New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-03
FINANCIAL THEMES.
THE CALVERT SUGAR REFINERY.

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THE CALVERT SUGAR REFINERY.
rHx CREDITORS CALL FOR A GENERAL ASSIGNMENT
CONFORMITY WITH THE REQUEST BY THE
prREcroRs-THE ASSETS NORMALLY $4,000
MORE THAN LIABILITIES.
BALTIMORE, Sept. "a general meeting of
the creditors of the CavertSteam Sugar Refining Company
VA held to-day ut noon. Between forty ami fifty
rsent Enoch Pratt President of the Farmers and Plant
ers National Bank elected President and Andrew
Reid secretary. George g. Brown OF Alexander Brown
Sons read paper detailing the objects Of tho meeting.
The report of the Committee OF Creditors appointed to
investigate the affairs OF the Company next read II
stated
After the most careful examination your Committee
are satisfied that the Indebtedness OF Stirling, Ahrens
Co to the refinery will be all of S1.ocOoOO OF when
dae by them In cash and companys notes the
of $4,000 the LIST OF Jny but the RAJ was care
fully concealed from the Board OF Directors by the pre-
senation of false balance sheet. At TIE same time
there were other large due them for property Of
the refinery previously abstracSd ana applied 70 thif
Of the refinery were issued and obtained by
them without giving yaine for them, until, ,n a.
TO S1.Ooo000, OF wLieh $So7 900 is repre-
sented b. bills payable OF The aeining Company,
aud is included in the accompanying statement OF its
liabilities Bat feel satisfied that o TINS sum
usei during the past week for the purpose OF secur
ing debts previously contracted and by this Civ
ing uune unlawful preference 10 some creditors
counted by banks and individuals, paid the
proceeds at the time Your Committee found the pur-
Of sugars on hand greatly consequence of
the above distractions but believe that the following
figures represent the true condition of the Company
nearly s possible 10 arrive at in the present con
dtOn OF the books they having been at great pains to
verify the stock Of sugar and material on hand as set
forth IN the statement
stock Of sugars and bOneblack --.-..-. $5s96li 90
Open az ace SSin and bills receivable $4,000 90
Due by Stirling &6rens s ............ ie,45s 10
Cost OF refinery and machinery ---- sos ~ 90
Total assets ; ;;,;;,v;: O57'42s 90
6 Gun P IiaSsles estimated 1921 81
Total liabilities ............s26s6 900 20
Before suggesting plan 70 recommend to the credit
son after careful examination of the sub
The wholesale robbery OF so large portion Of the Com
panys b. its trusted agents il could under proper
bies in full they matured. but would have yielded
regular and remunerave dividends 70 It's stoc holders
81 well satisfied we OF this that X II
practicable to obtain the unanimous CON
claims 81 as cash az they MATURE and merge ali the bal
ances stock and bonds, and thus become owners and
s 81 to r b mt IN ew the oTg
number Of creditors being Tanks and other cooraon,
VIII always prevail in a body Of creditors in
matter OF this kind, we do not deem this prac-
mend that the creditors should ut require an assign
nent % be made by the Calvert sugar Reclining Company
Of Baltimore to the proper trustees OF le entire assets
and property of the Company for tie benefit OF all the
creditors, without preference ana tidt
trustees invested by the creditors with full
and authority 10 continue the refinery until all
stock OF sugars, mOlasses, etc. Is worked
up end convert the product and all other assets into
money a. speedily possible and also to make sale Of
the refinery real estate, machinery good WILL etc,
tanning and sufficient funds are in hand
TO admit of paying dividend OF 10 per cent such dyi
dend should be declared and paid and further dividends
from time time last the money can he realized
Should this plan be adopted the creditors will get all
the OF the Company, and will feel COM
PEELED unwiilngy Interested in the business
OF refining sugar while who appreciate the adyar
tsge of this valuable property and lis business will nave
opportunity Of at once Organizing new company
such amount OF capital they may deem iudlcols,
and Of purchasing from the trustees the real estate,
buildings. machinery, goodwill NC aud ARRANGEMENTS
may made 10 afford TO every creditor who may he dis
posed embark in such enterprise opportunity or
20 doing. Il. L. NEwC0NB
G. MORTON STEWART,
HENRY JAMES
The following resolution was then adopted:
Resorsd That President and directors Of the Cal
Sugar Refining Company be requested 10 make an
assignment Of all their property and effects 10 tessrs b.
r. NewcoInb and c. Morton Stewart. trustees FOR the
benefit all the creditors accordance with the report
Committee submitted to-day and that their com
sh. be per cent but not ia any event To ex
Decd $4,000 each.
The meeting then adjourned. At q meeting OF the
Board Directors this afternoon they consented to
thu the creditors, their