Morning journal and courier., 1885-05-14
THE G. wv. MILES co. CASE.

The Creditors Discuss the Condition
of Afairs-Not a Very Bright Show
ing.
The creditors of the George w. Miles COM
pany, of Milford, held meeting at the law
office of Wright, Stoddard and Thompson,
No. 81 Church street, yesterday. James
Graham, the Wooster street brass manufac-
turer, was appointed chairman and Assis-
tant City Clerk Loemis secretary of the meet
ing. There were present Attorneys John
W. A1ling, M. Frank Tyler, Henry G. Platt,
ex-Judge Stoddard, Colonel Wooster of Biz
mingham, Professor William K. Townsend,
ex-senator Mills, William A. Wright, T. J.
Fox and Charles Kleiner. These attorneys
each represented some one of the several
hundred creditors, the heaviest of them being
those for whom Lawyers Alling Wooster
and Tyler appeared. Many of the seventy
five persons in the room during the proceed
ings were creditors without counsel, some of
them being laborers, who have back pay due
them from the Miles company. Professor
Brewer was present in the interest of the
New Haven Agricultural Experiment sta
ton, to which the company are indebted for
unpaid fertilizer assessments, collected by
the State and due May 1.
The most of the legal skirmishing was
done by Lawyer Platt, the attorney for the
company, and Messrs. Alling, Tyler and
Townsend. Mr.. Alling was counsel for
James H. Parker, a New York money broker
who has bought up $4,000 worth of paper
of the concern.
The sheets upon which appeared the fnan-
cial record of the company as drawn off by
the bookkeeper indicated that the assets
amounted to 1854, 1924. AZ and the liabilities
SIT, al 40. This statement was submitted
accompanied by proposition that the credi-
tors accept an offer of twenty-five per cent,
Eve Der cent. of which was to be paid within
thirty days and the balance in one, two or
three year installments. Mr.. Alling object
ed and moved that insolvency proceedings
against the company be instituted at once. as
a better and safer method to realize anything
for the creditors
Mr. PlaUt fought against insolvency. 1t
would not do any good. Years of experience
had demonstrated that it would be ruinous
to the firms future Mr.. Miles had built up
an enormous business. 1t would be fatal to
send the concern into the courts, and dam
aging to it's future prospects. 'fMr. Miles
hasn't cent in his house" continued the at
torney. ''His house is foreclosed over his
head and he would be absolutely stripped if
the firm had to stand insolvency proceed
ings. I'll pledge my life for Mr.. Miles that
he is a more honest man than some of those
who are pursuing him."
Mr.. Alling tackled the submitted figures
and proceeded to demonstrate that within
the la1b three or four months there had been
shrinkage in the liabilities of $50, 200,
while the assets in the same time had shrunk
5000, 900. The concerns works, he said, had
been transferred to a dummy and now stand
on leased grounds.
After further discussion among the law
yers a committee to investigate the
books of the concern was agreed to
consisting of William A. Wright, John
Minor, James T. Highly, Henry G. Platt and
E. F. Morgan. This committee are to select
two persons to examine the books of the
company for the benefit of the creditors and
report in ten days at another meeting and
also to request the Probate court judge to
stay insolvency proceedings until such report
had been made.
The committee recommended Morgan Tig
by and ex-Judge Stoddard and then ad-
journed.