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THE ALLIANCE 1IEHALD, FRIDAY, DECEMBER 10, 1020.
THREE
t
i
r
I
t
RECEIVERSHIP
FOR ANTIOCH
POTASH PLANT
AMERICAN TO CEASE OPERAT
ING FOR THE PRESENT
Cancellation of Manufacturing Con
tracts Left No Other Course,
Pres. W. E. Sharp Says
United States Juiljje T. C. Munger
lias appointed Samuel C. WauRh as
receiver for the American Potash
company of Delaware, and the bond
of the receiver is fixed at f 10,000. Mr.
"Wau.ajh is an officer of the First Trust
company, an affiliated corporation of
the First National Bank, according to
Wednesday's State Journal.
Receiver Wauph is authorized under
the federal order to operate the plant
at Antioch for a period not to exceed
two or three days, or until the present
stock of coal and oil has been used up.
The receiver must not incur any in
debtedness which the cash on hand
will rot pay. He is authorized to
take charge of nil the property of the
American Potash company of every
description aid kind, pay the laborers
employed by him whatever may be
found due tinder the order permitting
the operation of the plant and to
collect any outstanding accounts un
paid and to employ watchmen . to
guard the plant after it has been
closed.
The Nebraska Buick company, S. A.
Foster Lumber company and Arthur
Dobson petitioned the United States
district court to appoint ft receiver
for the American Potash company of
Delaware, a corporation doing busi
ness at Antioch, Sherman county. The
petitioners are creditors of the com
pany. The Foster company filed a
claim for $12,000, the Buick company
for $3,000 and Dobson for $3,000.
They alleged that the American had
committed an act of bankruptcy,
The petition states that the Ameri
can Potash company has liabilities
amounting to about $375,000. That its
MONEY ORDERS
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All our Hats for Women and
Children at V2 price and less
at
HIGHLAND HOLLOWAY CO.
THE SUGAR BOWL
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Fancy Line of Box Candy for
Holidays
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KNIT UNDERWEAR
Can be had at a saving: of
of original values at
HIGHLAND HOLLOWAY CO.
DON'T
JUNK YOUR GAR
Let Us Remodel It Into a Good One.
Car knowledge and careful workman
ship can do wonders with your bucking
auto.
It doesn't buck without cause. Our
strong point is in locating ALL causes
and correcting them.
The longer your car bucks the nearer it
gets to the junk pile.
Bring your repair work here. We posi
tively guarantee all our work.
Donovan & Smith
210 W. Third Street
assets consist of outstanding accounts,
merchandise, cash on hand, a larjro
plant for the naihinR and .manufacture
of potash, which plant consists of en
pines, machinery and other equipment,
fifty miles of pipe line and numerous
pumping stations. J
It is alleged that it is absolutely
'necessary for the preservation of the
property that a receiver be named.
The petition sets out that the com
pany has on hand orders for J.0 tons
of potash and that it has sufficient
coal, oil nnd other materials in stock
to fill these orders but that the com
pany has no credit to obtain the nec
essary funds for the operation of the
plant, the payment of wages to work
men and unless such contracts are
mmediately performed a possible pro
fit will be lost and there will be left
hand a large quantity of coal, oil
and other materials for which there
is no market.
The petitioners allege that the com
pany has a number 01 outstr.nuing ac
counts which demand immediate at
tention by a custodian appointed by
the court, and that the officers of the
company have given their consent to
the appointment of a receiver without
requiring him to give a bond.
It is set up in the petition that on
December 4, 1920, the company com
mitted an act of bankruptcy in that on
said date it did admit in writing un
der the authority of its board of di
rectors, to these petitioners that the
corporation was unable to pay its
debts and was willing to be adjudged
bankrupt on that account.
The claim of Dobson & Co., is 53,-
000, that of the Foster company $12,
000 and that of the Buick company
$5,000, all represented by past due
notes.
T..2 company has head mai lers in
Lir.:o'.:i a:: J has been operating two
potash reduction plants at the town
of Antioch, in Sheridan county. The
capital stock of the corporation is in
excess of $2,000,000 and practically all
of the stock is held by Lincoln men.
The total indebtedness is estimated
by W. E. Sharp, president, as between
$375,000 end $400,000. The com
pany's plants and lakes and leases on
potash lakes, Mr. Sharp says, ropre
sent a value of $2,500,000.
The cancellation of contracts for
12.00Q tons of potash for future de
livery by the American Agricultural
Chemical company of New York was
fhe primary cause of this action being
taken, said Mr. Sharp. This potash
had been contracted for at a rate tha.
gave the American a reasonable proj'i
and when the company refused to take
any more potat-h and would not agree
at what future time It would do so,
the company was faced with the al
ternative of stopping manufacture or
sroing ahead on borrowed money. As
the money market is tight and bor
rowing on potash that had not been
sold would be a difficult proposition,
said Mr. Sharp, the directors decided
that the protection of creditors de
manded that the company be placed in
a receiver's hand. This will protect it
from raids by nervous creditors.
"Financial conditions are the sole
cause," said Mr. Sharp. "After the
chemical company had ordered Its con
tracts cancelled, I went down to New
York. They snowed me the books.
They sell fertilizer, of which potash is
a part, in the spring to cotton plant
ers and southern farmers, taking notes
due in the fall. The company had
$33,000.00 of notes coming due to it
in October and November, and on
these it had collected only 15 per cent
To continue making fertilizer means
that they would have to grind it now
and store it till spring and then sell
again on time. They wouldn't do it,
and so cancelled Our contract with
them is good, and litigation may fol
low. "With no place to snip to, we, to
save ourselves and cur creditors, had
to consent to have a receiver ap
pointed. He will take charge and hold
the property until business can be re
sumed. Several names have been sug
gested, but no one. has been agreed
upon. The court will attend to that
The company's property is worth a
great deal in excess of the debts."
The American Potash company of
Delaware is a combination of the old
American, which had a prosperous
career in the war times when potash
prices were out of sight and big pro
fits the rule, and the Western, which
got into action just as the war quit.
The American was first owned by
Omaha parties, but was later bought
by W. E. Sharp and combined with
the Western, a total of several mil
lion dollars going into the combined
properties.
The company was in much worse fi
nancial shape a year and a half ago.
At that time its debts totaled $1,400,
000. It had a large" amount of man
ufactured potash in storage that the
fertilizer trust wouldn't buy because
it hoped for German shipments to be
resumed. . It was finally sold. Since
then the company has been manu
facturing potash steadily and had re
duced its indebtedness over a million.
H
And now a news reDort savs stock
ings are coming down. (We know
this is a bum joke, but it's not in
tended that way. it's told as a mat
ter of news. McRae (Ga.) Enter
prise. '
And now is the time to take down
your screens and let the flies out of
the house where the poor things have
been cooped up all summer. Boon
vil)e (Mo.) Republican.
The frost Is on the Dumokin now. a
sight to make men ween: it' nrettv
and poetic, but a frosted punk won't
keep! Oneida (N. Y.) Democratic
Special Display of
1 V
Monday,
$75,000 Worth of Albrecht Furs
will Be Shown at The Horace
Bogue Store
Dec. 13
Latest Modes in Every
Stylish Animal
FURS
MOLE WILD CAT . MINK
MUSKRAT MARMOT RACCOON
SQUIRREL BEAVER OPOSSUM
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MUFFS COLLARS
LADIES' SETS s MISSES' SUIS
CHILDREN'S SETS
NECKPIECES SCARFS
Alliance Women
Fortunate
This Wonderful Showing Brings Metropolitan City Stocks to Your
Door . .
i
Your Opportunity isJHLereWill You Come?
One Day Only '
We will not attempt to picture
for you the exquisite beauty
of this display. Imas-ine it if
you will-but, better yet, come
,( ' TV and see for yourself whether
you are interested or not.
There has seldom .if ever in
the history of Alliance been
anything even to compare
, .with this.
ACT QUICKLY
This is your best chance to
select the fur you want. The
i
display will be practically un
limited in range of furs and models. An expert will be here to give reliable information.
If you contemplate buying a Fur this winter, don't overlook this splendid opportunity to
get perfect satisfaction. ',lr.tt- . '
FURS LAST SEVERAL SEASONS GET THE RIGHT ONE ;
X-iw' i.
( Wr
Of- -4-1-' - " v .
will J Hf i,f
TO
Horace B
ogue
Store
Union.