New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-13
MAGAZINE IN BANKRUPTCY
Small Creditors Push "COIum-
bian-HamptOn" to Wall.
COURT APPOINTS RECEIVER
Issue of Certificates Authorized
and Business Will Be Con-
tinued Twenty Days

\ petition i'm bankruptcy was filed yes
terday i'm the United States District Court
against the Columbian Sterling Publishing
Company. Of No. S. West 35th street, which
publishes The Columbian Hampton Maya
zine" and five other periodicals. a. Cor
don Murray was appointed receiver by
Judge Holt. with a bond Of $4,000. and he
was authorized by the court TO Issue re-
,eivar's certificates and 10 coutinue the
business Of the company for twenty days
Although the possibility of involuntary
bankruptcy OF the publishers Of the uplift
magazine had been talked about for sew
eral DAYS. the move OF the three small
creditors. whose aggregate claims amount
cd 10 only 81 S64 50. came as a surprise to
the large creditors. who were quite CONN
dent on Wednesday that negotiations FOR a
loan would be completed the following day
and that with new funds the publishing
venture might weather the storm
The postoficc authorities and the federal
grand Jury have been investigating for
some time complaints that the old Column
bian Magazine Publishing Company whose
publication. The Columbian Magazine
has been merged with "Hampton's Maya
zine" has been using the mails in scheme
10 defraud investors IN its stock. Com
plants were made that the dividends de-
cIared by the old Columbian Magazine
Publishing Company were so large as to
create the suspicion that they were not
paid out OF profits, but from moneys re-
ceived from the sale of stock
The creditors who filed the petition
against the Columbian-Sterling company
were the Quadri-Color Company, the Color
plate Engraving Company and Alfred Il.
Baker. They alleged as acts Of bankrupt
cy preferential transfers Of property ana
various preferences through legal proceed
ings. The assets Of the company were
fixed at $4,000. consisting Of the magazine
plant unpublished manuscripts. hxtures'
subscription accounts and advertising con-
tracts. The petitioners said there were no
funds To complete the publication Of the
November issue OF THE Columbian Hamp-
ton Magazine" which, ii was understood
has been prepared
The petitioners further said that Frank
Off. the president, and other Oiilcers Oh
the company had been subpRnaed to APP
pear before the federal grand jury ana 10
produce tho looks Of the Columbian Maya
zine Publishing Company. the assets ana
property OF which We're acquired ~ the
alleged bankrupt corporation. The petl-
toners also said il had been charged that
Frank orr and the other officers dissipated
tho property Of the magazine by paying
dividends to stockholders from the capital
Of the magazine and not from profits.
The petition then related how. as the
result of these charges, Orff and the other
officers have been dropped from the pay
roll Of the company and the management
Of the company has fallen into the hands
Of the operating staff. The creditors al
Ieecd that there were dssensiOns among
the officers Of the company, and that the
MANAGEMENT was now in confusion, and no
one had assumed the responsibility or pre-
serving the assets for the benefit OF cred
itors
As TO preference through legal proceed
incs the petitioners asserted That an at
tachment had been issued against the as
sets Of the company I'm favor OF Marshal
W TacCart and that the Sheriff was IN
possession OF the premises OF the alleged
BANKRUPT. Another alleged preference Oh
this kind was described is judgment OBJ
tainod ON October Q by Geneyieve Durland.
In pressing the demand for receiver
the petitioners said the November issue OIL
the magazine was I'm process OF publication
and IL was essential that II ne issued
promptly to preserve the goodwill and as
sots of the corporation, as delay would
moan cancellation Of advertising contracts
and s,irsrription lists would become value
less