New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-02-08

- u 10
amounting TO a considerable sum on large ola n;
aid no account la been maze Of the official boad o.
the Treas urtr. a. the representatives Of Ors Of TIE
suretj,s deby their inability aud the Other /. now in
sufficieht To pay his debts On tue whole We en- ok
enough ST least will be made OF these omissions 10
cancel the united and uncertain claims.
To the ba.aDCe due frsm Lawrence, Stone & Co..
shCuc bs ADDED large sun of uncertain amount to-
-Ntfa interest paid by the Company before stated
IL d,ee not -hcw the actual Amount OF the dedication
be,aue thoy have been crcdlted sioCe their n Lure
with the amount of the IreasureIs dra't-, shch they
ts1 iuu-oIerly charged 10 No. account Of sifi.
c,3 -, which added TO The baauce above stated
uaLee the amount So, ~ -
This sum included tue wool which was sent BY them
TO tie mills and not charged 10 the COMPANY st. ii
N page II. the value OF which. ~ they state. is
sl.I. 10 t.. 1n- wool went 20 the Of the Com
Iauy and il has directly paid nothing tcr IT, Ii thi,
should be deducted the actual amount taken from Il.
IL s.67l2 %, to- when should be added msBy thou.
lands If dollars Of extra interest We have paid 10 pro-
vide money for their ndeblcdLes, o. stated Oh pages
and 9.
There remains now for only in conclusion Of this
perhaps unnecessarily long report, /" TO recommend
!" such course a. We may judge best TO be pursued
under the circumstance. 10 provide for the payment
Of oyr debts aud for the general management aud dts
position OF the property. We have auxiously con.
sidered tins question. We have consulted with gcn-
tlernen having a large interest as stockholders or
creditors, and some who have real interests, but
such property, thought entitled their opinions TO
be treated wth respect; and the result to which they
reluctantly arrived Is that there IS reasonable
probability that the Company, with such heavy
debt weig hing upon IT, and interest thereon rapidly
Accommodating, can 60 on successfully beside meetin.
its engagements, even although the creditors a
great majority OF them, might be willing TO give a
liberal indulgence, and extend and postpone the pay
melt of their claims to future period. lts credit Is
impaired, ifnot wholly lost, and consequently all it's
operations, If the attempt should be made to go on
would be conducted with the greatest Disadvantages
if indeed they could be carried Al ALL aud the
splt il il feared would be that its condition would
grow wore and wor-e, until hopeless and ruinouS
bankruptcy would oyertake it. Every sensible person
must, we think, admit that no manufacture
business can be carried en- at profit, where the
real estate and machinery are not much more than
oue.haf paid for-and moro especially wooden
business, which requires large quick capital IN ad-
diton to iixtsres.
We do not believe either that further contributions
in money OF sufficient amount would be voluntarily
made by the great Of the stockholders, and COM
pulsory measures out OF the question The cred
itors too are numerous, aud composed Of persons
aud corporations situated r. to render II nearly I'M
sbs for them TO unite and carry on the establish
ment either by themselves or in conjunction with
stockholders. We have considered whether or not
there might be division of the mills and
of them might not be sold separately, and the rest be
kept and operated es a smaller establishment. The
No. > Mill, which contains the cotton machinery put
severed from the other property, and worked dis
tnct cOlcerp-nCt, however, without inconvenience
to both.
With some change of machinery, it may be used adj
yantageously for the manufacture oil cotton WarPs,
which are extensively used in the other mills, and
which have been heretofore purchased for that par
pose. But are not prepared to recommend any
action based on these considerations Inc only course
then remsining is we think TO wind up the adtrs OF
The Con pany and pay it, debts and then if there be
any surplus It will belong TO the stockholeIs. with
iuoicVus name gemenand especially, II IN the course
If the year improvement shall become manifest In
wooden manufacturing, as seems quite PfOOtOIe-
uut that there at least property enough to pay
the debts.
We think it highly desirable that the settlement
should not be hurried and that it is msnesy better
passed on the eth Of March, 1852 chapter 80, the
Supreme Judicial Court il authorized, upon the petit
ton Of majority in number or interest Of the NOM
bers OF any corporation. 10 decree it, dissolution and
to appoint or persons a. receivers or trus-
tees with full power 10 make fnal settlement of Is
business and to pay it, debs, or distribute the pro-
ceeds ratably among oil the creditors who shall prove
their debts and the balance II any pay ~, e'Sr 20 ''
We are of the opinion that it will be much better 10
close your aas under the provisions OF this act, than
in any other mode, and recommend thai an applica-
ton Be made accordingly, and have prepared u pet-
ton 10 be signed by the stockhoder-; they see NJ
By adopting this plan the whole business oi wind
ing up the affairs Of the Company will be under the
constant supervision and direction OF the Justices OF
the highest tribunal who can, upon the application OF
the receivers or OF any parties having IA Interest,"
give such authority to themas for instance, t. Work
up the unfinished stock, and other orders ana dtec
tiops in difficult or doubtful mattersas may be neces
sary or proper andsummary and finally dispose Oh any
questions or disputes and settle all collateral dues
tons, claims and demands that may arse, without
appeal and thus much vexation, delay, emoatras5'
meut and expensc may be avoided. The receivers may
l al p, nker
dilatory or restrained il precpltate. lhefe VIII De
no danger from the acts OF dissatisfied parties aet
the jurisdiction of the Court shall have attached ana
receiver. or trustees shall have been appointed, as
there might be should voluntary assignment be
attempted. And generally there can be no DOUBT tnat
everything msy be closed up more speedily, adYalta
ceouy safely and satisfactorily, under the PROVISIONS
OF that act than in any other mode.
Should this plan be approved, II would be adFisa
ole to give authority to the Directors 10 represent the
Company a. such in The matter, and who SHOULD Do
clothed with full power TO at as hey may tnina pest
20 that in ease difficulties or objections should arise
Which are not anticipated, and which cannot he oo
vated they may be able 10 put it into insolvency In
this view have prepared votes, which will beound
at the end OF the report for your consideration ana
action
Undoubtedly, here il large, valuable property,
which if the wooden manufacture can be made pfohI
able bere and we think il can be, is worth the iu
value we have placed upon it, Tor such purposes, a.
though it can scarcely be expected that VIII produce
20 much by sale But then the stockholders VIII nsVe
the opportunity to associate themselves together form
a new Company, and become the purchasers. 80 may
guch OF the creditors as may choose to DO So or lucy
may combine together with stockholders for that pur.
pose; ard thus either or both classes may protect
their own interests. which may be sacrificed should
there be competition. We submit these views win
dideuce; we have come to these opniOnsn not hastily
but tLey have been forced upon us after careful re-
fiction, inquiry and discussion. 1t remains Tor you
to adopt them pursue such other course as you IN
your Nisdom may approve.
Re-rsctfttlv submitted
T. B. CROWNINSfiIELD,
W K r. WASHBURS
PETER \. HOMER. SCDriuisce'
=. y. WILLIAMS,
Il ;. PAY il.
ho.t.- Pe5 : Ia