[Trade Journal]
Publication: National Glass Budget
Pittsburgh, PA, United States
vol. 29, no. 25, p. 4, col. 4
Automobile Plant in Receivership.
Upon petition of its president, Thomas F. Hart, the Interstate Automobile Co., of Muncie, Ind., was on Saturday of last week thrown into the hands of a receiver and Michael Broderick, boiler manufacturer, was named by Judge Ellis in the Delaware circuit court as receiver to take charge of the plant and continue it in operation. Broderick filed bond in the sum of $300,000 with Mr. Hart and Ralph Hemingray as sureties. Mr. Hart’s application for a receiver sets forth that the Interstate company has a total in debtedness of more than $500,000 and that disagreement among the stockholders as to the control and management of the concern has prevented the company from raising funds to pay off this indebtedness. He further states that the company is indebted to him for salary in the sum of $1,735.23, and that the defendant company is indebted to him in the sum of $83,689.41 on promissory notes. No definite statement of the assets of the company is contained in the petition. The company, it is set forth, owns real estate, factory buildings, a large number of completed automobiles and a large amount of raw material, and there are outstanding accounts that are due and unpaid totaling $43,638.34. Thomas F. Hart has been prominently identified with the window glass industry for a quarter of a century, his large plant at Muncie having been merged into the American Window Glass Co. when the American was formed. For a number of years Mr. Hart was in charge of the affairs of the American and has been a member of the board of directors ever since the company was organized. He resigned the management of the American to engage in the automobile business at Muncie. Ralph Hemingray is also a prominent glass manufacturer, well known and highly regarded in trade circles.
