Receivers were appointed by the Federal Court for the American Fuel Oil Company, a $30,000,000 concern with $20,000,000 outstanding stock. The company was organized in 1918 to buy, sell, develop and transport fuel and crude oil. Its failure is attributed by the president of the company, Harry M. Rubey, in part to the United States Shipping Board. The company purchased at $185 per ton five Hog Island freighters which, although represented as in good condition, proved practically useless when converted into tankers at a cost of $1,000,000.
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