Los Angeles daily herald., 1876-02-05


F. i! ,0OO
T. Saolchl.".............. 4,OOO
Mr.. Hazard again objected to the
arrangements as made, and did not
want committee appointed by a
committee for fear that there would be
a slate fixed up. He wanted this COM
mittee simply to nominate names for
the permanent committee, and be
voted upon by the meeting. He made
an amendment accordingly, which
failed for want of second.
Mr.. VIII d. Gould wanted the meet
Ing to keep cool and did not care to
have an attorney serve on the COM
mittee. His remarks elected some
applause.
Mr.. Robert Turnbull representing
$4,000 was appointed on the commit
tee in place of Mr.. Hazard.
The advisory committee after retir-
ing nominated the following for
permanent. committee: d. Rivara,
G. E. Long, and H. c. Wiley.
Mr.. Freeman stated that he consid-
cred himself in every way a member
of this meeting-as apersOnal creditor
and representative of Temple &
Workman. A movement is on foot
to throw the estate into bankruptcy
and have it controlled by commits
sioner in San Francisco in the inter-
ests of preferred liens in the property.
He thought that bankruptcy should
be avoided by all of the creditors, and
he believed that it was the purpose of
this meeting to sanction the action of
Temple & Workman in appointing
assignees. He believed that in the
hands of the .assignees the estate
would pay dollar for dollar and leave
a large surplus for Temple & Work
maa, whereas if disposed Of by San
Francisco parties, it would not re-
alize ten cents on the dollar.
For the purpose of gaining the sense
of the meeting, Mr.. Freeman moved
that the advisory committee report in
one week.
On motion of Mr.. Barrows a vote
was taken as 10 the opinion for or
against bankruptcy. Through an
awkward misunderstanding the vote
was largely in the affirmative, and
seeing that they had blundered they
went back to do it over.
Mr.. Eastman then offered the fol-
lowing:
1t is hereby resolved that the eX-
preston of the creditors of Temple &
Workman's Bank here assembled is
against throwing the estate into bank
ruptcy.
While this motion was under con-
sideration Judge Thompson arose and
stated that he wanted a full discussion
of the proposition. He believed that
1t would be impossible for the assign
ees to discharge the mortgages that
now cucumber nearly all OF the prop
erty, whereas if this property could be
relieved of its incumbrance and cut up
into small parcels it would realize
more for the creditors than by any
other way of disposal. He had been
informed on reliable authority that
Baldwin refused to accept payment
for his mortgages unless interest were
paid up to maturity, making an item
of about $430,0O0. The fees and costs
of closing up the estate would be no
more in bankruptcy than in the hands
of assignees. According to the bank
rupt law the receiver is appointed by
majority of the creditors, and he can
be man in our midst, whom we may
all be willing to trust. He said: 81
believe there is fraud enough apparent
in the Baldwin mortgage to set it
aside and compel him to take his
chances with the other creditors. ZAP
plause). How is it that he holds the
absolute transfer of the Sanchez ranch
and 5000 acres in Ell Monte, making
altogether property worth $4,000,
and besides this holds mortgages on
all the other estates"'
Mr.. Freeman explained that the
transactions which the Judge espe-
cially referred were actual purchases
from Mr.. Temple.
Judge Thompson, resuming: "That
makes little improvement in
appearances, but there are many
things remaining to be explained.
There are mortgages in the hands
of Baldwin to the amount of three
hundred and forty or three hundred
and fifty thousand dollars-$3l0,00 900 in
one item and $4,000 or more in an
other. For this Temple only received
$250,0O0. The money was to bear in
terest at the rate of per cent. per
month, but they did not like to draw
the paper at this rate and so they
computed one-half of the interest and
added it to the principal, and the notes
at one per cent. o month. The matter
then stood:
Cash advanced $3.50 000
Interest go 800
Mortgage. 600
This arrangement was ruinous and
oppressive; it exacted q sort of double
compound interest upon interest. The
speaker thought that Court of bank
ruptcy could set aside all preferred
claims which the assignees could not
do. He was decidedly in favor of hav-
ing the estate put into bankruptcy.
Mr.. Eastman spoke in response to
these remarks, disagreeing with the