New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-22
H. II. WARMERS ASSIGNEE REPORTS.
HIS AFFAIRS TLACED IN FAVORABLE LIGHT
A LITTER TO THE CREDITORs.

LETTER TO THE CREDITORS
Rochester. y. V. June 21.-Job F. Hedges. assignee
of II. H. Warner. fled his schedule Of assets and
liabilities today. The statement shows a surprisingly
favorable situation. The total Indebtedness IS shown
to be 81 .O4G.369 81 Of which S653o27 81 Is secured
and S393.341 81 unsecured OF the secured liabilities
1913 900 Is Indebtedness 10 The H. II. Warner Company,
Limited. The contingent liabilities amouV 10 si59.-
los 80 In these Is included the sum OF $40
0G0 IS, which the attorney for the assignee say
Mr.. Warner did not expect 10 be called upon 10
pay In any part. This makes the amount OF con
tingcnt liabilities S19J,l2O IL THIS sum IS upon
Mr. Warmers indcrsc nenlS. and Should he De called
upon 10 pay IL the total amount Of imperative
liabilities will BE- 81 245.4so A. The nominal value
Of the assets is 81, O22 IL and the actual given
by Assignee Hedges S1G9Jll 81. This does not
Include any valuation on the stock Of the II. II.
Warner Company, Limited. The assignee states that
the value OF this stock is unknown 10 him. The
inventory shows, however that the assigned estate
includes 34645 shares the par value Of which Is
$50 share, or II 49,, $50. On account Of
Warmers financial difficulties and the depression IN
Industrial stocks the values not rated For three
years these stocks have paid Is Per cent premium
per annHm. No valuation Is given in the schedule
upon 400 600 acres Of land in Durango, Mexico. It
being unknown. II consists OF grazing and timber
land.
The schedule states that the assignee holds slIo
001 81 Of Mr.. iat.s's notes Which have been taken
up and paid by Mr.. Yates for which he brought MI
action some time ago.
money has gone. He invested iIoi .24i 30 III the
Gepesee Gold lining CoIpany, UPWARD Of s2s 900
coo In Sarcno Mining Company, MeNlco, and
1921 900 in the Horseshoe Mining Company. The
schedule makes mention OF The grape IN
dustry In which M,. Warner expended upward Of
quarter Of million and . which has no presen, or
ing circular to his creditors:
Rochester, n. y, June 81, 1893.
Gentlemen: Ny assignee has jus, completed and fled
the schedules of my creditors ond inventory Of my
signed The schedule shows that indebted
In the sum Of 81 ,04G 1863 81. This amount made up
as follows Unsecured s39334 81; sccured. 1858.
027 So The secured Indebtedness may be classified
this way Secuicd by real cetate. s71,j0O; due
company, 1915 900 ecured by the stock Of the
pany selI due otherS. secured principally by the
stock my company s2O6,527 81. My contingent liza.
bilty sn0unte s460 $50 So feel however. very
confident that shall never be called upon to pay
thing Of s270,060 20 Of this amount. This
leaves liability indor,er paper made
othcfs Of $3.50 l20 II.
II | am called upon pay whole Of this amount
and IL added to my direct liabilities they will then
81 .2f5oO0 The nominal value Of the assets
passing sssgnee is 50 j73 o22 49, and the ariua
value fixed by the assignee is +599li 81 but hi,
include anything for the shares of the H. II
Warner Company Limited. belonging to me. anything
the 100000 Of land IN The STATE Of Durango.
10 the Republic Of Mexico the assignee having
his inventory that the vare Of those unknown
him. In judgment the valuable part OF my
assigned Is the "a G45 share. Of the H. H. Warner
Company, Limited. These shares $40 Within
year they sold at S7j share being 80 per
their face value. 1 have always regarded them
well price The company has earned since
its organization cent its preferred stock and up
ward Of IL per It's Common, and addition has
taken up aud cancelled a large Of It's 20.ycir
dcbcnure bcrd, and hah also accumulated very consid
cradle reserve The value Of asset ~ nv creditors
necessarily depends upon the future conduct Of
ncss be managed in the future IL been
pas, creditor holding my direct contingent
obligation need lose one penny.
present moment the character the future
mana cement company is uncertain. 4 difference
which very much regretted. has arisen between
the company and myself. growing Of debt
company. This debt IL In the form open
IL arose. principally upon guarantee made by
the amount Of assets the business over BY
company ana upon guarantees by as TO the
profits which would be realized Of branch
business known as the safe YEAST and LOG Cabin
Remedies" This debt is considerably smaller than IL
was az about the time the company took the
business insist the company agreed with To
carry this such time IL could be enienty
maid by me out dividends 10 which entitled
The shares deposited collateral security The company
make. different contention. have REGARDED 10 most
10 come adjustment Of this difficulty, IN
rer that business OF the company might b. arranged
A., the most nd gcous way Since my assignment
hive been trying reach an adjustment, but md 1t IN
,,c,hle 10 come To an agreement this distance ror
,so homo ONCE Of the company In LONDON. have
,h.,,orc decided TO 90 Immediately London for the
PURPOSE Of arranging with the company that ~ pos