The star and Newark advertiser. [volume] (Newark, N.J.) 1908-1909, 1908-02-24
Mrs. Gettiana TOmpkins Alleges
Manipulation and Fraud in
Connection with Concern.
DIRECTORS MUST SHOW
CAUSE ON PITNEY RULING
Petitioner Against Jersey City
Enterprise Declares Taxes
for Years Unpaid.


TRENTON, Feb. 24.-Chancelloi
Mahlon Pitney has granted, upon APP
plication Of Gettianna Tompkins
owner of 20i shares in the A. A
Griffing Iron Company, of Jersey City,
an order to show cause why a receiver
should not be appointed for the com
pany.
Mrs. Tompkins. in addition to the
stock, which has a par value of 800, 400,
holds $1,000 of coupon bonds secured by
a mortgage on the plant and all assets
of the company, bearing 6 per cent.
interest. the interest on which has
not been paid.
1t is alleged in the bill of complaint
that because of manipulation the af-
fairs of the concern have been mis-
managed for a long time and run at a
loss. Mrs. Tompkins alleges that no
axe have been paid since 1901. and
that the total Indebtedness for unpaid
taxes is s9,176.S on real estate and 81
066. 20 on personal property; that there
is a mortgage of $3.50, 900 and unpaid in
terest on the mortgage bonds. amount
ing to 500, 514.7 rs due, making the total
lien on the property $199, 1912.
Petitioner Alleges Fraud.
It is alleged that other debts out
standing amount to $780, 900 and that
there is not enough money On land to
meet the current payroll.
1t is alleged on the bill of complaint
that the affairs of the company were
f~1nooph utbnIlN hN fha Lotto Thnp,a c
H. Williams and that a majority of the
directors held stock for the family of
Williams and arc in reality dummy
directors, acting in the interest of the
Williams estate. and have recognized
claims of the estate which, Mrs. Temp
kins alleges, are fictitious and fraud
ulent.'
The complainant shows that lowing
to the above fraudulent practices, con-
spiracies, actions and mismanagemenL
the corporation has been put to great
loss, and has not paid any dividends on
its stock for a period of about nine
years, and that a continuance of its
business would necessarily be at great
prejudice to its stockholders and direc-
tors. and hat its assets nave become
greatly depleted and l%essened; that in
order TO help up the general trade
credit there have Deer issued various
Fictitious statements of the financial ar
fairs and condition of the corporation
TO the directors generally, and your
oratriX believes to the various mercan-
tile agencies of New York city and
vicinity for the fraudulent purpose of
obtaining high financial credit and rat
Ing, said false statements showing its
assets at greatly inflated and eXagger-
ated figures. far in excess of what the
assets are really worth at "a fair SALE"
Capital stock Il Million.
The directors are John A. Hilton,
William II. White, jr.. Isaac e. Ogden,
]. NJ. G. Thomas. James f. ogden,
George w. Conklin. Samuel D.. Tomp-
kins and Thomas f.. Williams, jr.
The Griffing Iron Company was in
%corporated February IS, 1888, with an
authorized capital stock of $3.50. 900, to
manufacture radiators, steam fittings
and do a general business under the
corporation act. The Incorporation was
for eighteen years. juno 10. 1898, tho
existence of the company under its
charter was extended to fifty years and
the authorized stock extended to ST.
noe. 600. of which $1,000 600 is outstand-
ing. In 1897 the company borrowed
$500 on 6 per cent. bonds. on which
II Is set forth the interest is unpaid for
the six months period from May l to
October /. 1897.
TO secure the bonds a mortgage was
given to the New Jersey Title Guar
antee and Trust Company on all the
company's property, franchises and
rights in Jersey City, oBston, New
York city and Philadelphia.