Tenth National Bank v. Smith Construction Co.
Supreme Court of Pennsylvania
Appeals, Nos. 324 and 70, Jan. T., 1913, by William E. Eichards individually and as Eeceiver of tbe Smith Construction Company, and by the United States Fidelity & Guaranty Company, from decree of C. P. No. 5, Philadelphia Co., December T., 1904, No. 3159, in Equity, sustaining exceptions to auditor’s report in the case of The Tenth National Bank of Philadelphia v. Smith Construction Company.
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Appeals, Nos. 324 and 70, Jan. T., 1913, by William E. Eichards individually and as Eeceiver of tbe Smith Construction Company, and by the United States Fidelity & Guaranty Company, from decree of C. P. No. 5, Philadelphia Co., December T., 1904, No. 3159, in Equity, sustaining exceptions to auditor’s report in the case of The Tenth National Bank of Philadelphia v. Smith Construction Company. Exceptions to report of Thomas D. Finletter, Esq., auditor appointed to pass upon the account of William R. Richards, Receiver of the Smith Construction Company. Before Staake, J. The Tenth National Bank…
1Opinion of the Court
Opinion by
Mr. Justice Mosohziskbr,
The Smith Construction Company was a corporation *273under the laws of New Jersey with a principal office in Philadelphia, engaged largely in building railroads and in public contracts. On January 27,1905, upon the com'plaint of a creditor, William R. Richards, its president, was appointed receiver by the court below; he was granted permission to continue work under contracts in course of performance, in the hope that profits might be derived therefrom, but these operations proved a failure and large losses resulted. At the suggestion of a committee of creditors,…
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