New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-05-03
Sworn to before me. April 20, 1873.
ok County.
CRIPPLED IN CREDIT.
THE COMMERCIAL WAREHOUSE COMPAN

THE COMMERCIAL WAREHOUSE COMPANY.
CUBAN CREDITORS TRYING TO THROW 1T INTO
BAYKRuPTCY-wHAT THE RECEIVER HAS DONE
SINCE THE SUSPENSION IL 1870
An effort is beng made by certain creditors
Of the Commercial Warehouse Company formerly OF NO.
Il Broadway TO have the affairs OF the company set
tied in bankruptcy proceedings Tho company failed on
July 2s 1875 At that time tho liabilities were placed
at 50 900 OOO with reported assets of 100000.
The company was organized IN 1867 under special
charter, with capital OF S2,OOO,OOO. Paul
j. Armour. Jose +. de Navarro, Thomas Murphy
ana James Cyno were ut time large stockholders,
most Of the stock being held in Cuba. The company,
after its organization did largo and profitable loan
business until the Court OF Appeals decided that the
charter was unconstitutional. The managers OF the
company then made large advances on sugar crops
in Cuba. Tho rains delayed the gathering
Of the crops, and S2,00o,0OO, loaned upon
them, were locked M, impairinG tho credit
Of the company and driving OF its largest de-
posors. An examination Of It's Affairs was then made
and the Board OF Managers determined 10 suspend ana
go into liquidation. On July 30 1870. John Baird was
SSirdnrht by James d. and George NJ Fowler. who had
SIS, 900 on deposit and were refused payment
It believed M first that the assets could be made
available IN few months when INC G3nPihy sn n
the sale of these at that time would have
brought large SUN oi none ,Tyra, l n,,ai me
market value Of these houses They nave Deen used Tor
under the direction OF the receiver
but without profit. The company also owned some
bonds Of the NewJcrscy southern liailrgad, ana OF
other railroads IN the West and south. These bonds
have decreased IN value. A portion OF the company =
assets consisted OF claims on private persons Who are be-
lieyed TO be willing 10 pay, Out are not aD'e 10 meet
their Obligations al present .
The great bulk Of the Compauys assets consisted or
claim, on estates in Cuba. Although many OF these
claims are SIN considered good by Mr. Baird. he has
been unsuccessful thus far In making collections
Mr. Bgird's agents have been spending considerable
time money In Cuba IN the attempt to force pay
meuts, but the owners Of these estates nave found
means 10 clude their obligations, Permission granted
X, The agents the Spanish Courts N Cuba to take
portions of the crops raised the estates IN pay
IN nj for the claims but the made 10 necessary 10
nav for armed protection Against the ncursOus Of the
Cuban troops The expense OF hiring spanish soldiers TO
defend the crops found 10 be too great TO allow
the collection OF the claims In that manner The agents
I'm obtained from the courts permission TO
seize crops which Ind been gathered but the DEGREES
were af,erWard revoked through tie Efforts OF the
Spau-h oil GERS who claimed that the seizure OF these
crops would retard their operations.
The company's liabilities are due principally In Cuba,
and the Cuban creditors have become impatient IL
Is through their action that the attempt 10 put
Powers Of attorney have been gwen by sew
era OF the Cuban creditors 10 COudert Brothers,
lawyers nj No. Is Wiam-st. who have taken steps 10
throw the company into bankruptcy. Mr. Baird sald
last evening that he could not state whether he would
contest tho movement. IL his desire to
interests OF creditors, and to pay their
ri aims ~ soon as possible hut II not clear 10 hin
company into bankruptcy. He declined TO give Inc
names OF any OF the creditors lie was not aware that
any Of the NewYork creditors had Joined IN the pro-
ceediugs.