New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-30
HS.HARPER BEFORE REFERRED
TELLS OF OLD COMPANY'S CONDITION
AUTHORS APPEAR TROUGH
COUNSEL.

A further hearing in the before Referees
Francs C. Cantine. OF No IS Nassau-st IN the
application OF Harper Z Bros. FOR voluntary
dissolution o. their Business held II o'clock
yesterday morning George I. Rivss. OF DIN &
Rives. and Louis J. Phelps. OF the same firm ap-
peared behalf Of the EarPers Jerome B la
Tour, bookkeeper o: Harper & Brcs-. was ex-
am!ned- He identified various schedules. Henry
5. Harper. o. the directors OF the company and
treasurer OF the corporation. next called
Mr.. Harper told OF the Indebtedness OF the COM
pany represented BY bonds held by J. Pferponr
Morgan and others and OF the state OF re publish
ing business during the eomDaDy's existence In
the last year of operations under the company
there had been a proat above operating expenses
but not enough TO pay the interest debts Ths
company had continue spend money for add
tionaI machinery. eIectrotype plates and the Ike
the debts increased every day
The assets o. the company, he said. were some
thing over 100000 IN eIectrotype plates. machinery.
tools, type. drawings photographs. manuscripts.
etc He did believe that anything like this
amount could be obtained for them IN an open sale.
much OF the value being in goodwill and depend
ing upon the sale OF the plants in their entirety
AT whatever value they might be estimated they
could not De sold 70 get money TO continue the
business under the company FOR the reason that
they were under mortgage. There were only eight
stockholders in the company, J. ". Harper. 1540
shares. J. Henry Harper. 400 shares John Harper.
2.757 shares Henry 5. Harper. 325s shares; James
Thorne Harper. 1873 shares; HOratio P Harper
13i7 shares; James Harper. 40 shares AMI Clinton
". McIIvaine OF London, 1000 shares AT the time
OF the formation OF the company no money had
been paid for the stock the various shares Of the
partners the old concern having been traded to-
stock in the new one
J. Noble Eulley. representing J. W Nichols.
creditor. cross-exanined Mr. Harper He asked
him whether under the last year OF the copartner-
ship the business had been run a profit Mr.
Harper replied that ne did not know Mr.. Rives
promised to give Mr.. Eunley the information. and
when the hearing finally adjourned till next
Tuesday afternoon O'Clock. with the
understanding that ii for the purpose OF cross
examining Mr.. Harper this point II need be.
Mr.. Rives considered that he had put in sufficient
evidence to show that the company could not go on
with the business.
Ralph E. Prime. OF Yonkers, appeared near the
end Of TIE hearing Tor number OF auInoTs- re
the FTaroer i-tereL-s- they srauIv car,e 70 learn
what would become OF royalty and other contracts
that he and those he represented would oppose the
assumption by any new company OF such contracts.
.'This NAV rafSe "a entirely new point but II
viii have 10 be decided" said he a contract, II
you call it that, between an author and a publisher
IS kind of trust contract SO much depends upon
the reputation and peculter policies or a puoIsner
authors works 10 a new and GnSnoW n concern
., wv, alsG HoIl hSS 70 E w axpecr5, 70 5T7
in evidence in the form OF contracts and 70 ind
upon the books and records Of the company the
sales OF books and the like TO determine the royal
Mr. Rives assured Mr. Prime that he need not
worry about putting IN claims. As you proba-
bly, know ne said. "the publishing business IS 20
Colonel Harvey and J. Pierpont Morgan The Re-
organization Committee Is going pay all debts
TO authors in full. Il IS the intention OF the COM
mittee keep the Harpers the same gentlemen
who have been conducting the business heretofore,
in the concern still and as far as the COMMITTEES
can do IL the business will IN the old way.
The committee considers il its interest 20
continue the pleasant relations with authors. and
| can assure YOU that. far they are con-
cerned the business viii go Just = there had
been no change. The financial affairs OF the con-
corn NAV be conducted differently. There VIII be
new money 70 carry the business that ts all
There will be controversy with authors as 70
claims