The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-17
CREDITORS WANT TO
AID MILLS & GLIB
Ready to Work With Receiv-
ers in Keeping Dry Goods
House Open.
NOTE HOLDERS UNITE

Preliminary organization Of the cred
itors' interests in the old dry goods i'm
porting house OF Mills & Glib. for which
receivers were appointed last week. has
been completed. The next step toward
an adjustment Of the company's AFFAIRS
probably will not be made until the ac-
countants now working on its books
make their report.
Announcement was made yesterday OF
the formation Of a noteholders' committee,
composed Of Seward Prosser, president
Of the Bankers Trust Company Walter
II. Bennett. vice-president Of the Amer
lean Exchange National Bank. Robert
Dunn OF Dunn Bros. commercial paper
brokers'. and J. G. Cowdin OF Bond Il
Goodwin. also commercial 3 brokers.
Mr.. Dunn and Mr.. Cowdin represented
the noteholders On the first or
five formed to lake charge of the com
pany's affairs.
Hamilton MacLeon was added TO the
merchandise creditors committee as n
representative OF the depositors. this
class OF obligation being considered SINH
lar to debts on merchandise. The mer-
chandlse creditors committee Is now
composed of Mr.. MacLean. +. 8. Twining
OF Clarence Whitman & Co. the repre-
sentative OF the merchandise creditors on
the first general committee. George \.
Williams OF II. A. Cesar & Co. and
Henry Maxwell of Deering. Milliken
& Co.
The desire of these committees Is TO
work In harmony with the receivers for
"A Encouragement OF the company's affairs
which will permit II to continue Its bus!-
ness without liquidation II possible. II is
telieved that such a plan may be pro-
posed after the accountants report. This
Will probably not be before next week.
The creditors understand that the books
OF the company have presented dill
Guilty to the examiners, particularly with
regard to the Xac position Of the $780,
600 debentures. reported some time ago
as redeemed. The ruinor that these de
bentures were transferred on the hooks
from capital account to bills receivable
still persists in dry goods circles.
When the question OF the debentures
came before Malcolm X Lawrence, attor-
ney for the firm. yesterday. he mad.
plain their position as deferred securities
junior TO all creditors claims, stating
that for this reason there was nothins
to wonder at II they were omitted II
statements to creditors-one OF the fca
lures of Mr.. Evauss recent statement.
which excited
The division OF the liabilities OF tn,
company-somcthing more than 81. O00,.
000-has now been estimated in a larg.
way. The amount Of commercial pape-
held by banks I'm New York and els.
where. nearly all Of which bears TN.
personal Endorsement of President Evans
is believed TO lie about S., 200, 900. Their,
* due to merCha ndise creditors abou
$500 600 and to the customers who de
posted funds with the business st0o.
ou0. In addition, there are underston,
10 he some other odd items of indebt
edncss.
Mr.. Lawrence was not willing to max,
any statement yesterday on the repor
that President Evans's personal for
tune would he used in the settlement u
the affairs of the house beyond the fac
that Mr.. Evans held himself responsible
for all obligations that had been in
dorscd by him. Whether such a ste
would I've necessary. Mr.. Lawrence said
could only hc known when the account
ants show IN" Cniupany's position. II
case CONDITIONS should render Mr.. Evans
sacrifice necessary, II ~ known tina, th'
COMPANY. chiefly heirs Of tho origins
founders. win he highly important
There has been no action by these stock
holders. according ~ Mr. Lawrence. an,
he expects none until the accountant
make their report. II has been point",
ou; that tho stockholders might aSsiS
in meeting the obligations of the hous,
~ such assistance Is found necessary.