Cause Of The Embarrassment

"The present eondlMon of the company'3 flnances is owing to circumstances wholly unforeseeu and beyond the control of the directere. In all things in the management of the business we exercised our best judgment. At the annual meeting in April, 18'.)4,of the stockholders.at which 81 per cent. of the capital stock was represented, the president made a full report of all that had been done conoerning the issue and sale of bonds, including the p_rice at_ which thej had been, sold and the applioatlon of the proceëds aniT minute and cnreful statement' of n llnancial eondition of the companv "AU of the acts of the president and ,ii rectora unaiiimously ratiüed & provod and oouiirmed by the stock sörim resented at suid meeting. Since the l annual meeting in April, 1894 the in orease of tax: the uusuccessful offorts t forest:ill the same, the continued general depreseion m business, the torced aband onment of the reate system and activ competitlon are the things which maini! TOiitributed to place the company in i present embarrussed linancial conditloD "In our opinión it is absolutely ln, ponsable tliat none of the receivers shoula be a person not conversant with the de Valla of the property and business of th company. Froni our association with Mr. Greenhut and on account of his in tímate knowledge of the proporty and hU skill and expeïience in the business w boliove that the assets of the company caa be made to realizo most with him as ou ■ of thé receivers "