New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-25
HARRISON LORING'S FAILURE.
MEETING OF THE CREDITORS OF THE CITY PRINT
WORKS.


Boston. oct % (SpecaD.-A meeting of the creditors
n Harrison Lorug proprietor of the City Point WORKS
south Boston, wac held this forenoon Eustace = ft@
acting a. chairman and Mr.. Wightman of the Fhla'
delphia firm Of Carnegie, Phpps Co., as secretary
Charles T. Gallagher Of counsel for the asssnees au
a statement explanatory OF the failure ana preseh'eu
an exhibit OF the liabilities and assets. lie gave
recapitulaton Of the causes and circumstances OF MI
Loring's embarrassment The contract when Mr
Lorug ha, with the Government IS Mr.. Gallagher SAID
explicit in its terms and although an endeavor was
made 10 have the Government advance more money
than has on the work which Mr.. Lorns has done the
Government was but following ont the terms OF the
contracts in declining TO do So II has been deemed
best TO keep tine works running. and the disbursements
necessary to pay the help, buy materials. etc. haH
been made. About fifty Of the creditors have already
assented - the assignment, and to whom it has
beel presented has declined 70 do So Mr. Lorns was
not present at the meeting, his absence being due to
Illness he Is confined to his room. As regards the
assets Mr. Gallagher said that it would be difficult to
give the creditors satisfactory understanding OF their
value The figures would be upon the basis Of what
the different classes Of assets would be worth In case
the business should be continued The exhibit showed
that his total liabilities were $4,000 10; the assets
on the basis Of continuing the work, amount to
$3.50. 2OG ii.
Charles II. Allen, Of the assgnees. said that no
had not yet been able to get minute understanding
Lor.nc only few days, and had had no occasion to
acquire any particular knowledge Of his business until
his appointment Of the assignees. He said that
II the works should be shut down the employees would
be scattered and the business thrown into disorder. and
thai a n at loss would thus be entacd. II had. there
fore, beel deemed best % keep the works running
lie said that lir Quiutard, n the assgnees. had
seen secretary Of the Navy Tracy in reference 10 Mt
Lor.lg's financial trouble, but that definite con-
clnson had been reached as 20 what matters
should take. On Monday the assiguees would meet
secretary Tracy In New York, and IL hoped that
at that time agreement could be reached
as 10 what should be done regards
Mr. Lorlng's Government contracts Mr.. Loring's
contract for Cruiser No provides that II It's speed
shall reach seventeen knott hour $4,000 additional
shall be paid for each quarter OF knot above that
speed and II was stated at the meeting that the ex
pectaton is that the cruiser will hA speed OF
eighteen knots thus insuring additional 800
900 for It's construction IL % Of which would. how
ever 60 10 the sub contractors.
The president Of the American Surety Company. OF
New York which rs Mr.. Dorngs bond. Thought that
the contracts could be completed nt poht ana uat
the surety company could not in any case suer much
II any He did not he said. appear at The meeting
because the company was creditor, but simply be
caush IL might possibly bscOme such, Mr.. Lor1ng nav
ing Obligated himself "a pay the company certain
Amount in ease he should fail b complete his con-
tracts General hyde, of the Bat1 Iron Works, e1
pressed himself thinking THAI the ognuhctz wonln
sst NJ. LostlK coed Brsat II theS 'sAsala - enn-