The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-07-22
THE WIZARD PROPOSES.
But the Chancellor Disposes Of
His Offer in the Photograph
Companies Warfare.

Certain propositions offered by Wizard
Thomas A. Edison to the receiver of the
North American monograph Company,
to bring matters in dispute between
them to a hasty close, occupied the at
tention of Chancellor McGill this morn
ieng in Chancery Chambers.
The propositions were:-"That you
suffer decree of foreclosure and sale in
the pending suit of chancery brought by
me against you
THAT I assign to you all the patents
which are Included in the contracts be-
tween myself and the North American
Photograph Company and Lippincott
and agree to "the assignment by the
Edison Photograph Company to you of
such of these patents as were assigned
to that company.
"That these propositions are based on
the condition that you will secure the
the North American Photograph Com
pany and make the sale within one
month from this date and if at such
sale I should bid for such assets and
the same should be sold to me, the allow
ance on account of my claim as a credi-
tor of the North American Photograph
NOIlpdIly SIIO4io OC hIddC " lt0 AZ P@S
ment for such assets, it also being under
stood that the stock of the Edison
Photograph Company, held by ms as
collateral, shall be sold separately and
in advance of the other assets to the
end that the amount of my claim against
the North American Photograph Com
pany, including any deficiency there is
on my foreclosure sale, may be clearly
1-+o111;-Lod -, n Il M n.aa ne tba Sa1a of thu
remaining assets.
Yours truly.
STOCKHOLDERS WANT TIME.
Courtlandt Parker. Edward Keasbey.
Hayes HAYES W. R. Hardin and Lum ali had
Mr.. Parker, with Mr.. Keasbey, repre-
senting stockholders. begged for time to
consider the propositions and Mr.. Parker
fers as a cunning device on the part or
Mr.. Edison by which he gould goople
up the entire assets of the North Adnerl-
Il deny said Mr.. Record, opposing
the acceptance. Of the offer, that MT;
Edison is a rightful creditor. We would
r rahf Of Mr.. Edison's claim by the
directors. We cannot find the book.
Il think" said the Chancellor, that
the foreclosure. proceedings should 20 on \
Du' ASSETS DTsAPPEARING.
Receiver Hardin approved of the com.
promise and said that a speedy SAFE OF
the assets was imperative. h time OF
the patents was expiring and so numer-
Gus were the suits against the concern
that he, the Receiver. was In such a
position that he was not sure wiether
there would be any assets. or nor LETT.
In his Judgment, many of those VINO OPP
posed the proposition professed more IN
terest in the affairs of the North Amer
ioa phonapranh Company than they pos
sessed. It IS for the interest of the
creditors that the sale should be speedy
and this compromise of Mr.. Edison's he
asked the Chancellor to accept.
the proposition was unfair because the
sale of the stock apart from the patents
would give Mr.. Edison an undue advan-
tsge in ny II on NO tb one otS wouid DID TOT
II Think said the Chancellor, that
that matter might be adjusted so that
Mr.. Edison would be on the same foot
c iag as that aas o aen't be rs admit ted A's0A :
The Chancellor decided against the
proposition, but gave the Receiver sug-
g~estions by WHICH Mr.. Edison's offer
Mr.. EDIsoN's OPPONENTS.
"Please all parties!' ECHOED Counsel
lor Lum, of counsel for Mr.. Edison: al
Mr.. Parker's eyes glistened at this
and wheeling around he was about to IN
proceedings just when they were be-
coming interesting.
According to the Chancellor's views,
Mr.. Edison will be. obliged to give secur-
same if no cash is handed up at the
sale of the assets, which the Court does
not propose to delay. As for the PROPOSE
lions. they will be modified according to
+ho Coitrt'c All pQaStinn