New-York tribune., 1922-02-10
Ask Columbia
Grapl'opllone
Go. Receiver
Three Petitioners, Holding
2.5OI Shares Of Common
Stock. Insist Delaware
Corporation Is lnsolvcnt
President Quit Year Ago
Value Said to Have Dropped
From S75 to SIPS: Two
Factories Reported Idle
so,, a. Dispatch to Tac Trsbs~.


wLMINGTON. Pei, Feb. Q. r. At
,orncvs representing the Universal Sc
,uri.ies Company. May b. Shera and
ucnrv W. Eunyon. Of Jersey City. fled
: bill Of complaint in the United States
nistric. Court in this city asking for
the appointment Of receive FOR the
Columbia Graphophonc Manufacturing
Company. Delaware corporation. The
re.i.ioners Sc forth that they own
o.5ol shares Of the common stock Of the
company and that tho company is III
solvent Judge Morris entered an or
Ger setting Fc5rNary II at II oc4ocH
.or Il hearing on the appiica'ion.
Francis s. Nhittcn was president OF
tic company until abou. year ago
whom he resigned and became char
mar. of ,hc board = directors. while
Nan Horn Ely Of Pittsburgh, who wa>
interested in the Wilmington trolley
'i,es. hecsme president of the ''iuV' =
p.a company.
Tac petition flied to-day sets fort.
.fst the Universal Securities Company
ov~- l.0e0 shares May h. Shcra l.@,25
- e, ara llcnry W. Nuuyon 2'3 hare :
n the common stock of the company.
Z. is assorted ;hat the common stock
dropped from 50 prl snare few yea-s
s-o 10 Si.25 per share. whil" tho pre-
terred stock dropped from S95 to $6%S
n~r share A. tie present time thcrc
!, outsta~diag S'.SN5.7@l in preferred
s.ock and l.26Sl,6 shares o. conlmoN
s.ocl Of no pa value. Il vas said. TIE
oars through banks total SiS.Goo.oo0,
is ALLEGED. and liabilities amount to
$4,000. geo In addition to tbs suM. it
So: forth that the company owes 10
o,Aer creditors $4,000 900.
The company has plants IL Bridge
rot. Conn. Eat Baltimore and Toronto.
ontario The petitioners set forth tha.
~ East Baltimore p.a't cost sS, 800.
al1 and ,hai at Toronto : 500 600 anA
,sat botn plants are idle a present.
Tic main ofices in Tic Gotham Ma
-ioral Bank Building, Columbus Circle.
Ncv yol'. cost 81 .O1u 900 for rrNts &
iof cigh wears undcr lea. K is
;,a-cd T. Is ais alleged tnat the CO..
ray which took over the hmr!ic~M
CraphoDhoue Company IL 1914 bad at
that time basic capital represented by
plants machinery and equipmerr
amounting TO S1..-1, $50. and at t.
cosc Of 1870 the basic capital to-aled
i-eo0 O0o Or q gam II 5 100000 in six
Years wAilc tie capital Of the com
asny rad becn iNcloasod S2G.000.0u0.
Tie petition av"rs tnat the sales o.
're company N lH.l totaleG 5000 600.
against Saro9o.o1o m 1920. ana thst
ne Profits 70 TIC isst nno mouths
'' le-0 amounted 90 S7,3o3.7Sl. while
tho ioss IN l92l VAS s2.5297 1910.
asc is s.l-nd .hot in 20, = cun =
n,'ea G. stockholders was formed %
piotec, the banhs holdirg tno com
aaa's psocr to the valuo OF s13.coo,OO2
sof N lamar Of TINS year sNotho or
COZ mlt,cc vas named to protect tic
ro.lers @ s. 100000 OF per cent, gold
bonds that had been issued These
commtiea- arc now operating tle plant
arl co1d citing thc business. It is set
fort, ths, while tho income has beer
.sfge it ras at no time been proper
'iceat' to the enlargement Of the cap
tai thsou-h issuance Of stocks. loaAs
Trough bslhs. etc.
Iac Columbia Graphophone Coraps NJ
~ Incorporated under the laws OF
Delaware on December l3. lsi7. 20 tate
lvsr the business OF the American
SisqhophoNe Company.