The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1898-02-04

however that every crditor would act
for his own interest and attempt to get
as much money as possible. To go
through insolvency meant that the
creditors would be cutting. their own
threats.
Mr.. Weinstock inquired what action
the Directors were liable to take rela-
tive to the issuance Of the attachments,
and Mr.. DevHn said he understood they
We're waiting for the Commissioners to
act. The Attorney Generai had been
asked for an opinion respecting the le
gal aspects of the case. and a receiver
might be appointed any day. The first
thing to do was to get the attachment
suits Withdrawn.
Mr.. Weinstock inquired of Mr. Dew
lin whether he believed it practical,
provided secured creditors would con-
sent, to bring about plans by which the
affairs of the association might be
placed in the hands of an individual
or corporation which would under
take to Equidate the indebtedness as
soon as possible. Mr.. Devlin replied
he thought it practicable, and the
proper thing to do He thought, as a
business proposition, that the banks
would give UP the interest on the prin-
cipal for a specified period.
Mr.. Weinstock said it was self-evi-
dent that the stockholders would get
those pieces of property of the least
value, and that those of the most value
would fall to secured creditors.
Mr.. Devlin remarked that We're a re-
ceiver appointed matters would be the
same and he would first realize on
property which would bring. the largest
sum, spot cash, and satisfy the claims
| of secured creditors, giving TO the
stockholders what was left.
NJ A Wahrhaftig thought it inadvis-
able for the creditors to go through in
solvency as long as there was a chance
to liquidate the Indebtedness of the
association and realize something for
the stockholders He had been retain
ed he said, to prosecute one of the at
tachment suits brought against the
concern, but he thought his client
could be induced to withdraw it when
| it was understood that he would lose
| by pressing the suit.
Mr.. Weinstock felt that both stock
holders and creditors would get more
by turning over the property of the as
| SOClaIlOn TO Il DdIliN VI ~
| individual, thus gain time to dispose
of it under conditions more favorable
than if sales We're forced. He recon-
mended that a committee of three be
! appointed to visit each and every stock
holder and creditor to induce them to
| sign a written agreement to transfer
their property to an individual or cor
poration to be selected by the stock
| holders, with view to carrying out
Mr. Devlins suggestion.
| Mr. Devlin again stated that the
! first step would be to have the attach
ment suits withdrawn. and he thought
this would be done, as it was not rea-
| sonable to suppose that men would not
do so when they could make money by
! it.
Mr.. Weinstook polled the stockholders
present or represented and Mrs. ;. "A.
Hutchngs, Mrs. Joseph VOORHEES, and
Stockholders Rippon Robinson, Ross,
Stanton. Dorsey, Smell Wahrhaftig and
| Norris all expressed themselves as
willing to agree to anything reason
able which would keep the matter out
of court ard satisfy. as nearly as pos
sible. the claims of all concerned.
Then Mr. Wahrhaftig offered a reso-
luton providing that committee Oh
three be appointed to call on all cred
itors. secured and unsecured, and re-
quest them TO sign an agreement to as
sign their interest to some individual
or corporation, to be named hereafter,
who shall act for the best interests OF
the creditors.
The resolution was adopted by a
unanimous vote.
AS q. committee to visit creditors,
Colonel Weinstock named NJ. A. Wahr-
fAftig. George w. Locke, r. I. Dew
lin and L. Tozer BY request he added
his own name to the list.
After agreeing that the committee
should meet and proceed to business
at 30 O'Clock to-day, the meeting au
journed.