The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-07
THE pEro BANKRUPTCY.
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Tbw proceedings in bankruptcy A;a'ost she drn OF
Messs Foio, Belts Champion have Nss~eo tnelr rat
stare spd four trade assignecs hsye 6ean %poned 70
reprpscr1 the whole body OF creditors Its Snof nous
claim Or tue London, Chatham, aod lsover Ndwy
Company against the bsnkrupts estate tor s61sV 900
was. OF course. not admitted to proof. buAs memoNa-
dsm OF IT, heuded in by Mr. Lankater was received BY
the Registrar by way OF notice IL Is. indeed manifest
that everythng depends upon validity INV sl,dny
of this ciain, thu liquidation. Of which foil would
exhaust the resSurces OF many ac0nsidera1s state IL
IL DC the other CREATORS excepe those
hold collateral securities must resign all rross't
OF substantial dividend II II 30 defeated NO iniAr irom
the staternents OF Messrs Petos solicitors tsa ths
assets when rcsiset will so far TO the liabilities.
II therefore absolutely necessary that all cona lds
ration OF shoudbe postponed FOR sl'e present sl,
Will probably the attention OF court dun AZ
the aatUmn. Mr. luksater gave MI pert,es FAR warn,
ms behalf OF the directors that it ntsutiDa
10 INSIST upon their rights and tina; all tbs crcnulstsucas
OF Sir Morton Petos With the cpmpsoy wou'o
DO td!iy disclosed Messrs Peto on the othsr band
peated through Mr. Lawrence their former se yatiou
shat instead Of their being indebted to tue in
SIX millions aad haf the company arc, in fst, IN
deb.od W them Ia $500 600 AZ irst SIGHT such
discrepancy appears wholly inexpicable. uot
inconsistent with good faith one side, N least.
H. IS not, however. Impossible to suggest soms
what less unfay0rabI3 construction OF Il, Abe
difference between the nominal and rea! worth OF
shares and stock in the London, Chatham And Dover
Company was great enough to badge over eyeo tbs
chasm. Let US suppose, without presgm,ng to eni or
upon detailed oonectures. THAI whereas The caic
lat0n represents the result OF estimating the cSmplnys
securities vaus, the other represents the result
OF estimating hem at their nalxes At given date
aud the mystery ceases be inscru.sbie Nov va
quite enough Of Sir Morton Petos relation to tLs
company, in bis double capacity OF contractor aud
financial adviser" to render this aypo,hess both
Chatham aud Dover Company quoted az 10 or IT.
and IL would require cd. 100000 Of II tnss price TO-
repia every 81 900 900 sterling How such question
AZ this could have been lett open in transactions
Quoted ON 80 coossa! scale we do not profess to
plain: but assuming to have been left open, the pro-
vous difficulty almost vanshes.
Several minor complications which may lead TO serious
enbEfasnont were brought TO tight At the meeting
Wednesday In the first place bers appears TO no
confusion OF accounts between the old nrn of Messys
the public eighteen years and Msssrs
Psto Belts add Champion, formed 1892 Cor tho ,pe
SELF was called and deposed that while Inc a6li,,ss al
the former might amount 10 some.h;ng thsp half
Million those OF the latter apart from the disputed claim
Of tho London Chatham and Dover Company, est-
mated At about two millions Many creditors loss
70 know against which estate they should prove and tns
egsirAr consented TO receive the claims OF such persons
without prejudice, upon the understanding that after
further inquiry they should be in sgAns. the right
firm Again the case Of creditors armed with coilalerei
securities gave rise, usual TO much discussion The
Law on this subject is by means clear and il often
doubtful whether thshodsr OF security ought
first to realize upon and prove against the
rupts estate for tbs residue for his full
debt against the estate setting forth exstoncs Of
security. without giving up. long
obtain, upon the WHOLE more than his due H-rs 10
certain Of the proofs no mention was made
Of mortgages held Dy the claimants upon the surplus
lAnds Of the London. Chatham and Dover Company.
tho Impss Msrcans Crods Company 30 S.s..
Peto, and obtained BY the claimants security for al
vAnces 70 this last company.
stion that we contemplate tho failure Of house which
is identified with some Of ths srandest mechanical!
achievements Of the present century Perhaps one.
except M. Brassey, has died 80 high position among
English contractors o Sir Morton Peso Not only
throughout Europe but In Canada and parts
world, he vii always be remembered q lending pion-
cor Of tho railway system and the
severe q shock 10 public confidence la ts own way a.
that or Messrs Ovsrend 4 aurnsy Il remains TO be