The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-07
MAGAZINES CREDIT
GOOD, SAYS HAzED
Century Company Director r,.
plains Why Sale Ts Being
Opposed In Court.
SENTIMENT PLAYS 4 PART
Trustee Asserts Business Could
Be Easily Placed Upon a
Basis Of Profit.

The Century Mdodrtnr Is not l.s, D..
pass from the control OF the Century Co.,,
pany unless the court directs thu tr7r,,
OF the property IN "A suit 10 be pr,u.b. .
Robert w. Mcbride TO compel ~" Cont.
Company to carry out the sal ar.3n...
by the directors In June. This s'a'.fosn.
was made yesterday by George II ti,,..
president of the Crowell Publishre r.,,.
pany. which controls the bulk = "A.
minority stock Of tho Century Comraiy
The contemplated sale was pro.or,sl
by an injunction obtained by NJ Haze,
on the ground that the directors haI rcso.
tiated the sale without consulting IN.
stockholders. During tho time tho 70.
straining order was In effect plans wer.
made for a complete reorganization of ths
Century Company, the details of which
are TO be announced shortly. These nlan,
contemplate retaining control Of the mara.
zine and changing II from a liability 70 .
profitable asset OF the Century Company
business. For this reason. although Mr..
Mcbride has made an offer OF $500, 900 for
the majority stock OF tho Century Com.
pany. his proposal has been declined and
II Is not likely that any figure no names
will be accepted.
The estate OF Roswell Smith, founder
OF the Century MdOdstre. owns 600 ~ m.
500 shares Of stock of the Century Com.
pany. and under the reorganization plan
Of the company this stock has been vested
in three voting trustees who will have &C.
tive charge OF the business The trustees
are W. Morgan Shuster. formerly Treas
urer-General OF Persia George lures-
Jr.. and Mr.. Hazen. Mr.. Shuster will have
a rhar - hA has
OF the company. while Mr.. Inness will NO,
only be the active representative Of tho
estate OF his father-in-law. Roswell Smith
but his advice on all artistic features Of
the Century Company's affairs Will be co..
trolling.
Mr.. Hazen's aid was sought becau.
OF his general knowledge OF the MAGAZINE
publishing business as president 90 ths
Crowell Company. which owns the Amort-
can Mdgdsire, WOmdn's Home Companion
and other publications. Mr.. Hazen wa
connected with the Century Company FOR
thirty years. and during that time h. ar-
quired the sixty shares of stock he now
owns.
Mr.. Hazen said yesterday that wh.l'
opposition to the sale OF the magazine "a
the Mcbride interests was due to the fact
that IL was to be disposed OF for an m
adequate consideration he also OBJECTED
| for sentimental reasons. lie said tina
while the maga2inS had lost money 20
several years the Century Company hu
made large profit In other branches Of
its business and could afford to shouli''
the magazine losses because OF its vau'
as an adjunct to the other activities o
the company.
He objected to the insinuations IN ~
papers filed In the Supreme Court IN ~
| Injunction suit that the Century Compan.
was in financial difficulties and that e
! credit at the banks was being restricted
| He said he believed that the good wi.
| OF the company alone was worth Sl.o"''
600, and that II :he company wer" lqli
dated now its debts could be paid and
large dividend distributed amons IN
stockholders. irrespective OF the value o.
the good will OF the business. For 81"
reason. he said. the reorganization plar
OF the Century Company contemplate i'
creaslng its activities instead OF d,sps
ing OF the magazine or any other asset
Leary n GoodbodV, COUNCIL Cor Mt Nc
Bride. began yesterday the preparation O.
papers In suit 20 declare binding tn
sale of the magazine negotiated Dos IN
directors in June.