The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-07

which are extensively used In the other mills and
which have been heretofore purchased for that pur
pose; but we are not prepared to recommend any
action based on these considerations. The only
affairs of the company and pay its debts; and then,
II there be any surplus, 1t will belong to the stock
holders With judicious management-and es-
pecialy If in the course of the year an improvement
shall become manifest in the wOollen manus curing
as seems quite probabe-we trust that there is at
least property enough to pay the debts
We think it highly desirable that the settlement
should not be hurried and that it Is manifesty better
insolvency. BY statute of the Commonwealth, passed
on the 27th of March, 1882 chapter S. the Supreme
Judicial Court is authorized, upon the petition of
majority number or interest of the members of any
corporation to decree its dissolution and to appoint
one or more persons receivers trustees with full
power 10 make final settlement of its business and
pay its debts distribute the proceeds rateably
among al the creditors who shall prove their debts,
according to their respective interests. We are Of
the opinion that 1t will be much better to close your
affairs under the provisions of this act than in any
other mode, and recommend that an application be
made accordingly, and have prepared petition to
be signed by the stockholders, if they see fit
The report, which Is signed by F. B. Crownin-
shield, W. r. p Washburn, Potter 7. Homer, e. s.
Williams and r: s. Fay, Jr., concludes with the fol-
lowing votes, which offered for the consideration
of the stockholders:
Voted, That it is expedient to dissolve this com.
paDy and to close its affairs; and that in the opinion
of this meeting it IL for the interest both of the
ditors and stockholders that this should be done I'M
der and according to the provisions of the statute of
1852, chapter S.
Voted, That the directors have full power and
authority to represent the company in any matter
or thing touching any application which may be
made to the Supreme Judicial Court for dissolving
the corporation, the appointment of receivers, and
the final settlement of its business and in questions
matters or things which may arise in thus closing
its affairs.
Voted, That in any obstacle shall arise, or be
found to exist to prevent proceedings under the
said statute, the said committee shall have full
power and authority to assent to and execute, or
cause to be executed, in the name of thetcompany,
any voluntary assignment Of all its property in trust
for the benefit of its creditors the asserting or not
Directing thereto or at their discretion, to petition
to the Court of Insolvency for the benefit of the act
to secure the equal distribution of the property of
Msolvent corporations amongst their creditors.
The reading of the report occupied full hour.
motion was made to accept the report, and it
was unanimously accepted.
taken up.
Mr.. w. r. P. Washburn, one of the committee,
spoke in regard to the first resolutions. He said it
was believed the measures therein proposed could be
DONE and II would be the best for all parties
1t required majority in stock in numbers of the
stockholders. Such a petition had been prepared
and had been signed by majority of the directors
and many stockholders.
The property is kept under the control of the Court
We suppose the result will be that the creditors will
be paid by order of the court He urged every man
to sign the petition before he left the hall.
IL measures TO be adopted hereafter to save the
property, il can be better done by pursuing the
suggested in the first resolve. One-haf of the
capital is gone, but only onehalf If you can use the
balance, how can the other half be saved? That is
the question.
If il can be used properly it is worth over 5000 OOO
We only shut the door for today and tonight, and
leave it open hereafter. We want the signers now,
to-day.
The question was then taken on the first vote and
il was passed unanimously.
The second vote was also passed unanimously.
The third vote was also passed unanimously
The petition to the Supreme Court, drawn up in
due form, was then read by Mr.. washburn. The
petition asked tor the appointment Of receivers and
also an injunction TO restrain the officers of the
pany from any further business.
Mr. Sohier moved the creditors of the company
be requested to appoint committee of their num-
Der to act with the directors in future movements
under the votes which have been passed.
The thanks Of the stockholders were voted TO the
Committee of Investigation, and the directors were
authorized to pay them for their expenses and ser.
vices in carrying out the duty imposed on them by
the stockholders
The meeting then adjourned to meet again at the
call of the directors.