La libera parola. [volume] (Philadelphia, Pa.) 1918-1969, 1921-01-02


ged Certified Public Accounts to
make a careful audit of the books OF
the Company and finding that these
Accountants were efficient and pro-
ceeding with their work satisfacto-
rily. l directed that they continue
with this work
1t is impossible at the present IT,
me for the Receiver to furnish you
with complete. comprehensive
statment of the financial condition
and activities of the Corporation.
An incomplete statement, of cou-
Sc, would only be misleading and
therefore refrain from making any
statement Of its financial condition
until a complete statement can be
furnished in the near future to all
creditors and stockholders and will
inform you not only of the financial
condition Of the Company but how
all monies received by it have been
used.
! found that the SIS LIBERTY
LAND, operated by the Corpora
tion under contract of purchase
from the Shipping Board, was in the
Port of New York having recently
undergone extensive repairs, con-
sisting of having bottom scraped
and painted and general overhaul
ing of machinery This vessel is
in excellent physical condition and
was under commitment, arranged
BY the Corporation, to carry cargo
OF cotton, etc. from New Orleans
70 Genoa. Steps were immediate
ly taken to dispatch the vessel to
meet this commitment but in so
doing she met with an accident
which necessitated replacing mas
ter gear on anchor windlass, caus-
ing delay Of five days in her sail
ing As a result of this accident
and enforced delay, it was necessa-
ry to change her New Orleans-Ge-
noa commitment to carry cotton,
etc, from Galveston to Liverpool,
which was accordingly done upon
equally advantages terms.
The LIBERTY LAND" had been
bunkered and supplies put on board
or contracted for, sufficient for the
above mentioned voyage. These
bunkers and supplies had or have
been practically all paid for out
Of the funds of the Corporation.
Full insurance on vessel is prepaid
to February, 1921. The "LIBER-
TY LAND" has at this writing, been
dispatched to meet the Galveston
Liverpool commitment and is now
at Galveston discharging ballast
and taking on cargo. The above
mentioned commitment of the LII
BERTY LAND" should, and l have
no doubt will, net satisfactory fin
sncial returns.
The Receiver regrets that he is
unable at the present time to fur
nish you with a more explicit state
ment of the financial affairs and ac-
tivities of the Corporation. You
will readily understand the reason
for this from what has been stated
above. can state, however, that
outside OF the Indebtedness to the
Board on account of the
purchase of the SIS LIBERTY
LAND. the Indebtedness of the
is comparatively small.
I wish to assure you that full lnfor-
nation relative to the affairs Of the
will be furnished you
at the very earliest possible moment.
The stockholders should understand
that the Receiver will not only en-
deavor, so far as lies in his power,
60 protect the interests of the Gre
ditors but heir interest as well. 1t is
my belief that the affairs OF the
Company can be so conducted that
its business and property
can be returned to the stockholders
in such condition that they can ope- /
rate same successfully. To this
End the Receiver asks the patient .
cooperation ~ #ar stockholder and /
desires particu = to assure them
that insofar as lie in his power,
heir investment in the Company
Eill be protected.
New York, Dec. 21st 1920.
(Signed):
GEO n FrCANN