The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-13


assets OF Bowles Brothers & Co.. will not probably
be much in excess OF $3.50. 900.
THE ASSETS OF BowLEs BROTHERS AND co.
cannot be absolutely determined, but are esti
mated as clear $50, 30s So In New York there Is In
the hands OF receiver $1,000 In gold. which should
have been turned over to the assignees, but which
the Court there would not order. Paintings worth
$4,000 are also unavailable at present There Ia
no prospect Of adding these to the assets without
litigation.
In Paris the Syndicate control 5000 francs
($13,0O0 in gOld), but the expenses will be great
there, and must be deducted The chances OF Oh.
tanning money must be taken into consideration.
The Paris funds, with those similarly held in Lon
don aggregate $4,000. how much OF this will be
obtained cannot be estimated. In round numbers,
he would state, expenses at Paris and London de-
Quoted. the whole assets will be somewhere over
100000 or $4,000 They will be probably less
than the last sum. The desire is to get the largest
sum as early as possible and to prevent further
litigation. Bowles Brothers & Co.. by advice oil
their counsel have recommended to the creditors
suit TO establish Mr.. Appleton as general part
ner, even if successful, would entail an expense
ueom sn ha re n 81 MI
Mr. Albert Van Wagner, OF New York, then
asked concerning
THE AUTHORITY OF THE CoURTy
in this matter, he representing personal claims.
$4,000 to $4,000. Ii what Mr.. Ropes had said was
addressed to the Court, he would inquire by what
ns Inc o 70 dsc,ae tue cse me
one OF the creditors and he questioned If the Court
could legally act, whether creditors were willing or
not Judge Lowell suggested that the Court had
power IN certain cases TO order compromise
when it could be shown it was for the best inter.
the bankruptcy law. In this case compromise is
conditional and the conditions are that all creditors
assem- 10 tne prop9s PSI se t decide
siton comes, then, as the estate is situated this
hearing is at an end
The following Is an abstract OF the plea OF Mr..
Charles Bowles:-l earnestly protest and appeal
to this Court to our assignees to the creditors in
all countries and to the public generally, against
the hearing OF any partial or hasy estimate to the
OF t our m us osaDe assets ana
who can neither act with or without each other.
and meanwhile hold our estate fast in 'protec-
assets themselves. The house has been told To
show its hands but they must first be unawfully
thorlty that the liabilities OF Messrs Bowles Bros. &
Co. are about four hundred thousand dollars,
while the present assets are but about $4,000 to
$4,000. This simply MEANS from Boston
standpoint, that one can believe, without seeing,
the maximum debt OF all our branch houses in
Europe and America, and see now but the mini
mum assets OF this one branch, without believing
any other. The very same error was made in
debt was ut once admitted and stated at the sum
OF OoO but the assets were stated at s. to
the entire ignoring OF the great bulk OF our prop
erty now available or not within reach and actual
touch OF the estmators. Naturally the creditors
called us hard names and our house "a mere
she'll, and they were not to blame Tor It, At least
ONE MILLION OF DOLLARS GOLD is LOCKED UP
in this business. or this more than three hundred
thousand dollars have been made and expended III
twelve years past upon its foundation. Nearly or
quite three hundred thousand dollars more Of Mr..
Appletons estate have also TO be accounted for,
and the outstanding liabilities make up the amount
named. Where Is thi1moneyY II has neither been
lost, secreted nor secretly diverted. TIE closest
inspection OF each branch has yet revealed not ono
act OF speculation OF nalleasance in spite OF tho
grave charges which greeted the suspension IL is
simply locked up at the Geneva homestead and
freproof vaulted bank building with other property
gathered there as a central point and for future
security against the Commune or similar outbreaks.
Although the real estate was bought but two years
since IL is worth three times It's cost, and IL even
worth more to our business for actual rental value
than the entire deficit due our creditors. we could
encumbered and claimed by no less than two sym
dcates and two receivers all at variance and all to
be paid from its sacrifice In the end
ut is the conviction Of every partner and inI-
tiated person alike that II the estate Is not released
from the chancery OF Its five Courts OF Bank
ruptcy not only will its aforesaid passive assets be
lost or appropriated by its competitions, but its
active and merchantaole assets VIII be swallowed
enough TO pay Its creditors in little time II nos
wasted. In supplement to Appletons oder have
our debts and modifying our passive assets IN
order to furnish their value IN working capital.
10 the Committee OF Ways and Means at Washing
ron, just three years and one month ago to-day.
for the successful handling OF our disordered gov
eminent finances. 1t had the popular sanction
then, and its features were reported to Congress
in that committee bill, but the Franco Prussian
war intervening kept it back. and we find in conse-
quence
DISORDER IN TUE PUBLIC FINANCES
ever since. 1t Is as applicable to large, united
and connected family commonwealth like ours as
TO a United States commonwealth differing only i'm
scale and not principle in system. 1t provides
ior the funding and gradual payment Of our debts
in full. with interest the bonds being issuable to
any holder OF our proven debt, either for the whole
or lor any baianceuncovered, whether compromised
or not. 1t does not interfere with the Appleton
offer. IL strengthens and supplements 1t; but the
first must be accepted and the house released be-
fore the funding can operate at ALL"
After Mr.. Bowes had closed his remarks Judge
Lowell said some OF the conditions OF the case
were such that no one could fully understand tho
exact position OF affairs, and there were grounds
for the variance OF parties: but 1t appeared from
what had been presented that compromise would
be the same as litigation would effect If success
fully established
Mr. Ropes asked If it was the wish OF the New
York creditors 10 proceed against Mr.. Appleton
and endcavor TO establish him as general partner,
or did they wish Mr.. Appleton to modify his propo-
sition 20 make IL acceptable.
OPINION OF THE NEW YORK CREDITORS.
Mr.. Van wagner replied that 1t was not neces-
sary to discuss the matter OF liability at this time
They objected To the compromise proposed on the
they willing to take hity per cent
and so compromise II Mr. Appleton viii
proportion OF their claims. Some very good law
yers in New York had said that 10 accede to their
give the creditors as little az twenty per cent.
This is not matter between Mr.. Appleton and the
creditors OF bowles Brothers 4 Co.. and not he
tween MI. Appleton and the assignee. II Mr..
Appleton IS general partner then the creditors AK
that the whole property come under one head and
be divided according to law: II the gentleman Is
not general partner then they do not ask him TO
give mp all MS property.
Inc nearing was closed and compromise no.