Publication: The Daily Chicago Tribune
Chicago, IL, United States
The President's Explanation.
NEW ORLEANS, La., Feb. 3. — [Editor of The Tribune.] — I have just received a slip cut from your Saturday's issue which purports to be a notice of a bill in chancery filed by the Leonard Glass-Works against the Chicago Insulating Company, of which I am the President, and among whose directors and shareholders are some of the most reputable gentlemen of the city. While, as a matter of fact, the allegations of the bill as recited by you are erroneous, and many of them egregiously so, inasmuch as their truth or falsity involve no imputation on the honor or integrity of myself or of the men associated with me in the management of the company. I pass them without further notice; but as to that portion which is calculated to convey the idea of some misrepresentation having been made to the Leonard Glass-Works people or some advantage taken of them, I desire to say that they received the bonds in question as part payment for goods made by them for us, the other part being paid in cash. Before taking them they personally visited and inspected our machinery and plant, and informed themselves as to the interest of the company in the various letters patent, etc., owned or controlled by the company. The bonds themselves contain a description of the property pledged for their payment, and this description is identical, except as to fullness, with that in the trust deed If for any reason the trust deed fails to carry out the spirit and intent of its execution the defect is unknown to us, and on being pointed out will be at once remedied. Finally, the property described in the trust deed at the time of its execution was and still is really and intrinsically worth many times the whole amount of the company's indebtedness, and I hope and expect a few months hence will find the company in a prosperous condition, despite the difficulties which, in common with so many other manufacturing companies, it now has to encounter.
N. T. FITCH.