New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-14
4 BIG CONCERN NEEDS CASH.
THE TlIURBER, WIIYLAND COMPANY TO BE
REORGANIZED.
CAPITALISTS ARE READY To PIT IN 100000
A FRIENDLY RECEIVER NAY DE AP-

FRIENDLY RECEIVER NAY CE AP-
POINTED TO EFFECT TIE CHANGE.
The managers of the big wholesale grocery
house of the Thurber Whyland Company have
recently found ii impracticable to carry on busi-
ness on the present extensive scale without
larger working capital. The alternative was
presented to them Of reducing their business
in volume or obtaining more money with which
to conduct 1t. They chose the latter course, ana
now announce that the ssary capital $780,
900, has been raised. Steps will be taken at
once. therefore, to reorganizc the company
and put it on firmer and better basis
Just how the reorganization will be effected
has not been disclosed. but 1t is probable that
the process will involve the appointment of
a friendly receiver to take charge OF the COM
panys affairs while the necessary changing
and shifting about Of stock is being accom-
plished The bylaws of the corporation pro-
vide that no bond or mortgage can be created
without the consent of 90 per cent or the
preferred stockholders: ii will doubtless be
found most practical to let in the new cap
ital by a general scaling down Of the old stock.
Francis b. Thurber president Of the company.
admitted yesterday that the plans for reorgam-
zaton were under way, and said:
I'VE have had several capitalists looking into
business lately with a view TO investing
They now ready to put in about sooo'ooo' ana
the only thing that remains to be done Is 10
agree on a basis. That matter Is In the hands
of LAWYERS who are expected to have the plan
of operations formulated very soon. when we
shall go ahead with the reorganization"
The Thurber, Whyland Company was organized
as a corporation in January. 1891. being the
successor of the old firm of Thurber. Why
land & Co. established in 1851. Its author
lied capital stock was sl5OO0O0 preferred
S per cent cumulative and sl,5oo,ooO COM
mon. The merchandise transferred TO the
new company appraised at N.ll'.S15, and
other assets raised the cash valuation OF the
property to S1.50s,534. The expert accountants
employed to examine the books OF the firm
furnished figures that promised earnings cquiva-
lent to per cent on the preferred and 12lo per
cent on the common stock.
This was an excellent showing and at first
the stock of the concern brought good
figures In February 1891 fifty shares of the
preferred stock offered at public sale. and
went at 1O5 A week later twenty-five shares
of common stock brought par. The estimate
of probable earnings made by the experts did
not hold out. however, and only one dividend
on the preferred stock has been paid Grad
ually the standing of the stock has gone down
in the public estimate. and when from time to
time shares have been offered auction the
prices received have been constantly lower.
until last month a lot Of sixty-four shares Of
common sold for sl5j. or a little over
81 a share. About the same time sixty-seven
shares of preferred brought 25h.
The directors of the company Francis
B. Thurber John +. Godillot. Albert f. Why
land. David Hunt. Thomas T. Barr. John
Bouton and Henry W. Cannon.