Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-02-10
NOT WORR|ED0V
GRAPHOPHONE CASE
Columbia Officials Attach
Little Importance to Re-
ownership Move.

Opinion was expressed in local
financial circles today that when tho
hearing for the appointment OF a
receiver for the Columbia GRAPHIC
phone Manufacturing Company is
held, February II. the petition viii
be refused. It was pointed out that
no creditors are concerned in the ap-
plications filed at Wilmington and
New Haven yesterday. and for stock
holders to maintain such suit it is
usually necessary for them to show
gross mismanagement on the part of
the officers of the company. 1t is be-
lieved 1t will be difficult to show this.
In a telegram last night to w. S.
Banks, branch manager of the Column
bia Graphophone Company at Balti-
more. Francis S. Written, chairman
of the board, among other things.
said:
Il attach very little Importance to
the report that the Universal Securi-
ties Company of Jersey City has filed
bill in the federal court at Whining
ton, Del, asking for receiver of the
Columbia company. Although l have
not seen copy of the bill, L under
stand it was filed by a stakeholder.
l am at a loss to understand why
stakeholder should attempt to en-
barraSS the company at a time when
its creditors are cooperating in
splendid fashion to preserve the prop
erty.
Il am confident that the suit will
have no effect upon the carrying out
of plans under consideration for the
adjustment of the company's financial
structure SO as to insure the success
full continuation Of the company's
business. i know of no ground what
ever upon which a stakeholder could
base the application for the appoint
ment of receiver, as the company is
being conducted by the management
elected by the shareholders"
Eugene Thompson, head of Crane.
Paris d Co, local director of the
company, said yesterday that he
did not believe a receivership would
be granted the applicants. The banks
which are the big creditors OF the
company" said Mr.. Thompson. ARE
not pressing it for payment. and /
do not believe the court will grant
the request of the petitioners"
Considerable interest is attached TO
Columbia Graphaphone in Washing
ton. because of the fact that the
company was founded here in 1886
the American Graphophone Company.
The stock is held widely here.
NOrfOlk-Washington Election.
At the annual meeting of the
stockholders of the Norfolk and
Washington Steamboat Company. held
at offices of the company yesterday,
the following officers We're elected
directors to serve during the en-
suing year: Milton E Allies, Charles
J. Bell, u. ]. Callahan, Clarence F.
Norment, Clarence F. Norment, jr.;
William Z. Pearson, Odell s. Smith
Hylas T. Wheeler and Levi Wood
bury.
The meeting was presided over by
Mr.. Woodbury., president of the com
pany, who, withstanding having
passed his eighty-eighth birthday, is
still hale and hearty, retaining the
confidence and companionship of his
business associates.
At a subsequent meeting of tho
board. the following officers were
elected: Levi Woodbury., president;
Clarence F. Norment, first vice presi-
dent: d. J. Callahan, second vice
president and general manager, and
Odell 5. Smith, secretary and treas
urer.
Southern Has Good Tear.
The Southern Railway Company
earned in 1921 fixed charges with
margin of about $4,000. 600 to spare,
and this years earnings will be equal
ly good, said Fairfax Harrison, presi-
dent of the company, at the close of
the regular monthly meeting of the
directors. The foregoing is better
showing for 1921 than we expected.
he said
$50 far as our road is concerned we
believe that the bottom has been
reached" continued the official. Our
roadbed is in good condition, but, OF
course, we have a number of cars that
need repair, but these repairs in gen
eral are minor, and when business
resumes it will require "a very short
time to put these cars through the
shops and into service"