The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-02-22

Deficiency ......................fs1,74 2 8
Loss by r. +. Prizes ,742
The above assets are stated irrespective Of all
coveries that may be made from the estate Of Il. F.
Prizes, or any other doubtful debt.
Mr.. James Freshfeld, in explaining the accounts
first alluded to the circumstances attending the sus
pension, and particularly to the delinquencies OF Mr.
Pres (now under sentence OF transportation for e)
through which that event had been brought about.
There being nothing on the side Of Mr.. Turck, the
acting partner to conceal with reference to the
nection, that gentleman, Immediately on discovering
that Pries' cheque had been dishonored, commenced
an investigation, and having ascertained the nature
of the forgeries committed upon them, he resolved
that the house should at once Stop payment in order
to protect the interests Of the general creditors The
firm had enjoyed the highest credit up to the moment
Of SUSPENSION and had it not been for the heavy loss
sustained through the frauds of Pries it would have
possessed q considerable surplus beyond all engage
ments. From the state of the accounts it would be
perceived that the assets amounted to f99 against
liabilities to the extentof fl53 and that they thus
showed dividend of about l2s. Cd. in the pound.
Taking into consideration the expenses of liquidation
and other contingencies, that full might not be
reazed but at all events there every prospect OF
los. being paid. The nature OF the assets were
generally favorable especially one item OF f43
consisting Of money Immediately available, which
would OF itself be nearly sufficient to pay dividend
Of g. in the pound although it could not be distri-
buted until some further progress had been made in
the withdrawal of liabilities. The other items Of
fS7 Ss2 good debts produce &c, and GA 1926 assets
not Immediately available although they might take
time for realization were believed to be in every re-
spect good. The difference between $4,000 esti-
mated as the assets and f153 900 liabilities left
f54 900 in the shape of deficiency. In accounting
tor this it was necessary to state that the loss by the
transactions with Pries subject to whatever might
Be qnef that hs se spa
of Goldman St0lterfoht originally f3S 900, but re-
duced by bad debts to EFT Os6 the result would be
stated. The suspension, disastrous as it was, ex-
hibited less discouragng features than had been ex
pected, and it now remained to decide to the plan
Of liquidation. In answer to inquiries, Mr.. Cole
man, the accountant, mentioned that the London
and Liverpool houses had been included in the state
ment as one establishment and that all transactions
out of which might arise any liabilities with the
firms of Fabcr & Bierwrth, and II. Stutzer, Of New
York, E. Werthemann of Amsterdam, and j. Hirsch
Co., of Rotterdam, had been properly taken into
pension, representing f27s,60O, which would be
withdrawn by other parties, fl55 900 had already
been arranged, and there was every hope that the
remainder would shortly be provided for. The OPT
MON Of the meeting having been taken on the de-
sirabeness of the estate being quidated under in
spection the annexed resolutions were passed, 1t
being minated, however, that the gentlemen ac-
cepting the appointment of inspectors were not Gre
ditors, but acting the representatives of other
houses.
At a meeting Of the creditors of Goldman & Stol.
terfoht on Friday, the 4th Of February, 1863 Henry
GGschen, Esq, in the chair, Mr.. Coleman, the ac-
statement of the debts and assets, it was thereup0n
resolved unanimously
l. That it is the opinion Of the meeting that the
house should be lquidated by the partners, under
the inspection of the following gentlemen, wiz
Henry GGschen, Esq, and John Cunliffe Pckersgill,
Esq.
2. That the salaries of clerks and servants be paid
in full.
g. That deed be forthwith prepared, by which the
partners shall covenant to qaidate the affairs Of the
house, and divide the proceeds among the creditors
rateaby and in proportion to their several debts,
under inspection, observing in such liquidation the
rules of administration adopted in bankruptcy; that
such deeds shall contain covenants by the creditors
not to the partners for twelve months; and that
the inspectors shall have powert enlarge that time il
ton Of such period, or Of such enlarged period, or
sooner if the inspectors shall certify that the quida
ton has proceeded sufficiently and upon the partners
executing such assignment as the inspectors may re-
quire Of the outstanding assets to trustees for dstr
button among the creditors, the partners shall be
leased from all claims. The deed shall also contain
such other provisions usual in deeds of nspec
ions to be settled by the inspectors on behalf OF the
creditors.
4. That creditors acceding to this arrangement
shall not be prejudiced to any securities or lien
they may be entitled to, or as to their rights against
third parties.
s. That the private property of the partners after
payment of their separate liabilities, be applied in
the payment Of the debts Of the firm, according to
the rules Of distribution in bankruptcy, and the in
spectors shall have power to make the partners such
allowances they shall think Just for their services
g. The inspectors shall have power to allow all OF
any Of the partners to transact business their
account, their covenanting not to use, either d
recty indirectly any of the existing assets of the
firm, and to incur no new engagements which could
by any possibility be thrown on the existing assets.
Vuter-Ocrnusc Cnnal.