The Providence news. (Providence [R.I.]) 1891-1906, 1896-12-23
WILL MEET.
Creditors of Mil
ler & Vaughan.
Experts Report on Firms
Books to Be Made.
Likely to Provoke Some Pc
culiar Emotions.
Mr.. Tlllinghast May Have Something
Interesting to Say.
Some Creditors Not Disposed to Accept
Diminuiive Compromise.
Mr.. Tlllinghast May Have Something
Interesting to Say.
Some Creditors Not Disposed to Accept
Diminuiive Compromise.

The particularly interesting thing to be
disclosed, according to popular opinion.
at the meeting of the creditors of Miller
g. Waugh han, ia Palestine hall, In the an.
mex TO the Industrial Trust Company's
building, tomorrow afternoon at
o'clock, will be the names of those por-
sons Who are debtors of the firm now In
peculiar financial difficulty.
The chief business will be the reception
OF the report of the expert VINO has been
at work on the books. 1t Is claimed by
those who know tnat this document will
provoke peculiar emotions. MIR. +. W.
Tillinghsst, chairman of the committee
something interesting to say. 1t is re-
ported that the amount involved Is very
much lsrger tnan at first stated and
what became of this money will be
among the things tnat all the fellows
will try to find out.
The report will have something to say
about money transactions in New York,
and sums received by certain clerk In
New York brokers employment, accord
ing to the opinion of a large creditor. will
occasion some wonder. Open charges OF
fraud are made and alleged fects will be
presented to tighten up the general
gloom of the situation.
1t is said thbt number of creditors
will not accept the paltry amount which
will be offered them in lieu of the cold
hard cash and first-class securities de-
rosjted with the failed bankers. One
men who had 800 Of his life's savings in
the hands of the firm is particularly Bit
ter over the way he was relieved of bis
cash. One creditor will look in vain fors20-
600 w bich in his confding way he claims
be placed at the disposal of the firm to
do business with. He did not know,
however, tnat business was transacted in
the way the report will demonstrate it
was. He does no hesitate to say that the
memb mbers Of the firm came as near To the
danger line as it was possible without
stepping into actual dishonesty. This
opiuion il but an echo of the general
murmur of di satisfaction and disgust
which the creditors make no effort to
conceal.
1t is also broadly hinted that certain
bank in this city will stand in a peculiar
position when the facts come out. A
large sum was placed to the credit of the
firm with the understanding that Ii was
not to be drswn upon. lhe creditors
say the object .of this was obvious. A
/ common report is to the effect that Miller
| q Vaughan mad no capital Of any con-
| siderable amount Invested in their busi-
ness, but they managed to sink large
sum. Money was accepted from every
| one and IL was tum bled into the general
| heap TO invest with the hops that IL
| vould yield fancy prices. The fancy
pI ICES never came, IL they did tnere IL
nothing to illustrate that fact.
One creditor some time ago had a few
| hundred dollars that he had no particular
use for so he gave 1t to Miller &vaug han tc
| invest. They used the money all right, &C
| TO speak, and informed the invest OIL that b.
had been placed and that certificate fol
| the stock would be forthcoming. Day
elapsed and still the certificate did moi
come. Requests were made and the In
vesior was assured that ii was an over
| sight, hut before the certificate was re
ceiyed the firm failed and the man will
few hundreds to invest contributes
thing TO the assets OF the failed firm
IL In said that there are many OF thi
kind OF creditors who don't like th
idea Of accepting 10 cents on the dollaf
more or less.
Those In possession OF the information
contained In the report feel satisfied o
one thing at leust, that Palestine Hal
will have a good sized audience of no
over joyous mon who might have hs'
more wealth had they not trusted thei
cash and securities where they did.