The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-08-07
COMMERCIALLY CRIPPLED.
Police Commissioner Wheeler and
Others File Their Schedules.
ASSETS AND LIABILITIES.
Proceedings in Bankruptcy and
Creditors Meetings.

hled before Register Little, show tho total liabilities
to amount to sll4,770 49, Of which $685. 3Os 10 were
Endorsements for which he received no benefit and
were Tor accommodation. His Endorsements for tho
Huron Bay Slate and Iron Company amount 10
$4,000, the notes being held by. the following par
ties:-Nationa Bank Of the Republic, $4,000, secured
BY bonds OF the company City Bank, Of Marquette,
Mich, $4,000, secured by the bonds OF the company;
Bank of North America, sSOO0 secured BY the bonds
OF the company the holder OF tho note for ST. 500 is
unknown. He Endorsed for Henry J. Marsh, OF
Brooklyn, to the extent OF $3.50 49, the note cred
liors being the iolowng:-John H. Brown
Ing, $S.953 10, tho claim being In judgment;
Ira A. Stephenson, $1,000, In judgment; Atlantic
stase Bank, of Brooklyn $2,25o in Judgment Daniel
A. Mls 81, 500; Durham, Buckley Il Co., $4,000. Tho
bankrupt indorsed note for Marsh Tor $4,000; tho
latter procured loan OF So 900 It from Durham,
Buckley Co. and afterward paid upon II 81 O00 The
bankrupt claims that the firm owes him 81, 500
part OF his assets but they refuse pay because OF
ms Hs LIABILITY on the note Henry L a. 1900
accommodation. Lindemeyer sued and obtained
Judgment against the bankrupt. who paid $4,000
ana In settlement of the balance gave
Endorsed by J. W. Bosler, Joseph B. Apologize.
$4,000, The bankrupt loaned check for
use 1t until two after date Apologize claimed
to II aud sued tho bankrupt for collection Tho
Mich, aggregate $2l. 900 as foows:-A mole Tor
$1,000 held Dy Ihe Importers ana Traders National
National Bank OF Aoughton: the same bank holds
another note for 81 100. which 1t discounted; Chat
ham National Bank, $500; Bank OF North America,
$1,000, on two drafts drawn by s. L. Harris Smith
4 Harris and Endorsed by the bankrupt He indorsed
tor John Davenport Ave notes. aggregating 800
National Park Bank, $4,000; Augustus q. Paine,
$500; ME- Mason. $1,000; the holder OF one Tor
amount to $5os7e Henry D. Cooke has claim
for So, 500 a OF the bankrupt, and is secured
by 29S shares OF the Huron Bay Slate ana Iron Com
ri
OF the Missouri Kansas and Texas Railroad Tor money
advanced; James W Bascr, OF Carlisle, Pa, $4,000
Tor money advanced partly secured by 63 shares Of
Huron Bay Slate ana Iron Company and chatte
mortgage on The household furniture OF tho bankrupt
Thompson, president OF the National Bank OF ST. Paul,
600 note OF the bankrupt; Nelson Shay, 81 $780,
land ut Mineral Point Grant county, Wis, valued At
$500; notes OF 23 asa &c. among which the follow
Iondon. S. s22 IS; ex-senator alexander McDonsld,
$4,000; Samuel +. Sweet, o! Washington, 81, 900;
Y. F, Rice. Of Little Rock, $l.77l so, and William 2.
Alexander Mcdonald of S., 99S 81, and by Henry j.
Marsh of $lS o00 OF which O500 loaned by tho
bankrupt and the balance tor payments on ac-
count OF accommodation Endorsements. He also in
cudes the following STOCKS in hts asscts:9 500 shares
OF the Sherman Cold Mining Company 700 shares OF
the National Gas and Iron Company Of Illinois cost
$25 000 100 shares Of the Mes Silicon Steel Company
100 shares OF the Huron Bay Slate ana Iron Company
ono share in the Washington Club, aud interest
the Newburg Glass Manufacturing Company, which
cost $4,000; the company failed years ago. He also
1900 Mr. Eihu Root has made application 10
amend the schedules order TO include additional
property In his assets
NEW YORK BETTING AND PACKING COMPANY
An adjourned meeting OF tho creditors OF the New
York Betting and Packing Company was held yester-
uay ut the Office oil Mr. L. N. Dickinson, IN the Ssants
Zeitung Building, Mr.. George Ravens presiding. The
committee appointed to mako an examination Of tho
company's affairs submitted report showing tho
etra i,dn nf q I
was held by parties interested In the company, who
would leave 1t in the business The available assets
amount to $S500oo, all legitimate business
assets, In addition to which there js $500 900
IN property outside oil tho company, which
Mr. Checver, the president VIII put IN
the hands Of trustees 10 be held further security
to pay the company's notes. The committee were Of
Tho opinion that The company mad sufficient to
pay all the debts within Tue extended asked for
by the company Tho committee recommended the
acceptance Of the following settement:-Ihat the
debts be paid Ia FULL ton per cent cash on October
and ninety per cont In seven promssory notes Of the
company six OF which are Tor ten per cent each, at
throe, SIX, Twelve, eighteen, twentyfour and thirty
months, ana tho Other Tor thirty per cent 10 mature At
ihrlysx months. all to date irom October !, with In
terest ut per cent? the new extension notes to
be Endorsed respectively by the parties, II any now
liable upon the notes tor when they are gwen respcc
lively guaranors or indorsers, the secured cred
itors 70 nave their security continued; tnat Mr..
Ammidown and Mr.. Brinkernof DO joined with Mr..
Jonn H. Cheevsr as co-trus,ees 10 hold the property
represented on the books OF the company BY the &C.
count Quilted john ID. Chcever, trustee, TO be man.
aged for the benefit OF the ceditors and that r the
trustees shall sell any portion OF the properly the
proceeds shall DO used first 10 pay OF notes or
debts by either of whose assets
arc thus sold, unit they paid, and then shall DO
used pay OF the notes the company pro rda Tor
which the trust property Is not liable, untii they
are all paid, when the trust shall terminate ami the
property revert TO the company Tho settlement was
unani mously accepted, and printed agreement was
signed by creditors representing twothrds Of tho In
deDtedness.
A statement Was submitted 10 the meeting by
4essrs Choever and Durlnt explaining tho accusa-
lions OF John g. fappan, oil which tho following IL an
abstract -
The New York Betting and Packing Company is a Con
neeticut corporaton w,th paid up capital OF
The Boston ss,as Company I, boston Sorpors.iSa Wiz,
is7& We s esns1 s saasooS John 9. rsppaa owssi
100 ~. brosue- ana other @smSsrs Of ns family
Justify our course owned s9'ooo' leaving outstanding at
IIe comp auies wore for many years united by a
legal contrast, 80 1862 ~ .ss use q certain
ing sIsse ,wo thu. united u q
each hop other in tie esGlsr course Business
Alter the general panic II 1919 we loo, ~ failures o."
Co threw upon the New York company immeoatc oss
credit and IL raising wsa Boston company snouii
have aided the New iors company without eoIasensa.on
gntion resulting FROM It's contract relations We did not ask
raising ths money resulting ia tue contract sepem
b., ~, 2e hs We swnsd =: that time fsi9 y,
market Teyentynvc per cent above par and Was IN Fact
eouid have easily sold OU shares Tor than 81 JD0p
We did not wish sell the stock known IL to be
Ing on u IN the open market for fear OF nurng the credit
Of both companies proposed tho which made,
aud by sold nim the stock less than its
ket value, the option take u lack
the price ana binding ourselves to buy back
halt oft II he iequirei A. that Zine the company had
very large surpius-probaby forty per cent-which
properly subject be divided at time and IL
earning besides than twenty three per cent year
Its that rappan OF ythrce por
cent year ths socs. The money 10 pay which was al
ready the treasury unless the company should decide
~ Increase its surplus and not dividends against
which he provided bv binding u TO vote Tor the regular
vidcnds that he mi ght immense interest
thc agreed advanced by him Under that
lfact should take back STOCK at the end OF the
time.
We transferred tho stock Tappan and received the
money supposing and believing that he bad borrowed ~
upon the notes OF JOHN g. Tappan Co. whie, A. that
time perfectly good and security Tor which stood
our stock worth In the market than their face ana
10 nay for which they 10 be lvvn. In tho hrs see
Hon OF his contract with o agreed to furnish us the
otss ndorsed ~ the Boston company but In Later one
he agreed discounts himse and we mover