New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-08-24
THE CHARGES AGAINST THE RECEIVERS
MEssRs JARVIS & CONKL1N REPLY TO SOME
or THE ACCUSATIONS MADE AGAINST
THEIR MANAGEMENT.

THEIR MANAGEMENT
The application Of Mrs Elizabeth Garnet,. Of
Bristol county England. for the removal Of Samuel
VI. Jarvis and Roland r. Conkn. the receivers Of
the Jarvis-Conklin Mortgage Company. which has
been filed in the United States Circuit; Court. Wi:
come up for a hearing before Judge Lacombe on
August Is The appearance Of Mrs Garrett as a
party complainant IN the case made on July
q the ground that the receivers were not con-
Quoting the AFFAIRS u the company in manner
alike beneficial 10 all the shareholders. Mrs. Gar
nett living IN England asserted at that time that
in order to protect her Interest IL vas necessary
that she should have something TO say about the
management Of the company while 1t was under
the direction Of tho court
The Jaryis-Conklin Company has been in the
hands OF receivers since September lSt and efforts
have been made to bring about It's reorganization
\ committee for this purpose. with Samuel 81
Jarvis a member formed. i,s objec, being
the purchase Of the assets OF the old company
which IL is said to have secured for % per cent
Of their face value. thus creating deficiency Of
ssSOUc) The holders OF debcntures IN England op-
posed this scheme OF roorganizatou and through
Mrs Garnet, have charged reckless rni-mannge
ment against the receivers. alleging that among The
assets Of the company are the bonds and securities
OF several lnsolvent concerns aggrcgating S53l.sl
Among the n.w anilayts attached to the papers
several which show the transfer - real estate
and other property - the company. AMI which the
petitioners charge were paid FOR In excess 81 their
value The capital stock ~ the company ouistand-
ing AZ the time Of IT. failure S. 1900 u which
$4,000 was paid ny. The authorized capital was
$60oro. II IS Kansas corporation
Perhaps the position OF the mortgages can best
be tod in the following statement issued yesterday
by Mcssrs. Jarvis AMI Conklin from their oiiice
No. - Wall-st Il is IN part follows.
The statements made In the petition are largely
ials~. ana where They not false the differences
suggested are grossly false ana misleading. Mi.
Jarvis has exclusively dealt with the recevershlp
situation IN England and is familiar with all the de-
tions Of these parties. and by a StrnHg" coincidence
II nothing more. the lay following that which
he sailed from Ncw-York attorneys presenting
the present petitioner. whose debenturcs con-
trOIed By small but active coterle in London.
began operations on this side OF the water by max
ing sweeping demands upon the receivers for the
purpose. now quite apparent Of laying foundation
for the present application The petition just filed
carries an iniimatOn carefully guarded not to
amount TO u charge. that Mr. Jarvis and | may
actions with the Jarvs-COnkIn Company. This in
situation is false the manner OF making IL Is
skulking and cow irii.
The Reorganization has been practically Effected
and il only remains for the carrying ont OF the
legal details enable the new company To take up
all the Obligations OF the Old hnI begin paying IN
terest IN is ltbcnturcs. Is Is contemplated IN me
reorganization plan. The publication 81 the fhlsr
the petitioner nave probably accomplisheI the
primary purpose Of these people They constitute
most Migrant assault upon the integrity ana chtT-
acter OF the receivers and serious injury 10 the
creditors Of the company. In strong contrast y "
uracilcally unanimous support on THIS size or the
A,ianfic which has been received by those whose
earnest efforts have been devoted TO the reorSaLi
ton OF this company