The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-12-30
MOSES M0SLER THE RIVAL
HERRING-HA MARVIN SAFE CO.'S
AFFAIRS DISCUSSED.
A Score of Men Representing Two Thous-
and Shares of Preferred Stock Meet in
New YOrk-Charges of fMismanagement-
Mosler's Attempt to Put Company Out of
Business-Oueer Things Hlnted At.

New York, Dec. ga score of men
representing 1000 shares Of the pre-
ferred stock of the Herring Hall Mar
vim Safe company, which recently went
into the hands of a receiver, met here
to-day to hear the report of w. C. Tay-
lor, S. a. Jennings and Philip Hatha-
way, the committee appointed to inves-
tigate the charges of mismanagement
on the part of those who We're in charge
of the company's affairs. Mr.. Taylor
said that the committee had discovered
facts in relation to the company's man.
agement which were remarka BILE and
which disclosed the reasons for the
losses as we'll as the cause for the ac-
tion of the company's most active rival
in securing a judgment for $4,000.
Mr.. Hathaway read a report, in
which he said: Those of us who We're
interested in the affairs of the COM
pany were somewhat startled when, a
short time ago We received word that
the voting trustees, We're to spring a
surprise upon US by calling a meeting
for the purpose of reorganizing the
company, at which they were deter
mined to abandon the name Of Herring
Hall-Marvin and adopt the name of
the American Safe Manufacturing COM
pany. We were more surprised, a day
or two later, at learning that Moses
Mosler, our rival, was the president of
the executive committee and that sec
ond member of the committee was in
oil 1-o1o s,,, =, ioI, loft
US only one representative on the COM
mittee
THE next discovery was that our
plant in Hamilton, O.. adjoins the plant
in which the Mosler safes are made
Whether or not Mr.. Mosler ran our
business in our interests or his own,
will not say but his attempt to put us
out of business by securing judgment
for the small amount of $4,000 makes
me suspicious. l have never seen such
balance and profit and loss sheets as
have been submitted by the company's
accountants. In the balance sheet of
1894, $1S0,00G paid as quarterly divi-
dends to preferred stockholders, was set
down among the assets. The balance
sheet shows that during 1894 the COM
pany lost $22 ,S15 and in 1895, $20S, ,647
In each instance the depreciation in the
value of machinery was omitted. In
1894 the proceeds of the sales of safes
amounted to 81, 339, 600 The cost of pro-
ducing the safes is placed at $685. 5S7 and
the running expenses are placed at
$377, ,957. In 1895 the proceeds of the
output amounted to only $1,052,479 and
the running expenses were advanced
to $515, 1898
1--WE paid million dollars too much
in the start. We have lost million and
have got a million left. / believe that
million is worth saving and / am in
favor of the appointment Of a commit
tee to take immediate steps to organize
the company to save what we can. :"
Messrs Hathaway, Taylor and Tenney
We're appointed committee to go on
with the investigation and were en-
powered to levy tax of rs cents upon
each share of the preferred stock to
secure funds to defray the cost of in
stituting legal proceedings to have the
courts in Ohio remove the receiver Sc
cured in that state by Mr., Mosler.