New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-30
SAFE COMPANY REORGANIZATION
PREFERRED STOCKHOLDERS OF lHE HEN
Observation-Disclosures COMPANY EMPRESS
THEIR OPINIONS on THE FAILURE.

-,oo,,,o ~ nreferred stockholders Of the Her
ring Hall Marvin Company safe manufacturers. OF
No 81 Chambers-st and at HimHloh' O''o' "dS
held Yesterday at the Aston House. with view TO
reorganizng the company and getting II out OF the
receivers hands About tho thousand shares out
Of eighteen thousand were represented w l. lay
lor was chairman. After an hours u'Scussoh vi
the company's affairs committee. was appoh'eu
composed of W G. Taylor. Philip hathaway ana
H. A. Tenney to take whatever measures might be
considered necessary for the beneht oil the s'oc"
holders. Among other measures. it was sugses'e'
thar stems should be taken for the removal or the
receiver appointed at Hamilton at the instance Vi
Mr. Mosler to obtain full report Of the affairs
OF the company. and to submit pan OIL reorsan-
cation.
Mr.. Hathaway exhibited a photograph OF the lac
tory Hamilton. which he said was the most
complete In the world. II was a peculiar COM
cldence. he said that the factory adjoined the lac
tory OF Mr.. Mosler. Mr. Hathaway wanted inc
Hamilton receiver removed and those appointed !"
New-Jersey substituted. He mentioned as 'he
causes which have brought the company 10 us
present condition bad management. extraordinary
expenses and high salaries. The stockholders, ne
said. had paid $l.m0Or too mucn Tor tit Uts'il'ss
had lost 100000 by excessive manaseriai expels,
aIa hlu about $i,crJ.OOO left wnch was worth
preserving. as the company could earn monei ~
the improved facilities for manufactuIiHS III ny
now factory. Mr.. Hathaway presented hsurss frGin on
The company reports TO show ina Ia ley' 't'
1891 the apparent deficiency was Ssg.il0. without
anything having been written OFF Tor depreciation
in ma chincry. The final result, ne said. was an
apparent depreciation OF slo65.65e. assuming the
patents and goodwill 20 be worth <l2S,2Jl Lcavlh'
out these. The result would be deficiency VI
$23i ~ 81 a capital stock of s3t)10 In any re-
organization he remarked. there would nav" 10 O.
1 reduction II t.c common stock by 90 per cent AND
in the preferred eio'N Of 20 per cent to WIPE Gu,
the deficiency. B.. thought however. that mere
still a biz iIture for the company unGer me
management OF capable business men.
Ar. Taylor gave few instances or the big pronts
safes show that The safe business wa proht,
able. and said he hoped the stockho ders woiii
unite in some plan to protect the property nc
thought that the company was better or no" una
before IL went into the hands of receivers. as me
big salaries and expenses had stopped. and the
lease Of TWO buildings now vacant, which had been
stddlcd the company for a long term OK years
Il renia Of 5000, could be wiped out.
Mr. Page defended the bankers VINO had hoated
the consolidation scheme. and Mi Carver ex-
pressed the Coinicn that the goodwill was OF great
value and that the safe business would make great
progress In the future.
Deputy Sheriff Lipsky received an attachment
agains, the company yesterday for s2.So. In favor
OF Warren c. BrundaGe on assigned claim for
money lent by Dean & SHIRLEY.