The San Francisco call., 1909-04-13
CREDITORS OF
CALkINS Want
MORE SALVAGE
Tibbctt's Offer of $4,000 to
Take Over Obligations Must
Be Raised to $4,000
Victims of Higher Ups Mouth
piece Threaten to Start Bank
ruptcy Proceedings

H. q. Tibbitts offer OF $4,000 salvage
10 the too trusting creditors of the cor
rupt CsIkius syndicate. which was
looked upon with some suspicion and
lesitancs by many OF the victims of
The Calhins methods. must be raised
TO $4,000. or there is a strong proba-
hiiity that Willard P. Calkins and his
phantom corporation viii be rushed
into bankruptcy. a meeting Of the un-
secured creditors OF the syndicate was
held yesterday afternoon in the Kohl
building. and it was reported by O. X.
Gushing. chairman Of the creditors.
THAT but-haIf of them had signed the
agreement TO accept $4,000.
Upon that report being made Captain
MeKinery suggested that Tibbits be
requested to raise his offer to $4,000,
which would give the unsecured claim
ants bout 20 per cent return on the
dollar. Attorney Joe II. Jordan made
the motion that the committee be in
stcucted 10 negotiate with Tibbits on
The basis of $4,000. and NJ NJ. Cohn of
The Zellerbach paper company seconded
the motion. The motion was unani-
mously adopted and it was agreed that
Tibbitts he given until Friday to pass
upon the new plan. The unsecured
claims amount to $4,000.
SECURED CLAIMS LEGAL
Jordan, who represents AuIt & Wy
borg, Cincinnati firm. and other cred
it0rs said that lie had thoroughly in
NestiGated the minutes of the corpora
tiou's meetings and found that the Sc
cured claims held against the company
were legal and could not be set aside.
The syndicate must have had legal
advice I'm all its steps" said Jordan, for
I have been unable 10 find any techni-
cal flaws I'm The secured accounts. II
there Were any peculations or other
dishonest dealings in which Willard P
Calkins figured / could not detect them.
rs J am not an accountant. But that
matter is not AT issue. If bankruptcy
proceedings are instituted ] do not see
where we could make $4,000 out Of the
= ssets Of the company. All that there
seems 10 be available are a desk and a
few chairs. The business was con-
Quoted on paper. 7 viii advise my
clients TO accept this offer il Tibbitts
ma kcs IT,"
NcKiners- who first suggested the
$4,000 settlement. said he represented
claims amounting TO $4,000.
Tibbitts' repudiated offer Of $4,000
10 discharge the unsecured obligations
OF the CaIkins syndicate was presented
30 the creditors d week go by klint
Bean. the accountants who are auditing
the books Of the company for Tibbitts
THOUGHT CALKINs' MOUTHPIECE
Tibbitts. according to the suspicious
of some creditors. was merely the
TT-F--
meeting held last week that presump-
tion was openly charged. Other cred
itors are inclined to the opinion that
the man is acting for the Southern Pa
-cifc company. Tibbitts is manager OF
the Cslkins publishing house, the chief
asset Of which is a contract with the
passenger department or the Southern
Pacific company for the monthly publ
cation OF Sunset, a California periodical
issued 10y the railroad The Southern
Pacific seems satisfied with the condi-
ti0ns under which Sunset is at present
Published and desires TO continue the
arrangement Tibbitts, under this the
ory. is acting S its agent in the trans
action.
AS the investigation into the Calkins
failure develops the creditors are
amazed at the facts called TO their at
tention by the experts. For four
months practically there has been no
book keeping practiced in the syndi-
cate. although before that time every
thing. even 10 salaries Of the employees,
was highly specialized book keeping.
II is charged that Calkrns, to encourage
Investments in his tottering business OF
printer for the corruptionists and
grafters and special editor for Calhoun
and the graft defense. paid out special
arbitrary dividends as 4 lure to entice
Investments This game was practiced,
ii Is said. inf the case Of ono If not more
of the subsidiary corporations con-
trolled bv Willard P. Calkins.