The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-10


This h The whole amoantl OF the indebtedness Of tho
company, A. Il appears on tho books, Sept 30, 1857
In consequences Of the failure Of lawrence, stone Co.
company will ultimately become liable for those accept
ances which nearly 10 81 400 900. On final adjust
ment the account after the company shall have paid
their acceptances baance win be due from Lawrence
stone Co. the exact OF which cannot be
ceriaincd but which viii probably be about $3.50 900
drafs amounting TO sizes o73 So which have not been
entered the companys books and for which does not
these are understood 10 have been given
account OF the business Of Nil No. g. which mill
leased in 1866 70 Messrs aAwrence Stone Co., by an
Tho Bay state Mills shall have the right 70 take the
machinery and The business connected Herewith, or IN
other words the whole account shall stand
upon the books above provided f 70 be kept by Law
renee, Stone Co., At any time within four years"
1t believed the company have she right 70 take the
property connected with the business of this MILL under
this OF the agreement they shall elect 20 To do
Al their estimated value, the machinery snd goods would
nearly sufnce 10 ray these acceptances.
MI caowxrirxp could not understand from the figures
of the report what the actual condition OF the company
He wanted 70 ascertain IL Liabilities and 1 means
current the street Of embczzement Of the funds OF The
company. ...s,.... ., A.. 49,.
tccrptanoes of Lawrence, stone Co. ...... 100000
ACKNOWLEDGEMENTS. q, 2ss 900
Il had received consideration ........,... s<5 600
r. raw this the corporation had
Merchandise and goods hand. .......... 81 900 600
Property the mills, valued at..."...... 100000
Besides The s1Ss 600 there $3.50 900 Of the
companys means lost The President stated that mill No.
was stopped ~ the suggestion Of the selling agents. who
stock from their funds. Instead OF doing thls The
credit Of the corporation was used.
Mr. CaowNSsHriD asked the books II the corporation
FL. Al anuf NiDv nj
the condition Of affairs
TIE TpSAsyRrR answered far the indebtedness
OF the company concerned, there had been alsia
cation, though there was transaction 70 Wool py tno
corporation but appeared only part Of lis property.
The PRrsnrsxr remarked that In making up the accounts
for year, there was deception OF sl2oooo IN the
statement
Mr. CpowsIssmxrp-As understand g. they took out Of
the pockets the company $40 o00 aud then made the
company present of the sum.
The TRxAsrRKR-They made the present first and took
the money Afterwards.
some inquiries were made 10 the bonds q the Trea
surer The eated that these bonds 10 the
amount Of $40 900, and WIRE considered good.
In regard 70 the deficit, Mr. Hall said could NOT be
company and those Of lawrence stone Co 70 be almost
iuextricably mixed up.
Mr. G. NJ EIIm desired an answer 10 one branch Of Mr.
rownnshields inquiry, A. TO whether there was any cri
m pa,y In the administration OF the financial ahirs d
Tire CO fovatcu by late treasurer whether The pre-
sent confusion results from merey an error OF Judgment
He considered satisfactory solution OF this que ston OF
more importance than the par value OF the stock "a the
rroraiinn The directors bad the three weeks last rast
10 prepare or a solution Of the problem; and ov codd
not 40 H. he vas IN favof of an Investigating amM 'ce
who would akc the rhs,ter In hand, and perform With
out ieAl favor.
Mr. CRosvvshirtD advocated thorough inv stgatoa
OF the concerns OF the corporation Y there had been
criminal use the money Of the sioShoiders ieth DC e.