Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-11-21
HARDWOOD AND HIS CREDITORS.

A Large Meeting Ycsses day-statensent of
ASSETS and Lt06ittttes - i Conference
Committee appointed.
A large meeting of the creditors of N. B.
Earwood Go. was held at the Nicollet house
yesterday afternoon. 1t was stated that $780,
O10 of liabilities was represented. r. W. Cole,
of New York, was chosen chairman. TIE
meeting was thoroughly good-natured and
business-like, though Mr. HARDWOOD was sub
isct to some pretty severe questioning By a
number OF the representatives, which indicated
that some things were LOT exactly clear in
their minds.
After some preliminary talk Mr.. Herwood
was asked if he would make a statement of af-
fairs to the meeting. He said he was not
fully prepared To do this. He had had no idea
that the meeting would be so large and repre-
sentative, or he would have been better pre-
pared. He would try TO answer ques tions.
Mr.. McNaIr, Harwood's attorney, said he did
not know whether the proper time to make q
statement was at this meeting, or at the future
meeting to be hald in New York. He would
go out and consult with DIR. HARDWOOD and
would make a statement of assets and liabili-
ties If &c seemed best.
After consulting few moments the gentle
man returned, Gnd hlr. McNaIr read u state
ment, near il coud be got at this time.
Total sssets ere stated To be 1914, 21i.U9; and
the lia6uties, $3.50. U4l.96. The goods were
figured at cost al d the no. es of the firm at their
face value. Besides this there was $50 OOO
worth of goods in transit at he time of the
failure, and these were not taken into the ac
count.
1t was evident that the statement was more
favorable than had been expected. creditor
wanted 10 know why he confessed Judgment
and closed up the business if he was in ss goo6
circumstances as this.
Mr. Harwo0d said he did not make an as
signment, as Eoo1 takir that step could new ,
Resume his husinees. He had hoped from tn,
first that some arrangement could be made by
which he could resume. He said he began Il
get 'haI d up" in the latter part of October
His bankers discovered it, and matters went or
step by rtep until the failure came. He wa.
unable to meet his obligations.
At the meeting to be held in New York h,
said ne should make general and complet.
assignment of all his property if comprom
Use could not be Effected.
he WIS closely questioned as to what b,
should offer on dollar, but that question b.
was not prepared TO answer. He was alst
sharply Intercepted as to his understandin;
With the FIRST National bank and one or tw,
other credit ors-
To this Mr.. Harwood said it was understood
Chat in case of trouble these creditors we're t
be mace secure. As to Mr.. Ingnram, his bay
er, he bad no definite contract in regard I,
salary or commission. He paid his coachma,
S9eo year. He had sustained no cnusua
LOSSES since the fire in April.
1t was stated that one of the principa
grounds IF dissatisfaction with the credit
was tie q eat accommodations of goods of tn
firm.
sir. karwOod stP ted that he was preparing
clothing for the spring trade. Mr.. inghrar
was sabguine buyer, and perhaps went
little l, o far. His trade was constantly in
sreasing. de expected that his Noyembe
sales would xceed the sales Of the sam
month last Jssr by 100000. At the tim
of the failure. be considered his assets full
equal tostbe liabilities. II may have don
wrong, gentlemen, but it was an error of iuds
ment. shall accept compromise if possl
BILE; if | cannot shall make complete as
Segment tor the benefit of my creditors.
want the meeting in New York to be held at th
earliest moment possible. l want to go ahea
IN some shape, and not have thirty years of m
life com plete failue."
Mr. McNair said settlement would be al