited In the tho po- po petition pe petition that In flew i lew v ot of o the fact t that at atthe the company has ample assets tooer to over o claims but seems tempo tempo- temporarily tempo temporarily short ot of ready I cash c tor for op operations op- op operations operations It was vas decided to file lie pe- pe pe for tor receiver et In order that all creditors mh ht share hare and share alike on their claims This action was Mas as prompted It Is contended h by Information that ther creditors holding larger v nett about OUt to start suit 1 the till oil company to reco er q m n their claims T T mL E PI I S s The The company has haa had a hard tIght fight against the tho Standard Oil In- In Interests In Interests since It was organized said r I L L Copening president and manager of the Independent corn corn- Ian pans The Standard saw where it could get control of the Inde Inde- Independent Independent Independent pendent company by demandIng payment of ot account The officers of the Producers and company made mado a verbal agreement 1 Ith the he Independent company last spring in which It promised to fur fur- furnish furnish furnish nish all the tho gas and oil needed it If the Independent company Would establish service In Utah and Ida Idl- Idaho Ida Idaho ho November 16 15 the Producers and Refiners company sold eold con con- control con control trot to the Prairie Oil Olt and Gas Gae company a subsidiary of the I Standard and so o the tho Independent has been forced Into receivership 1 which will be handled by the Utah and Trust company The complaint was not protested be- be because because be because cause It would cause many suits against the Independent company All creditors will bo be paid and there ther will bo money left for tor the stockholders The company will continuo continue operations The Independent company was wag organized d t rg to keep the price pries of oC down and the quality up The Tho people ot of this section did not seem to appreciate this Ho However ever the company writ a continue Its op- op operations op operations along the same lines and lC if the support is le given glun the com COm- company company pan pany will help to keep the th price of gasoline do down don n The Tho company will purchase Its supply from an price In the retail price ot of gasoline In the tho last year has had much to do with the tho present lion of oC o the company The Pro Pro- Producers Producers Pro Producers and RefIners company tail rail tailed railed fail failed ed to keep up Its end of oC the con con- contract con contract tract It had with us and t this It-is is con I has made It t bard hard on us The company Stetsons in forty five towns la Iu Utah Id ho and Wyoming J C Evans Is fe the attorney for the forthe Independent company