New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-17
CREDITORS WORK IN UNISON
TO PREVENT THE SACRIFICE OF THEIR
DEBTORS ASSETS.
AN INVENTORY OF THE PROPERTY OF THE
BANKRUPT PALISADES AMUSEMENT COM
PANY-PLANS TO REALIZE AS MUCH AS

AN INVENTORY OF THE PROPERTY OF THE
BANKRUPT PALISADES AMUSEMENT COM
PANY-PLANs TO REALIZE AS MUCH AS
POSSIBLE FROM ITS RESOURCES.
A meeting Of creditors Of the bankrupt Palisades
Amusement and Exhibition Company OF Weehaw-
ken. n. j.. was held in the Second National Bank
Building, Hoboken, yesterday afternoon. to hear a
report from a committee appointed 10 prevent the
sacrifice OF the conpany's personal property 10y
private sale. and inspect and make an inventory
OF the property. 1t had been alleged that Theo"
philus Butts. of the First National Bank, Hoboken
receiver Of the company, had agreed TO sell TO Her
man Walker Il real estate operator and justice OF
the peace at Guttonburg who was one or the
originators and a director Of the company, all It's
personal property for only $500. when at low
valuation ii was worth many times that amount
The creditors represented yesterday ana the
amounts due them as follows: A. j. Symes
& Co.. for lumber 81 800; Pains Fireworks Com
pany s. 9i7 IS: The s NJ McFadden Company, $Sl;
Curry & Zadd $1,000: Abraham Brothers. Sis',
Seligman 6: Well SIP GO; Perry L. Hall. sSI5 Du-
parquet II. and NJ. Company. 500 %; August
Bremen. $49 81: The Tribune. for advertising Sif ";
1.-THE Times" for advertising. sl56 30; THE Press"
for ADVERTISING Sis %: The World. for adv'rtis-
ing $3.50 ~: "The Commercial Advertiser for adj
vertisng. $i29 %; total, S,S5s Is.
A. j. Syrnes reported that Chancellor McCin had
stopped the private sale and had ordered that all
the real and personal properly OF the company oe
sold at public auction the companys grounds
known as 'Eldorado." The committee presented
long inventory Of articles which. counsel said would
probably have to be classed as realty and sold for
the benefit of the Hudson Trust Company which
held mortgages for 100000 on the land and build
ings The estimate of the articles in the inventory
placed the minimum value of the personal prop
erty at $500 and the doubtful real property at
Sl5S45.
Mr. Symes said that he ard Captain Curry were
among the original directors OF the company. which
owed him personally $500 and Captain Curry
slap 90. The first mortgage on the realty was for
$4,000, and the second for $4,000, but only 81 600
of the bonds for the latter had been issued. The
debts of the company amounted TO SoooV' OF whch
$4,000 was secured by second mortgage bonds.
and $4,000 was unsecured No chattel mortgage
had ever Deen placed on the personal property
He had been informed that Mr.. Walker and some
other directors had formed syndicate 10 buy In
ali the property. and make another start in the
spr;ng Mr Walker had bought up $4,000 OF the
companys bonds at 81 cents on the dollar. but II
was doubtful whether his purchase would stand
legal test The company had seventeen acres OF
and sold i'm small parcels Mr.. Symes believed an
equity could be realized by the general creditors.
together TO bid up the personal property to reason
able price and buy It in. If necessary as trustees
for the creditors. eacl Of whom could agree 10
pay a certain percentage Of the cost of the property
at auction This PLAN If carried out wonld secure
for the general creditors more than they could ex'
Guide them got hold of the property.
After long discussion It was decided to adjourn
OPPORTUNITY would be given for all creditors who
may desire 10 join syndicate which MT. Symes
and Captain Curry will FORM 1,..,,.-
McGin on october Il 1892 placed the assets at
s2s9 i24 ~. and the liabilities at Ai2 2fo b. Accord
ings and personal property, cost S;3sl5S o. The
electric plant was inventoried at So5,4D