New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-09

Th. the whole amount Of the 1887 81 the COM
consequence Of the failure of Messrs Lawrence Stone
deseI Company will utmatey become liable for those
c.ptsnce which amount to s465 7Ol 49, On the final ad
Of ns he be Sa
% of wsS sH,S nov Sc %
Wool amounting to +S2 4s5 10 now at the mills claimed
decided to belong to due dOm Lawrence
Stone & Co. win be increased 80 much.
An investigating committee was then proposed by
B. F Butler, esq of Lowell, who acted principally as
representative of Lowell stockholders, and after
lorg debate ives appointed. Mr.. Butler is chairman,
ard the ether members are George w. Lyman. j. c.
Aver Of Lowell, Richard S. Fay, jr., and William
Schier. This committee has full powers to investigate
the affairs of the Company to determine whether its
business shall be continued or discontinued at once
and in what manner it shall bs carried 90 during the
progress of the investigation. report 20 be inside
within thirty days.
During the debate, inquiries were made as TO the
reason of the present trouble of the Company, but
nothing was drawn out beyond the facts already
Known and stated by our Boston correspondent about
month ago. The amount of the acceptances OF the
Company, which Lawrence, Stone & Co. have failed
to pay, is 1866 70l SO; and when the accounts are ed
to $25O,OOO. The Compsnys credit has been used to
raise money by the selling agents. when In fact the
selling agents were indebted to the Company. Mr.
&. p. Curtis however said il was his belief, founded
on information derived from excellent source that
the Company not only solvent, but 500 900 bet
ter than that This expression of opinion seemed to
give some little relief to the unfortunate stock
holders.
Mr.. Lawrence was not present at the meeting
though he bad been advised to come by the President
Mr.. A. 7. Hall. A great deal was said about the
system" of management combining in one man the
Office of Treasurer and Selling Agent. was thought
that /" the system" was 10 fault. As I" the system,
however could not be indicted or in any way held re-
spcnsite for the bad management, aud as the eys-
tenn could rot remunerate the stockholders for their
lost property there did not seem to be much use in
making scapegost of 1t. The President 1t seems to
u.s. made fatal admission again st himself and the Di-
rectors when he owned that eighteen months ago,
knowing "the e. stem " was wrong, they invited MIR.
Ignaius Sargent to be Treasurer, and be declined.
Why did they not ask somebody elssf
Mr., Butler and Mr.. j. c. Aver, both OF Lowell,
spoke in pretty strong terms Of disapprobston OF the
mode in which the affairs OF the mill had been con.
Quoted by Capt. HUMPHREYS, the Superintendent. 1t
was said that he was naval officer, and kne nothing
about manufacturing Inexcussble waste was charged
upon the home management, and 1t was said to be i'm
possible for the mills to make money under such
system.
Mr. G. P Curtis was the only NAN who showed any
disposition to have sffars concealed. He said that he
did not want 10 know how the money was lost, bat
only how much there was left. He said that any
other corporation was liable TO the same mishap.
This brought up Mr.. Thomas G. Cary Treasurer Of
the Hamilton Company, who said thst companies
whose treasurers were not at the same time selling
sgeLts, were not liable to such mishaps