The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-17
RECEIVER IS NAMED
FOR "INTERTYPE" co.
Caused by War. Says Herman
Riddcr, Head Of TypcscttinS
Machine Concern.
TO KEEP BUSINESS GOING

The financial situation precip!.ated by
the European war which has seriously
prevented the extension ot business. par
;iculari, in England. Is assigned ~ the
chief cause of the appointment by Judge
Hough IN the Federal Court Yesterday of
Erskine Hewitt rs receiver FOR the Inter-
national Typesetting Machine Company
OF this city. This action was taken in
an equity sui, brought by two creditors.
the International Banking Corporation, a
Connecticut company. Cor s5e.6is. OF
which t,395 Is unsecured. and the Gem
trail Trus; and Savings Company, Penn
sylvania corporation. for $685. OF
which s2.a5j il unsecured. The re-
ceiver's bond was fixed at $4,000. and
and to incur expenses up TO $4,000. The
receiver was appointed without opposition
by counsel for the defendant company
10 protect the assets and TO keep the
business intact.
The company manufactures and sells a
typesciting machine known as the inter-
type. Preferred stock to the amount Of
81 200. 600 aud common stock 70 the
amount Of sa.aT1. 800 have been issued on
an authorized capitalization OF 100000.
and an issue OF 100000 In gold bonds
| is secured by a mortgage TO the Guaranty
Trust Company. There are besides out
standing gold notes amounting 20 t529,-
600
The compla inants se. forth that a fall
uro 20 meet interest charges on the COM
pany's gold notes, due on January l.
would operate az default under tho
mortgage and lead TO its foreclosure
Claims for materials and labor aggrc-
gate 100000 Net profits Of the con-
Germ for the year ended November l are
said to have been In excess Of $4,000.
Counsel FOR the company issued TIE
following statement:
The International Typese;tng Ma
I chine Company is no; insolvent. but is
suffering from difficulties due to tenn
porary causes which have made tempo
rary receivership advisable for the pro-
lection OF all concerned BY tho interyen-
ton OF n recelvership Il Is expected that
all Its difficulties can DE successfully met
and It's business placed In "A strong posi-.
tlon. The company IL In The hands OF
Few men OF large resources. WHO arc pre-
pared tu give It tho Ee-essar! financial
backing"
The oitivers OF the company are Her
man Bidder president. Joseph T.. Eldd"'.
vice-pr.sident, and Victor T. .iddc-. sec
-s.ary. TIE directors, Ia addition to those
named. are Bernard ~. R!dd"r. wilbur
:. Scuddsr. william H!eSler, Jro and ..
Hunger;ord.
Herman Riddor issued statement
saying:
Since the outbreak OF ;hc war tho
company has been confronted with q
difficult situation. During the past year
TIE company mas sold more than twice
as many machines as were sold IN any
preceding year. This rapidly inc-"aS-
Ing sale. however, has produced a snort
age OF working capital. Twenty per
cent OF its output Of machines and pre-
viouSly been exported aud sold abroad.
The European market has been cash
market. but tho American purchasers. or
account Of the general financial situa-
ton. have not been able 10 pay cash. and
tho company has been obliged 10 sell is
machlnes on eXtended tinc paylnents"