Interstate Automobile placed into receivership. Ralph Hemingray surety in bond filing

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.