New-York daily tribune., 1858-02-08


money Of either TO pay the claims ssaDs, the Other =
occasion required =,
This state OF things was carefully concealed fronu.
D,ectors as was Tie fact OF their Indebtedness 70 a.
Ccu,napy which bad existed for a considerable psros
Of time probably for several years, but We have bt
been able 10 trace when II commenced, nor is ysyn,
amounts from time 10 time We kno" tnN There Wa
re.er,,d 10 the Directors 20 be large sums Of oaI
az b.,d when there were only memoranda checks 81
a. f,m of large amounts For instance, 10 the ca.
cfD. s McGilyray 4 Co, insolvent debtors Of shsk
estate M Slade was one Of the ass'ghees, Nhen DIV
N. nd was made the amount belonging 10 the Coo.
apy wa entered and represented as 20 much sask n
the hands Of the Treasurer but i was fact received
by the III m, who gave memcrsndum cheek o. due.
bill therefor.
money busiuess notes and Treasurer's accep,ahc.s
of either of the two Companies were used ind-crn.
na,ey for the wants Of tie Others or OF the hrm
without the slightest regard 70 The igh,s oi e. herd
,bem To some extent, il l. believed, bat not 20 nds
cyinstelv there was frequent interchangc Of cred.
With IL other Companes of which they were sgents.
A. an instarce OF the large amount of such irsn.ac
,ions snd Of their freedom in Incorporating oar
nyrnerty "a, NAV mention that du 'ng the ST year
tlev took uptso Of their own uOies iof s0VVVV e@A
which had been more than once before teoeSed, ey
procuring 10 le discounted by the parry w" RED
ibcm the obligations Of this Company oi the saHe
smorpt although in form the transactions vsre .epa
ra,e and dttrct In other sord- they pad then s-s
debt, 10 the amount of slo0O00 in two tFan--cnoo.
by substituting the Indebtedness Of the Compsn,
therefor. ,r -
Aswe have said, these things were carefully o'a-
ceal from the Directors, beside which, there Nssaa
rdnary and fraudulent ooncealnent IRON them
of the true condition of the sGsrs the COMPANY ~
Va hereafter noticed; and IL NAV TO mentioned here
Rat in March 1856 slj 100 II the balance OF the IN
tfrest wss charged To wool on hhhI sod ths sc-
cunt made up toI tie Directors snow.a 'ns os'aoss
int. rest for the sN months to be ~ so a. whereas
I should have been slls,17 u. 80 IN September d
lie same year, there was misrepresentation IN the
ame item Of So go 67 charged TO cloth, thus -
u1r0 spparsnty the balarce ot Btert Il from slV'
IS as to $sl SIS gJ. II may bet has bcen-saldn
Justification Of these acts that asapsrt oi the ntefos
wa. in fact incurred by reason Of holding on hahi
large stocks Of wool and cloth, II was no mos
than far To charge those items with portion =" inter-
s.t This ui,bt be true enough If the object wers 70
d,tribute the interest 10 the various items o me ae
counts. But such distribution va IN l@'t ,lsse
no other charges of interest were hhuc W Pa',N~A
nc. oupts-ona six months part Wa conceard ~
charging 10 wool another to cOth--and 10 rnch mode
Of keeping accounts is usually practiced ID tns 90
other companies and tho fact oi tuch cna hnNns
L.en made wa not communicated to the other officers
ar to the stockholders Of the Company, VINO were N
,c,iopAly l.n ignorant and misled aud decoived ~
to the amount Of interest which had been paid
Tie result OF the whole matter o' the dsainss o.
the firm in making free use OF the money anu 'feaA
Of the Company for their own uses and purposes -,
after giving them various credits, AZ Will he s6owa
tLe statement hereinafter made. that they owe me
Company the sum OF sps 5og = the oo.hn'se .a 90
not Intend by this or any other statement they make
A. 10 particular accounts, to admit then rrgniailty
Justice or any particular liability OF the 'ompryi
they only 10 state what appears, OF y cInm.eto
be correct BY other particsl, after dedat ting Sti'
ia 20 the amount II acccpiances unlssully ehaged
TO No Mil account, and which bes been eitngnlshei
a. q claim against them 10y assuming that account
hereafter stated, which sum u 10 De Increased ~
whatever amount should Justly be added for si'ra N,
terest which they from time 10 time paid aud eharg'd
10 il on the Company ndebtednes- incurred tor Tie.
oyn use As we cannot tell when THIS lndebtsdn"f
comm. need and how long therefore Il has continued,
ve know not of courre what amount Of extra nsre-I
hss been paid ON so much debt a. We have carried
for their account. IL must be very large sun lbs
amount might, perbaP-, be a,eerls,ned ol sPp'eI.
mated by a long patient and careful examination;
but II would require the services OF expert account
ant for longer period Of time than could have
devoted TO H. withheld our report from the stock
This large sum of moncy has been taken from thu
Conpany by its oonfdeutial agents, OF whom the
Treasurer was one without the knowledge, consent.
VI suspicion OF the Dreotos AMI the facts have
been most studiousy and carefully conceasd from
then and IL has been appropriated TO their own U.S.
in such manner ss they have eeen ht 10 apply n.
Whatever that application may have been, or how
ever they may ave onoy or foolishly hoped or N.
tended 20 haNe made good at some fut are day, does
not change the nature of their acts, which can 10
characterized only as fraudulent, criminal MACON
duet, an appropriation 10 their own use of the prop
etty OF too confding Company, by its agents, ap-
pointed and muniicenty compensated To guard and
watch over s interests, and 10 manage its most i'm
portant rnsa Company oOn s.cd VI all oasscs
4
sged of those in full activity, capable OF taking care
OF themselves and Of thoss retired from the active
walks OF life, womon, Of guardians, trustees and Of
charitable institutions, holding the stock in their Own
name or 10 pledge for the debts Of thoes very agen
now unable TO respond 10 those obligations aud thus
have brought anxiety care, modification, straieoei
cucumstaIc ces distress, wan, and poverty Il may be-
10 many homes and hesrts--for they have brought
down when but Tor th,r misconduct il might have
gone on 10 a successful result.
IL IL natural that curio. ty sbould e,tst "a
certain what has become Of the proc eds this grea,
deielcaton and Of similar one, ihough OF lees mag
nitude, in a kindred concern.
Although the Committee have bad free Access o.
10. books Of the firm, and have had communicate n
with three Of lts members, are not abI. fully 10
respond to thu requirement; wall furnish some par
hculars, which have been, however, more or lss
known before. Lawrence, Stone & Co became trO
pre,ors Of the Pemboton Mls to the extent OF two,
hiths Of the whole stock, ard il Is Understood have
paid into that Company sltO,oo0 ON account Of Il.
They have made large advances to priyste psrte-.
the Bay State and Midd'csex Companies from time
shares which they held when they assumed the
agency Of the Company They have paid out ss7 900
to secure the passage of the tariff Of 1857 and
have advanced in cash or in credit 10 tho New.
England Worsted Company tl0o 600. These sums
account fOr portion OF their misappToprsfious of
the property oi these concerns. For the r.si We
cam ot cay.
A. the appropriate Of money expended for pro.
curing tie passag. Of the tar6 has excite dl.cu..
In priv ate, and the House Of Representatives AZ
Washington has raised COMMITTEES 90 investigate
the Transaction IL may be Unnecessary TO cay more
We WILL however add that il IL shown that At aud ,r
some time after the failure OF Lawrence Stone A. c.
there was, IN drawer In their count ny room, q
memorandum IN detail Of many II hot all the items Of
expenditure, which was a. least by one or two
persons Unfortunately, II wa not carefully exam
ined at the time and ~ben IL was a. Gin sought for
had mysteriou-ly disappeared We are told however