Salt Lake Tribune | 1904-07-03 | Page 15 | Demands Accounting in a Big Company

Demands Accounting in a Big Company Action Begun by Stockholder in the Marconi Wireless Telegraph in America. NEW YORK. July 2. nenry Gardner, stockholder in tho Marconi Wireless Wire-less Telegraph company of America, Amer-ica, has begun a milt In tho Supreme Su-preme court against that corporation and Its directors, in which ho dcmanOs an accounting ac-counting us to the affairs of tho company; com-pany; an injunction restraining tho directors direc-tors from making and. disposing of its p.ssets or from Interfering In any way with Its management; tho appointment of a receiver for the company, and such other relief as tho court may deem he 1h entitled to. The company was Incorporated Incor-porated under the laws of New Jorsey. with a capital of JG.GSO.OOO, ond It Is alleged bv the company that of this amount JO.IPO.OW of stock has been lesucd and Is outstanding , . , , , . The plaintiff alleges that tho defendants caused to bo Issued on March 12 last a statement, or balance sheot, which sot forth that on Juno 1. tho company wus the owner of certain rights, privileges and contracts for the alleged value ot $3.-018,491, $3.-018,491, which, together with other items, made an equalization between tho assets and liabilities. Ho further alleges that the patent rights and patents and contracts con-tracts referred to In tho financial statement state-ment wcro not worth, on January 1 last, anything llko tho sum of .31S,!M. and thut tho capital stock or cash given in payment of those rights, patents and contracts con-tracts was manipulated by E. Rollins Morse, ono of tho defendants, who Gardner Gard-ner savH he bellevoa had been tho chief promoter and financial engineer of tho C(3arancr asserts that tho directors of the corporation hayo mismanaged Its affairs and wasted its assets. Ho asksnhat they be removed from ofllco and roplnced by other directors Tho accounting is especially espe-cially askod lor as to the sale of all stock.