The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-03


LIABILITIES.
other Liabilities estimated. 100 PSI
Total liabilities. 80 CSC 900
Before suggesting any plan to recommend to the
creditors OF this company your committee would take
occasion to remark that after careful examination of
tho subject this is most valuable property, and that
but for tho wholesale robbery of large portion Of
the companys assets by its trusted agents could I'M
der proper management not only have paid every dol
lar of its liabilities in full they matured but would
have yielded regular and remuneratve dividends to its
stockholders
SO well satisfied of this that if it were pract
cable to obtain the unanimous consent of its creditors
to take twenty five per cent Of their claims as cash as
they mature and merge all the balance in stock and
bonds, and thus become owners and controllers Of the
company and its property we would be prepared to
recommend IL; but in view of the large number Of
creditors being banks and other corporations and in
view Of the diversity Of opinion which will always pre-
vail in body of creditors in matter of this kind we
do not deem this practicable and therefore pre-
pared to recommend that the creditors should once
require assignment to be made by the Calvert Sugar
Refining Company of Baltimore the proper trustees
of the entire assets and property of the company
for the benefit of all the creditors without preference
or priority and that said trustees be invested by the
creditors with full power and authority to continue tho
refinery until Oil the present stock of sugars molasses
Nc is worked up, and to convert the product and all
other assets into money speedily possible and also
to make sale of the refinery, real estate machinery
good will &c, pertaining to It, and so soon sufficient
funds in hand to admit of paying dividend of ten
per cent such dividend should be declared and paid
and further dividends from time time as fast as the
money can be realized.
B. F. NEwcoMB.
c. MORTON STEWART
HENRY JAMES
The following resolution then adopted:-
Resolved That the President directors of the caver.
men Of ali their property and ELECTS to Messs B. NeW
ali the creditors in Accordance with he rD Of pnent OF
mce submitted to-day, and that their commission shall be
cent but not in event to exceed ST. 900
The meeting then adjourned
At meeting of the Board of Directors this afternoon
they consented carry the recommendations of the
and II
instructed to draw up the bill of assignment
1t is estimated that the assets will pay about seventy
cents dollar of the liabilities with udicious man
agement 1t is the opinion of intelligent merchants
that new company will be formed for the purpose OF
purchasing the works and continuing the business of
refining. The most important document submitted to-
day the personal statement OF the Secretary Mr.
James Carey Coae, in relation to the indebtedness Of
Stirling, Ahrens Company to the Calvert Company in
the shape of the companys paper, which was Issued
without an equivalent quote as follows;-
MR.. CoALE's STATEMENT.
'Mr. CHARNAN-I desire to ask tho Indulgence
Of the meeting for the purpose of making
a very brief personal statement before Won nro
coed to the important business which has
called us together When tas company was organized
about seven years ago. the direction consisted of Mr.
W. Robinson and myself 1t has remained the same TO
this day. with the exception of Mr. Stirling whose
resignation received few days since, and the re-
naming four directors are at this time the largest stock
holders of record. We originally organized by the
election of Mr.. Stirling President and myself as Sec
rotary of the Board my duties at that time being linn
tied TO keeping the minutes of proceedings
Messrs Stirling Ahrens Co., appointed as
the agents of the company and the exclusive custodans
of Its property and funds About and half years
ago the Board requested to c0untersign the com
panys notes instead of Mr. Ahrens, and it thus became
necessary for me to have sort of supervision of the
amount of paper issued for the purchase of sugars and
in view of the nature and degree of the responsibility
thus placed upon me, stood almost appalled, the day
that discovered the manner and extent TO which our
confidence and trust in the honesty and integrity our
agents had been grossly violated and abused. The
transactions of the company became very large as
the capacity Of the refinery increased used entire
cargo Of sugars every two days of the year. When
notes were presented to me to be countersgned made
an immediate and detailed entry of them Tor my own
guidance and satisfaction, giving the dates of dues,
amounts &c, and names of the particular cargo which
they were intended to pay for
stirling, Ahrens Co furnished with this data
in every instance, Mr. Stirling first signing them and
presenting them TO me for counter signature, and the
times of their issues and first satisfied myself that the
individual cargo in question either at the refinery
or in the course of delivery there about go
public store for the refnery's uses soon It
required could be delivered and received bv the
superintendent No note was ever issued on cargo to
arrive and single note for other than its specific and
definite purpose to pay for each particular cargo or
cargoes. | had from the beginning gotten from
time to time and as rapidly as | could obtain
them, more definite and complete vouchers of actual
livery into the rehnery's promises either by settled
bills of purchases by learning from the Superintend
en the actual delivery him of individual cargoes for
which notes had been Issued Feeling, however very
anxious upon the subject from the this disaster
made known TO the directors and there yet
remaining few cargoes of which had been able
get any OF actual delivery have during the
books at the refinery assisted by first class accountant
and by the superintendent and receiving clerk
mencing with the first which countersigned
and coming down to the last. We have checked or
every cargo, and ! that every personal and
business TREND Of mine here will be gratided and
leved at the result and with the statement thus
enabled to make to them AS it is possible for
to ascertain, find that of about $40 car
goes for which notes thus issued and
tcrsigned by me- 500 cargoes were delivered TO the
refinery and have gone into the possession of the
pany Two were sold by the agents TO Messrs Woods
Weeks Co., the money paid and gone into the compa
nys treasury, as find upon the company's books, and
two cargoes were still in public store awaiting con
sumption and in the hands of agents At
the time discovered that they had taken
from us more than entire capital and the entire
surplus which We supposed had accumulated. As
an offset to these two cagoes succeeded in recovering
from Stirling, Ahrens & Co., the day Of their sus-
pension, twenty three notes OF the Calvert Refining
Company which were still remaining in their hands
amounting to $l3S 900, and which have handed can
ceed to tho new treasurer This explanation gentle
men, have made as my personal duty to you and to
myself Beyond that am with my associate directors
IN everything relating 10 the company's management
and affairs"
The only inference to be drawn from this remarkable
statement Is that Stirling, Ahrens Co. must have put
81 100 900 of tho Calvert Refining Companys paper on