Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1922-02-09
ASK RECEIVER
FOR COLUMBIA
GRAPH'NE CO.
CONTINUED From First Page. }

A(onilHutQ FROM flTHI rage
wiped out their big paper profits"
Francns s. Written. formerly Of
this city, was president OF the com
pany during its reorganization. and
held that Office until about a year
ago, when he resigned the presi-
dency and became chairman OF the
board OF directors while Van Horn
Ely OF Pittsburgh, who was inter
ested in the Wilmington trolley lines,
became president OF the Columbia
Company.
The petition filed with the court
today consists OF affldavits OF the
petitioners and covers with the other
papers a large volume. 1t is set forth
that the Universal Securities Com
pany owns 1000 shares, May b.
Shera, 1926 shares, and Henry W.
Runyon 275 shares OF the common
stock OF the company.
II Is stated in the petition that
the common stock OF the company
dropped from SIS per share a few
years ago to s1.25 per share. while
the preferred stock dropped from
s95 to seas per share. At the pres
ent time there is outstanding s9,SS3,-
731 in preferred stock and 1.26S,1S6
shares OF common stock OF no par
value.
The loans through banks total
s13,65O, 900. It is alleged. and liabil-
tiles amount to s1s,90O.OoO In ad-
dition to this sum. II is set forth
that the company owes to other
creditors 100000.
The company has plants at Bridge
port, Conn, East Baltimore, Md, and
Toronto, Canada. The petitioners set
forth that the East Baltimore plant
cost ss.500.O00 and that at Toronto
$780, 900. and that both plants are
idle at present.
The main Offices in the Gotham
National Bank building. Columbus
Circle, New York City. cost $1,000
600 for rentals for eight years under
lease.
1t is also alleged that the COM
pany, which took over the American
Graphophone Company in 1914. had
at that time basic capital represent
ed by plants. machinery and equip
ment amounting to S2,725, 900, and
at the close OF 1920 the basic cap
ital totaled 100000. or a gain OF
s4,O0O,OO0 in sixs years. while the
capital Of the company had been in
creased S26.0Oo,000.
The total capital OF the American
Graphophone Company at the close
OF 1920 was set forth as $4,000, 900,
while in 1920 It had increased to
$4,000, 900, assuming the outstand-
ing common stock to be valued at
S12 per share.
The bill AYERS that the sales OF
the company in 1921 totaled s1s,-
600. 900. as against s47,0OO,OO in
1920, and that the prohts for the last
nine months OF 1920 amounted to
s7,303,734, while the loss in 1921
was f2.33s.775.70.
IL is also stated in the bin that
in 1921 a committee OF stockholders
was formed to protect the banks
/ holding the company's paper TO the
value OF s13,65O.0O0. and in Janu-
airy Of this year another committed
was named TO protect the holders
OF s6.0O0,000 az per cent. golC
bonds that had been issued. Thes,
committees are now operating thu
plant and conducting the business
II Ia set forth that while the in
come has been large, Il has at M
time been proportonate to the en-
largement OF the capital through is
suance OF stock. loans through
banks, etc.
The Columbia Graphophone Com
pany was incorporated under tn
laws OF Delaware on December 1s
1917, to take over the business o
the American Graphophone Com
pany.