The San Francisco call., 1904-02-05

FIRM STILL IN DARK.
The firm does not know how long this sort
OF thing has been going on. The partners
have been together about three years and
Genung has been with them all that time
Probably Genung expected to make good. but
he got in deeper and deeper Finally the firm
made the discovery that stocks that were
supposed TO be to the credit OF customers had
been sold They found out that the accounts
had been juggled with. Genung will not prob
ably be criminaly prosecuted. for Bolton de
Ruyter Co. think the offense was a misuse
Of credit rather than of money.
Mr.. de Ruyter said that the losses
were entirely due to the work of Ge-
nung and Daniel O'Connell. The former
would sell the stock and O'ConneIl
looked out for the books I'VE had
absolute confidence in Genung," said
Mr.. de Ruyter yesterday afternoon
IF he had been a brother we could
not have trusted him more fully. I do
not feel inclined to prosecute him. 1
leave it to his conscieAce.'
Late yesterday afternoon Mr.. Van
Ness said that Bolton and de Ruyter
will dissolve partnership and will Iiqui-
date. Mr.. de Ruyter, so said Mr. Van
Ness, has exhausted his resources. Mr.
Bolton has a membership in the Stock
and Bond Exchange He will probably
NOnNlhOC III Tic DOdIQ anu Qe huYIeT
will probably engage in some other
business.
From the opening business hour yes
terday morning the offices of Bolton,
de Ruyter & Co. were the center Of in
terest on the part of creditors. All day
the partners were busily engaged until
after the meeting of creditors had been
held. The accountants were working
all Wednesday night and had ready a
statement yesterday morning that was
presented to the creditors yesterday
afternoon. A detailed statement con-
cerhing the names of the creditors and
the amounts due to them respectively
was not made UP.
Attorney Van Ness declared that
there were no large creditors The ap-
pearance of the, creditors when they
gathered in meeting in the afternoon
carried out this assertion. While there
were present among the assembled
creditors a few lawyers of moderat te
means and a few men whose business
standing is good for considera BILE
amounts, the majority of the creditors
who were in attendance when Mr.. Van
Ness called them to order were men
unknown either in business, banking
or commerce. Their claims ran not
more than a few hundred dollars each
OH the average. The brokers refused to
give out any names or amounts in re-
ferring to either their creditors or their
debtors, saying that the business was
purely confidential
CREDITORS COMMITTEE.
On the whole the creditors were good
natured after the meeting. One of the
number, however went down California
street exclaiming excitedly something
about handouts, but did not explain
what he meant. The creditors elected
]. H. Jellett as chairman of their COM
mittee to investigate and report con-
cerning the transactions and standing
of Bolton, de Ruyter & Co.
The committee will make a report
at a meeting of the creditors to be
held one week from next Monday.
Mr.. Jellett is an attorney of the firm
of Jellett & Meyerstein and is con-
nected in a legal capacity with the
commercial agency of r. G. Dun &
Co. Jellett said last evening that the
committee will first obtain from Boil
ton, De Ruyter & Co, a detailed state
ment and then will investigate on
that basis, finding out whether the