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

2,S42 223 IL
This is as nearly correct statement as we have
been able to make The value Of a great proportion
Of the assets IL estimated. We have been aided by
the advice OF many competent persons, who were
called in ON account Of their knowledge in regard TO
the varioD kinds Of property There some dis
puted claims not embraced In the statement but Of
no large amount and are some liabilities included a.
such, in reference to which IL may be said there Is
some question whether they are lawful demands.
There were attachments upon some OF the property
included in No. mill account, Of the nominal
amount OF sc 900; whether they will avail against
the property we cannot say.
On the other hand, nothing has been set down on
account of the claim on the estate Of Lawrence,
Stone 4 Co., which amounts, as before stated. 10
s30s ,562 ~, upon which there will doubt be
dividend amounting 10 considerable sum on 30
large a claim and no account has been made Of the
official bond Of the Treasurer az the representatives
ofon Of the suretes deny their liability, and the
other Is now in insolvency but his private property
Il supposed 20 be sufficient 10 pay his debts On the
whole, we think enough at least will be made Of
these omissions TO cancel the omitted and uncertain
claims.
To the balance due from Lawrence, Stone 4 Co.
should be added large sum of uncertain amount for
extra interest paid by the company as before stated
II does not show the actual amount Of the defalca
ton, because they have been credited since their
failure with the amount Of the treasurer's drafts.
which they had improperly charged to No. account,
Of sl45,6I3 so, which, added to the balance above
stated, makes the amount t454, 235 ~.
This sum included the wool which was sent by
them TO the mills and not charged to the company,
as stated on page II, the value OF which, as they
state il tl27523 65. This wool went 10 the use Of
the company and II has directly paid nothing Tor II.
II this should be deducted the actual amount taken
from us is $326,7l2 OF, TO which should be added
many thousands Of dollars Of extra interest have
paid 10 provide money for their Indebtedness,
stated on pages and 3.
The course which the company should pursue un.
der the circumstances, has been anxiously con-
sidered, and the committee have consulted with
- sVtn Il1t1
ers or creditors, and with some whose sxpe-
Renee entitled their opinions 10 be treated
with respect and the result TO which they reluctantly
arrived Is that there s no reasonable probability
that the company, with such heavy debt weigh
ing upon II, and interest thereon rapidly accumu.
ating can 90 on successfully besides meeting its
engagements, even although the creditors, great
majority Of them, might be willing TO give liberal
indulgence, and extend and postpone the payment Of
their claims TO future period. Its credit Is impair
ed, If not wholly lost, and consequently all its opera
tons II the attempt should be made 70 go on would
be conducted with the greatest disadvantages, II in
deed they could be carried at ALL and the result,
II is feared would be that its condition would grow
worse and worse, until hopeless and runous bank
ruptcy would overtake II.
They say "v do not believe either that further
contributions in money Of sufficient amount would
he voluntarily made by the great mass Of the stock
holders, and compulsory measures are out Of the
question. The creditors too 80 numerous, and
composed Of persons and corporations so situated,
az TO render II nearly impossible for them TO unite
and carry on the establishment either by themselves
or in conjunction with Stockholders. We have con.
sidered whether or not there might be division Of
the mills and more of them might not be sold
separately and the rest be kept and operated as a
smaller establishment. The No. mill, which con.
tains the cotton machinery put In by Lawrence,
Stone n Co., might, we think, be severed from the
other property, and worked a. distinct concern
M hwever without inconvenience 10 both.
wv eoT1e change of machinery II may be used
ad,oai3go sly fr The manufacture OF cotton varps,