Cochran is suing Globe Pottery Company

COCHRAN IS SUING

GLOBE POTTERY CO.

Wants Receiver Named Un

less the Debts of Old Ironsides

Pottery Are Paid

Andrew Cochran the well known potter of this city filed in the Court of Chancery this morning through his counsel Edwin Robert Walker and Ellis L. Pierson a bill In which he prays for a decree to compel the Globe Pottery Company of Bordentown to perform an agreement alleged to have been made to pay the debts of its predecessor the old Ironsides Pottery Company.

The bill sets forth that the old Ironsides Pottery was sold to the Globe Pottery Company a new corporation formed last January to take over the property and business of the Ironsides and that by the terms of the purchase and sale it was agreed that all of the debts of the Ironsides Pottery Company should be paid and discharged by the Globe Pottery Company which concern was to make and Issue $100,000 worth of bonds secured by first mortgage on all the real and personal property constituting the pottery plant at Bordentown Cochran claims that notwithstanding this agreement the Globe Pottery Company has not discharged the debts of the Ironsides Pottery Company and that a promissory note for $5,000 felt due last January and was protested for non-payment and has been renewed for $4,500, and is still being carried for that amount, while there are other bills and notes also outstanding due and owing, the amount of which the bill prays that the Globe Pottery Company may act forth and discover. It Is also claimed in the bill that there is a first mortgage for $18,000 on the premises which has not been paid and discharged and that therefore the mortgage securing the Issue of bonds is not a first mortgage and consequently the bonds are not secured In the way agreed upon.

The bill prays that a decree may be made against the Globe Pottery Company compelling it to specifically perform the agreement of purchase and sale by the payment and discharge of all debts of the Ironsides Pottery and the $18,000 mortgage so as to make the $100,000 mortgage a first and paramount lien upon all of the property of the company or that of the $15,000 mortgage is not yet due and the holder of it will not accept payment, that the company be compelled to pay the $18,000 into court or give ample and satisfactory security, to be approved by the court, for the payment and satisfaction of the $18,000 mortgage when due so that Mr. Cochran and the other holders of the bonds of the Globe Pottery Company secured by the $100,000 mortgage may be at all times indemnified against the lien on the company's property of the $18,000 mortgage.

In default of the payment of $18,000 or the paving the amount thereof into court, or the giving of ample security by way of indemnity, Mr. Cochran asks that a receiver may be appointed for the Globe Pottery Company to carry into effect and compel obedience to the decree of the court for the purpose of saving and protecting the rights and interests of Mr. Cochran and the other bondholders of the company.