The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-09-03
THE BALrIMOnE rAILUREs.
The Calvert sugar Refining COMPANY Mnk-
ing an Assignment -Whelcsnie Robbery Of
Its Assets by sterIinR, Ahrens & Co


The Calvert sugar Refining COMPANY Mnk-
ing an Assignment Wholesale Robbery Of
Its Assets by sterling, Ahrens g. Co.
BALTIMORE, Sept. "A general meeting
OF the creditors Of the Calvert Steam Sugar
Refining COMPANY was cid to-day at noon
Between forty and nifty were present Enoch
Pratt, President Of the Farmers' and Panters'
National Bank, was elected President, and An
drew Reid, Secretary. George :. brown, Of
Alexander Brown X Sons, read a paper detailing
the objects Of the meeting. The report Of the
Committee Of Creditors, appointed to investi-
gate the affairs Of the company, was next read.
10 said:
After the most careful examination, your committee
Co to the refinery will be all of tlooO oUO, ~ which
Jun Of ss5" on he ~ 81 aiy bt }e n tsca
carefully concealed from the Hoard Of Directors ~ Tho
presentation OF false balance sheet. At The came
time there wcre other large Gums que by them for prop
to their own uscs, and subsequently, other items OF
cash and notes Of the refinery werc issued aud
stated above the sum iotl used inis way mounts
bis payable o the refining company and {. included IN
"a accompanying statesmen % It's liabilities. But We
tnc pat week for ths putpos OF securing ucbts pre-
or e 1 Tceres sss s s tss s'ng an 1nSge
Notes 10 ne extent OF ti2oOsO were discounted bv
the time your committee found the tcnasnR account
Sdr he company repfrs9ntns me stock Of sugars on
abstraction but believe that the follow CURES req.
possible to arrive II in the prcscnt c6Id on Of the
books they having been at grt pains IL vrrlf, the
statement. ~ WV
Asseis
stock Of sug'rs and bone black ....... ,bspoii 90
upca sccount al b,is receivable ,so s 90 90
Due by sterling. Aherne a ............ 1ON84SS 20
Cost Of refinery and machinery ........ cOp,gii ~
Total asscts......... ............... tso5i,l2v 10
LidtHnes.
Bills p1Nahe. fo hS5.5t9 O3
Other liabilities estimated. ........... iO09,i n
Total liabilities Observation-Disclosures. &c $50 oOJ 90
BEFORE suggesting any plan to recommend to the
creditors o. thus company, your committee would take
Tic satect Gs most vsuSoS propery and th al
e % by yoDSerT 81 % sgss S PsT ion t
ger rYp.r managenni not only have psid every dol
have yielded regular ana remnneratve dyidSnas to It's
SO well ss,lsntd are We Of this that II I!
its creditors TO take 20 per cent Of their
10 stock and bonds ihus become owners aud con.
iron r. Of the emgsy npa ProPs would be
number Of creditors being banks other corpora.
VII Away. Prevail GodS of eTs 20 ORSS matte, SnS *
this Einu, We do rot deem this practicable. We are
therefore prepared to rccUmm nd that creditors
should AZ once require assignment be made BY tue
proper rus Of Se ss e S an p1opeS II + S
company for the benent OF All the creditors without
ed by the eredt9rs win i1 poser aud sgihori. 70
Sugar. mciassce &C. worked up AID 20 conyeIt the
pOduct and all other assets into money ~ speedily
possible. and 10 make sale Il the refinery real
estate. machinery good viii, &C. pertaining to it, aud
20 soon Ne sufficient funds are Ia hanu admit 81 pay
Ing dividend VI ten pcr cent such Gidtnd should be
declared anu paid aud further uiydend- trOul time ~
time dc last as the money c.n be realized.
The following resolution was then adopted:
- IeAoirei. That tnc President and Directors OF the
calvert SUGAR lienning umpany De teQu sed 10 make
IN hslsuuitn OF ala their property and tnctt- Mtssrr
y. p. Newcemb and g Morton stewart. A. trustees.
Tor the htnt nj OF all the creditors, Ia accordance
the report OF tne committee submit, tO-dsi and th
lher commission sh.ll be one per cent, out III any
event to exceed 10000 each.
AT an meeting of the Directors this nfterr Jon,
they consented To carry out the recnminenda-
tons OF the creditors, and their council, Thomas
J. Donaldson. was Instructed 20 draw up the
bill OF assignment.