Frank F Matheson
RECEIVER NAMED FOR MATHES0N MOTOR CO. On petition of the Bosch Magneto company, of New York, United States Judge C. B. Witnier this morning appointed William C. Shepherd, ot Wllkes - Barre, receiver of the Mathe - son Automobile company, to taki charge of the business, and co itinut it until an order of court authorizes, the sale, in whole or in part. The Bosch Magneto company is a creditor, according to the petition filed this morning, In the sum of $4,000. In a reply, filed along with the petition, the Mathewson company, by its secretary, Frank F. Matheson, admits tho averments in the petition, and joins in the prayer for the appointment of a receiver. This is the second receivership for the company within a year. In the petition filed this morning, it is stated that the Matheson company was incorporated In 1908, and has $2,500,000 in stock outstanding. The assets of the company are over a million dollars, and the liabilities total $700,000, but the assets are of such a nature that they are not convertible into cash. The current and liquid assets are insufficient to continue the business. Among the liabilities are 508,000 outstanding second mortgage bonds. These are past due, and the creditors fear that a foreclosure of the proper ty will take place unless the co rt interferes. One of the chief elements of the value of the property consists of the business being preserved as a going concern, as the patents, patterns, machinery, tools and other holdings of the company will not approach the actual value if sold separately at public sale. The company has much real estate in Forty Fort borough, across the Susquehanna river from Wilkes - Barre, and north of Kingston. Upon this land is a modern automobile factory building. In appointing the receiver, Judge Witmer issued an injunction against threatened foreclosure proceedings.