The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-31
MAX STADLER a. co.

AN ADJOURNED MEETING OF THE CRFDIs
ToRs-THR COMMITTEES RECOMMENDATION
ADOPTED
In response to a call from tho chairman OF the come
miltee of creditors, who elected examine the
affairs of Messrs Max stadlor Co.. about forty cred-
tors assembled in store of tho bankrupts No. 400
Broadway, yesterday morning to hear the repor. Of
the committee. Among those present were represen.
tatves OF tho firms OF A. T. Stewart Il Co., Pomcroy
Plummer, W. c. Langley Co., whttemore, Pect
Post Co., Van vakenburgh l. Leavitt, W. w. Hunt
ington Co. and Harding, Colby Co. Mr.. G. L.
Colby called the meeting to order and Mr. j. c. Van
vakenburgh acted as secretary.
The committee, which chosen at a meeting Of
the creditors hodon the 10th insL consisted the
following gentlemen GIL. Colby, chairmani
W. W. Huntington, of W. W. Huntington Il Co. K A.
Schnabel, OF Schnabcl Bros. S. Kcyscr, OF W. G.
NJ SuIzbacher, J. T. Low OF Low Hartman Co.
David Einstein, OF Raritan Woollen Mills, and ii.
Hablo OF Hnbo Sticglitz. Their report pre-
scented by thechairman. 1t stated that the present
firm OF Max Stader " Co. began business on January
of this year and that on the llth day OF that month
Mr. Max Stadler made the following statement OF the
assets OF his hrm:-
Cash Old house of Stadlcr Co. $2l4 0Od
Lie insurance. 5000
Residence lover mortgage. $4,000
Property at Long Branch ................... 10000
$3I2 ooe
amount OF capital paid in to have been follows:-
Max Stadler. $lS6 1873 70
II. ~ Stadler. ACKNOWLEDGEMENTS 9l6 10
Total. s2o7 $50 So
an assignment Tor the benefit Of its creditors and pro-
pared statement wherein they made the liabilities to
be about $4,000 This was found by the committee
TO DO an accurate statement. In that statement the
cost vaue OF the stock hand represented to be
$500, $50 - The committee employed experts to put
valuations on tho stock and the result OF their
arninations was as foliows:-
BY Mr. Q. b. Pec of Rogers, Pect & Co. $i7l 400 A
BY Mr. +. H. keating OF H. e. Browning
Co. 4@7,469 ~
BY Mr.. X. Backman. OF Rindskon Il Co... 3l4 45O SO
BY Mr.. A. Dessai, of Dcssa Stern. 295. COS 05
The committee also discovered among the assctl
about 1000 In notes and acceptanccs and soma
property in Iowa and At Long Branch. N J. They
recommended that tho creditors accept compromise
OF seventy nvc cents the dollar In Endorsed u
short tme and that II the debtors refused agree IA
these that the and all marketable be
sold at auction and the proceeds be divided pro rata
among the creditors.
After the reading OF the report considerable discus
sion the creditors INDUCED in, and several
expressed their opinions that Mr.. Max Stader had
been unwarrantably extravagant, and commented
severely thereon. A number OF those present ex-
pressed their desire to the firm thrown into bank.
ruptcy immediately. Others thought Il better that the
affairs should remain IN the hands OF Mr. Frederick
Lewis the assignee, and that II no managed them
properly ninety cents could DO obtained. Mr.. w. A.
Thompson offered the following resolutions
mencea place the firm OF Max stsdicr Co in bsI..
ss"ss H. fssasrsk Lewis iso@ sss eoasroi OF tie
Resolved That said application request madet to the
Court TO place the assets in the hands Of three
hereafter appointed
A long debate had on them, but they we're MOI
adopted Mr. Lewis friends preponderated by thirty.
nine TO Ave The committee was then empowered 10
mako To- MI Stader the proposal in regard the sew
enty-lve cents, and the meeting adjourned
Representative Of tho firm informed HERALD re-
porter that he could not say as YET whether the firm
would agree TO the compromise not They still
hope to m AXE such arrange with their creditors
as VIII enable them to continue the business