Pope Manufacturing Company in Receiver’s Hands
Announcement is made that the Pope Manufacturing Company, of Hartford, Conn., makers of motor vehicles, has been placed in the hands of a receiver. Colonel George Pope, treasurer of the company is named temporary receiver, and has qualified under a bond of $200,000. In a statement by counsel for the company, and corroborated by President Albert L. Pope, it is said:
“That the business of the company in the automobile, bicycle and motor cycle department, will continue under favorable conditions, there being no necessity, while the receivership is in progress, of meeting past obligation, and the credit of the receiver, acting under orders of epurt, is the best.”
A minority portion of the shares of stock is held by small stockholders, and the company is controlled by the Pope and the Walker families. The small stockholders of Connecticut have lately charged that money was spent regardless of limit and that the overhead charges were excessive. They hope, with Colonel Pope in full control, that the business may prosper better than with the recent internal dissentions. It is predicted that if the receiver brings the business to the point where a reorganization is possible, there will be a careful scrutiny and shifting of the present directorate.
Ancillary receivership proceedings against the Pope Manufacturing Company were instituted bv the New Departure Manufacturing Company, of Bristol, Conn., in the United States District Court in Boston on October 28.