New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-21
THE STOCKHOLDERS PROTEST.
THEY DECLARE THAT THE AFFAIRS or TIE
AMERICAN TYPE FOUNDERS COMPANY
HAVE BEEN MISMANAGED.

THEY DECLARE THAT THE AFFAIRS or THE
AMERICAN TYPE FOUNDERS COMPANY
HAVE BEEN MIsMANAGED
There is trouble in the American Type Foundry
Company. The stockholders have received no dlW'
dends in eighteen months. and are dissatisfied WITH
the management OF the concerns affairs. In a clr-
GUAR letter issued by committee saying II repre-
sents a majority OF the stockholders II Is alleged
that the officers have failed 10 perform their duties
properly and an election II new board OF officers
is suggested who will carry out the wishes OF the
stockhod ers The report asserts also that Of the
twelve type foundries and thirteen selling agencies
only two show profit.
The officers are charged in the report with run
ming the business the "go-as-you-please plan.
and the fear is expressed that continuation OF the
present state OF affairs must result in disaster 70
the company. The committee also declares that
there has been met loss OF 'sS55i % instead OF
profit"
reply was issued TO this statement in which
the American Type Founders Company asserts that
the report Of the committee was incorrectly maze
up saving Of 81. 2i0 is said to have been secured
by the abolition of various offices and by the reduc'
ton in the salary of the president and other officers
The introduction OF labor-saving machinery
blamed in part. for the poor showing. and The re.
port saws: The condition OF business in generai
throughout the country is largely responsible Tor 'ne
inability OF this company TO realize the expectations
OF the stockholders. The demand for type has large
~ fallen Of owing the existing depression ana
Other type foundres have suffered equally with us
from these causes. This company Is holding Us own
In the proportion of sales and the reputation " io
products"
The statement, II seems did not satisfy inc
stockholders. who have issued another cireuiA'
In which, under date october 10. they ask Tor sup
port ITO your property from the misnlahase
mcnt which threatens to terminate in disaster
and to enable to effect the necessary changes
quietly and avoid the inevitable publicity CT
contest there. tending further TO depre,ia'e 'nf
value of your property. ,.A.rt
The circular is signed by C. y. Jordan, Rope.e
VI. Ianney, Monroe Smith. L. c. Ogden. IT, LeS
Speyer and Chares :. Conner.
John Marder. treasurer and secretary OF tne nms
pany, at his ofice. al Rose ana DussmS
sts. yesterday. and said that the annual repor "s
just been completed. and would be submitteu -
the annual meeting. which viii be held IN "a "a
rooms OF the Board of Trade, Newark, OCTOBER ."
at II a. III. =, .,,.v
when the stockholders read IT," he said w. sy
will be convinced OF the fact that there mas 70,
msmanagement," and he thought the prese"'
officers would be reelected ,.,
one OF the signers OF the circular was seen AVE-.
who OF decidedly different opinion we Ian
not satisfied with the way our business has v msn
conducted" he said, land hope to put ~
In the offices who will run things to our sa'
faction" ,,..,
The officers of the company are: Robert Als9n";
president: w. h. Mackear vice-president, -. ~
Marder. treasurer and secretary, and a boar" "
fifteen directors.