The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1901-01-08
CALL FOR CREDITORS MEETING.

CALL FOR CREDITORS MEETING
MOUNT HOLLY N. j., January 1, 1901.
Gentlemen On account of complications arts
ing from disagreement between the Stock
holders and Directors of this Company, thereby
jeopardizing our stability we deem it wise and
prudent to at once call meeting of the creditors
at the office of the COMPANY at Mount Holly
N. j., on Monday January 9TH 1901, at 10 O'Clock
A. Nj at which time the true condition of the
affairs of this Company will be made known to
all creditors. We respectfully urge you to be
represented by an officer of your Company or by
Attorney with full power to act for you
This Company is not insolvent, but a COM
plication of affairs has arisen which places us
| in an embarrassing position toward our creditors
of all creditors, at which time we can discuss
plans for the mutual protection of all alike and
| the continuance of the business.
Please acknowledge receipt of this letter by re-
| turn mail
The Taylor Company took possession
of the Risdon works on Church street,
last June, and at once began preparations
for doing business on large scale. Sew
eral of the former employees of the Risdon
Company who had secured positions else
where were called back and put to work.
Additional land was purchased and the
foundry and shops were added to. All
seemed to point to renewed vigor at the
works which had so long been idle, hence
the feeling created by the announcement
that the place would be closed.
In reply to the above letter the creditors
met in the office of ex-prosecutor Budd
yesterday. The first thing done was to
agree to an extension of time for the pay
ment of claims, the period being year.
There was some difference between the
parties who are now backing the concern
and those who have evinced desire to
take hold These were made the subject
of private conference. The works will
go on and the building already started will
be completed
When the company took the works here
Mr. Taylor was at the head of plant in
Lynchburg, Va Some gentlemen at that
place became interested in the Mount
Holly works and formed stock company.
In it were two named Campbell, Mr.. Eller,
Mr. Hurt and Mr. Taylor To this com
pany was transferred the property of the
Taylor Company in Lynchburg and that
of the John W. Taylor Company at
Mount Holly. A note for 800, 900 was OK
ecuted, endorsed by the five gentlemen
named This was the capital on which
the plant here began business. Suisse
quently another note was made, endorsed
by Campbell and Hurt. 1t was for IS, 900
After the works here had been in opera
tion for short time it was seen that more
money would be needed. At meeting
of the board of directors Mr.. Taylor was
authorized to negotiate a loan. In the
event of this being completed, Mr. Taylor
had offered to purchase from Hurt, who
holds majority of the stock, his interest.
The terms on which he proposed to pur-
chase were certain amount of cash and
notes to be paid from the profits of the
concern. Taylor entered into negotia
tions with New York party, who pro
posed to take bonds to the amount of
$50, 900, in which was to be included, as
part of the cash, house and lot in Rah
way. The New York man also stipulated
that he was to be made trustee for the
bondholders at salary of 1900 per year
for five years.
The time was set for the completion of
this contract Mr.. Hurt came on, but
when he learned of the terms he demur
red. He plainly saw that the bonds would
be a first lien on the entire plant, and that
his chance of getting the balance OF his
money from the profits of the concern"
would be secondary to the bonds AS
president of the company he refused to
sign the papers This led Taylor to be-
Iieve that there was disposition to freeze
him out, SO he took the steps which re-
suited in yesterdays meeting. He also
began suit against Hurt for breach of
contract in refusing to turn over his stock.
This suit will be withdrawn now.
A detailed statement was presented yes
terday showing assets at $108, 1000 and liza
bilities $40, 600 In the latter were the
two notes amounting to $2S, 900. Mr. Hurt
agreed to take care of them. This action
reduces the liabilities to $4,000. The ac-
ton of Mr. Hurt was very beneficial to
the other creditors, for if he had decided
to go in as one of that class the others
would not have been in good shape. This
simpified matters, and went great way
towards restoring confidence in the man
agement, and matters were soon brought
to an amicable adjustment.
The New York man is said to be quite
out of sorts and threatens to bring suit to
compel fulfillment of the contract How
far he will get is still to be seen.
Mr. Taylor is confident of his ability to
successfully conduct the works He has
on hand ready for shipment two wheels the
sale of one hundred of which depends only
upon the ability of the samples to stand
the test Mr.. Taylor says he has no fear
in this line If they are successful $125,
600 of orders will go to the company
This is but one of several orders and
others must necessarily come in. The
people of Mount Holly feel gratified that
the works will be able to go on.
Court.
Before Judge Gaskill, on Saturday, on