The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-04-17
PHONOGRAPHIC ROW.
Stockholders Oppose Wizard
Edison's Little Bid.


Thomas A. Edison's bid of s125, 100 for
the remaining assets of the insolvent
North American Photograph Company
created a nice rumpus In Chancery Cham
bers this morning. Counsellor John R.
Hardin, receiver of the company, made
a report to Chancellor McGill this morn
ing of Mr.. Edison's offer. and a few days
ago notified the stockholders of the com
pany that he would do SO, and if they
wanted to object they must appear by
counsel today. Several of them accepted
the invitation, and a sharp legal fight
ensueG. Last August this photograph
company failed. Mr.. Hardin was APP
pointed receiver, and he discovered that
there were $45O.G00 worth of proved debts.
The patents and other assets amounted
to about $3.50. 600. The stockholders. find
.ng that Mr.. Edison had foreclosed a
pany. and had offered a bid for its
assets. they at once suspected that the
wizard was trying to gain control 81
m mae delip Of the Asa ckIhooiiederrs
One OF these. MI. Henry Stern. of New
York, represented by Mr.. Edward Keas-
hey and Mr.. Se1.gmann, presented a Pc
s.tion. which Mr.. Keasbey read to the.
Chancellor this morning, asking him to
allow an inspection of the books with q
view to ascerta-ning the real status OF
whether or not Mr.. Edison's bid vas
fair. But before Mr.. keasbey could say
Of Newark. jumped to his feet. saying
your Honor. Mr.. Edison has been
placed n a false light. and l wish to ex~
gently .~nterposed the Chancellor. There
are no papers before me. and words VII
s sapeal f sinGs a Rsoo oadey t hat 1 m may 'n make e"
Mr.. R. Wayne Parker ~strenuously OBJ
tected to any remarks about MI re,
| he (Mr. Parker) began his argument re-
! Gently in a suit between the Phonograph
| Company and the United Edison Com
were in. and he replied Yes"
u nevf !. ia a anysl515sss Of i 5hs k lsat +
Mr.. Edison's lawyer wished to straight.
en- out facts concerning an agreement
file lea a poatition setting cut he debts against
ot6er side might know what they mad
" Ff then laid over Until April g 70 give
| Nj. Edison an opportunity to prepare a
DIVIDING THE WORLD.
Then Mr.. keaspey proceeded to raise
the storm over the request to Inspect e.
RoGss; He Ea;d SaI bIs thai sSsas 5im9 ri gs9 sn t.
| the North American P~honograph Cam
pany. which began business with a,a six
pany should emily sell al p~ho ana spns
3 3 TThe pri M / rn # Selling Rra's pho &c
| to every other part of the globe Mr..
Edison sold to the United Edigpn Promo
g II pphs company sar hoyb ro oom saoa1aye, were NeT made
| at Mr.. Edison's manufacturing works at
Orange. Ii was found, said Mt. heas-
Of ofs Which 6ias NJ. Edison was President, was
| sending photographs to foreign express
Companies for ha rts s "a ns1nanel to in E degfi ! a
| Of their contract. The United Edison
Photograph Company at uS once cbps r ocelIer
| Van Fleet ordering the North AmerIean
| Photograph Company to desist. MT; Edi,
son. counsel said. as Prssidehe q nhon me
graphs for both concerns and drew a
large SALARY of thousands Of dollars from
sach to op2 re sne araa5ps neglect.
| ed the Interests of the United Compan
| and encouraged the rival 70 sen
| goods outside the United states ana oan-
DOUBTS THE WIZARDS MOTIVE.
"When we find" said MT; keasDey,
North America P~honograph
from a man. a responsible president,
and bound by contrasts TO tb give nt al, n
he has not done, but foreclosed a lien
on the stock and ought 1act + ho IaeK i bav e
a right 10 ask. Is this a good bid" =,
Mr.. Keasbey insisted that it is a We'll
settled principle in oe e9ulsy p~ro @aa at pn ali
times be at the disposition of a stock
holder, and he must ask that the DOCKS
Company be inspected. Mr.. Henry Stern.
Mr.. Hesse and Mr.. Boston. some OF
whom owned 1.2o0 and others LOCO shares
What had been one They we're never
notified that meetings We're being held
and were invariably kept in the dark.
case" said Chancellor McGill. after Mr..
Keasbey finished. "and | am not sure
that I should prevent the sSoekholdes
not to be forced to make a jump in the
dark. but / would like to ask the Re
ceiyer whether he he 1 adess to hostile
r THE RECEIVERS OBJECTIONS.
Receiver Hardin Lar E :. who who, had snses al b this
down Mr.. Keasbey's chain of reason
ing by saying that there, were nor any
iican and United States Companies. and
then proceeded to score Mr.. Stern, the
ten share stock owner" as he called
p padd simply want to 60 81 : for,
aging excursion through the books OF
the North American Photograph to col
lect facts to be used by the Edison
United Co. in IT'S litigation with the Amer
lean Company. If, he said, Mr.. Stern
would indicate what facts he wanted. he,
the Receiver, would willingly furnish
them; but no opening Of books at this
stage.
Mr.. r.. Wayne Parker supported Mr..
Hardin In his objection to Mr.. Keas-
books to collect points to use against
1.-THE North American Company.
81 think" said Chancellor McGill,
i sthat If the petitioners will, by Monday
next, put their questions in writing and
send them to Mr.. Hardin, / shall di-
rect him to prepare a balance sheet. ]
won't dispose Of the bid question unit
the stockholders know something of the
state of the ~company's affairs"
CAKE AND APRON SALE.