New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-09-02

father and cannot LEI things 60 in this way any
longer II the securities which you have taken from the
firm not all rstHrntf by the 18th of this month shan
lay al the facts Of he before the 0,her members OF
the firm Now Edward. beg that you VIII at once
get about closing up this business. am sure that
can promise that all Of Us would do everything
in power 10 help you If you ae IN
trouble You are aware il is ior our own IN crest
that Of should suffer in this way for the pl.
of sucb matter this, however brought about
would bring disgrace upon the firm that would cling 10
the individual members as long ~ they ve ana be q
worse injury to them than any peclnlary loss that your
operations may bring upon them. you VIII ony close
up, and keep from oil outside oIcrnilOns anu lct US
know how Won stand Lam can keep You along,
and with business you can, by devotinG your aten'
ton entirely to 1t, work out 81 any money troubles.
This Is certainly the only in which tEi thing can
be kept duot 1 can't but think you viii DO this If yuu
reflect upon The trouble and sorrow that you would
bring upon ycur father ana family and upon your olher
par ners and familiee by pursuing any other course
You must know that il il hard task f., to write
to you this aud subject like this hot you
also know that am bound to do what think is my
duty Yours &c, ms
NEw-YorK, August 81. 1900.
McssTs JOHs j. PHELrs. j. H. SHERMAN MOSES
TAYLOR, JONATHAN STURGEs, EDMOND HOWE.
GFNILFNrN In view of ,he calamity hitch has over
taken our house SO suddenly and unexpectedly We ven
ask the favor of you, as representing IN so gh
degree the mercantile cOmmurityto examine into ON
aurs and 10 state fer the information II our crehit
ors wha, you find 10 be- condition, and what course
YOU should recommend for just and speedy settlement
II yon should think that We can maze more Tor our
creditors than the assignment d. will you suggest
some plan by which thlt end uny be accomplished and
obligc, respectfully yours hEfch'N, SOY 20.
NEwYo8K, August 81, leb5
inssrs KRTcHUv. Son & co.
GENTLEMEN: Upon the receipt 81 yonr letter OF this
date requesting TO make IN examination nj your
affairs We have attended az the Office G. your dssignees.
and gone over the sworn inventory made up b, you.
and have ourselves made careful valuation Of your
assets II appears that the tot u of your liabilities u
So 9r5,6e s. ucludng s250uO0 in dispute. and So so
uuadu d. and that the total OF your assets together
with those Of your senior partner Is e3,Oa6SJ oJ III
GLIDING s2ia, 800 disputed
The conflicting claims between different classes ~
CREDITOR. which haze already risen 10 sGIno CT ent
and which viii certainly alIso 20 greater extent II a
speedy settlement Is not effected. will greatly emhlr.
TIE assigncos ava create long delay IN the hnal
/ set IicIaeut If the estate
Taking these circmust lnccs aiO consideration and
barring in rrnd the II your bus ness and the
character Of your liabilities an asr's We are Of The
opinion that You mako ndrc 81 assets than
vour as.ignees can and tst i Is best fr your creditors
well for yourselves that br sora arrangement Jon
should be permitted To take the assets and settle Ntl
the creditors. Upon the whole adj ise you 10 Oi'eT
and your creditors to accept ff'y per ccnum in cash
aud ten per ceaum in your uutes az twelve months,
without interest in fill for your Indebtedness and Ills
beng done. that the estate BE- surrendered back iaio
your hands. Respectfully yonTa
JoSAInAS SruRGEs JonN J. IngLis
H. Il. SBEHAAs.
After general remarks By the Chairman, cali
! COR suggestions from any creditor present,
Mr.. L. W Bangs, counsel. stated that settlement
must 6e made With all. none Of the creditors that
the gcutlemen ebove.namcd had no interest credi.
tors. except T. 6. Howe. for small balance.
The question was asked 10y IA creditor. Nhl y only
20 per oonf. when the assets showed - ccntsi
Counsel replied, that though tLo nominal assets
amounted % about - per cest, u very doub ful
whether ing 81 the difficulty % rcconcing claims II
gold aud currency creditors and other cirolms tnces
the estate would, on the whole yield even az much
as 90 per cent.
Counsel $50 stated In answer 30 inquiries that ~
~! sed checks not included iu the Liabilities OF
Krichum. son CO.--not "a doar-hud that no money
whatever had been expended. nrT auy prov isDn what
ever made for taxing up such rh"cAt
Mr. james LGuRhlin. President First itional Bank
of Plttsbgrgh Pennsy aula suggested that Commit
tee Of creditors should Dc appointed for tue purpose OF
further inquiry.
MIR B.nrs stated that 100 oOo lad been paid to re-
place bonds distracted the advice OF counsel and
iicads. that hot dollar II the forged certificates had
been paid. that all private property o Morris ket'um
and al che firm property "ere included IN Tue assign
ments and that sJo0O was tie estimated value ~ the
property of the junior member outside Of tic essgl.
mcnt.
On motion Of James X Place Of Ncv-York. seconded
by h. ~. Baichfnrd. Al
Rssoed That ths Hras Iccrp; and al y, th~ report 81
the committee bass for tAo settlement " ced with
the drni u keiehum, Sou Go.
MIR. Bangs then read the form Of agreement with
creditors in conformity with tie above report, and
which was adopted and passed, ntm. con.
Tue time 10 make the cash payments was fixed for
November /. 1907 and al blanks were filed for that
time.
srnc,ed bonds for The benefit Of creditors was formed
consisting
J. X PLACE OF New York.
joins l. BUNcE Of Hartford. Conn.
a. IVES Of Detroit.
with power TO Gil vacancies in their number.
Tho meeting adjourned b. unanimous consent 'i9e
de. w. T. CONE, Chairman.
L. W. BLATcnrORD. Secretary.