Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-11-23
N. B. HARDWOOD.

An Ad1o"rned Meeting Yesterday-No Con-
ctssst0n Reached-Adjourned to Meat n,
Neso York Nov. 30.
The adjourned meeting of the creditor. ~
N. B. HARDWOOD d Co. was held at the NicolIo.
house yesterday afternoon. The attendance
was nearly as large as at the meeting on Satur.
day. Richard W. Bogart, chairman OF the
meeting appointed to confer with Mr.. Har-
wood, read the following report.
REPORT OF COMMITTEE.
Gentlemen: Your committee appointed IN
confer with N. B. Harwood and propose a ba-
sis for the settlement of his indebtedness re-
port as follows:
BY arrangement with Mr.. HARDWOOD, and al
his request we were waited upon by himself
and his attorneys, accompanied by Gov John
3. Pillsbury, Messrs: j. z. Sidle, president of
the First National bank, @. 81. Petit. John
Martin and other prominent merchants of this
city, interested in the continuance of this large
mercantile and manufacturing house.
mr. darwood presented to us q statement
OF his affairs, which we have, for the purpose
OF tnls report, accepted as correct, and upon
which we have based our calculations for a sef
Element; emitting. however, from the tahiti
ties the claim of Mrs. Harwood, which we have
been advised by Mr.. HARDWOOD, in the event of
settlement being made, should be with
drawn.
In regard to the assets, we value them, if sold
in the regular business way, at seventv-fve
cents on the dollar; and we therefore recon-
mend that settlement be affected at the rate
of seventy-hve per centuR. ALI of which In
respectfully submitted,
Richard W. Begart, of Messrs. o. M. Bogart
q Co., New York.
Leonard g. Howard for Wood d Co., New
York.
L. 81. Day, of Bradley, Voorhees, & Day, New
O. r. Milliken, of Deering MiIIiken & Co..
New York, and ]. D. Easton.
motion was made and seconded that the
report be adopted. Before the motion was put
a creditor arose and made a vigorous ONSLAUGHT
on Mr.. HARDWOOD and the committee. He d.
rectly accused Mr.. HARDWOOD of perpetratiup
this failure. He said that Mr.. HARDWOOD, after
the April ire, was not worth more than S3O,-
OOO, according to the various statements. and
on that slender sum he was carrying on this
immense business. During the months of
August, September and October, Mr. Har-
wood had purchased goods to the amount of
O,OOO. He had bought goods far beyond
his means and was directly responsible for the
failure. He said Mr.. HARDWOOD should have
produced all his books for the committee and
Obliged to presume that Harwood's
statements were correct. The report
as it would be worthless to
the Eastern creditors because it was not based
upon all the facts. It would be bad exam
pie to set, of making a settlement in this
way.
A statement was read showing the total as
sets % be 1904, 2l4 o. and the liabilities, $685.
O4l. SO.
1t was stated that the committee had had
access to all the books of the firm excepting the
open accounts with country merchants. 1t
yrr,IA - Co., II -
creditors wonld Immediately make attachments
upon the sums.
A creditor said the report had no foundation,
and wouldn't amount to anything. Mr.. Har-
woods word should not be made a basis for the
report No matter how good his character,
those will be suspicious in this matter He
wanted the report recommitted and based upon
ell the facts.
Mr. McNair, Harwoood's attorney, said
the statements were correct. There
would be no object in disappearing any
thing. They were treating them with fair
ness, if it was not found to be so, there would
be nothing binding. 1t would be unfair to
open the country accounts.
After further talk about another session of
the committee, MIR. Harwood said he would
bring everything before them but his country
accounts. He also said he did not think he
could pay Is cents on the dollar.
Mr.. McNsir said that any settlement would
be equivalent to cash; but Mr.. Harwood's
bankers would have to consulted about it.
1t all depended upon them. Some said the
property could not pay more than so cents on
the dollar, and they would not advance if the
settlement was beyond that figure.
An adjournment was finally
taken until o'clock to allow the committee
another meeting with Mr.. HARDWOOD.
A little after the meeting reassembled.
Mr.. McNair arose and said that since the ad-
I iournment Mr.. HARDWOOD had been unable to
see a certain gentleman that he was depending
on for assistance and so could not make any
proposition of settlement. He said Mr.. Har-
wood was anxious to arrive at a conclusion
just as early as possible, and at some future
day to be selected he would make proposition
to the creditors either here or in New York
1t was finally decided to meet 10 New York
on Tuesday, Nov. so, in room Is, James r.
White Il Go, No. 81 North street, at P II.
The meeting then adjourned.