The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-02


informed II he did not keep his promises at close
his speculaons and our property and then retire
from the hrm on some preext or other All this he en-
gagged TO do with the utmost s0lemnity Of word and
manner
Time passed on, however and be failed to make good
his promises and about the 4h of this month told Mr.
Swan that we must make effort to force Ed
ward 10 settlement and II that failed must inform
Of the facts Mr. Swan therefore sent him the note, Of
which now hand you copy, and which was partly
composed by myself. stating that II the property
not all returned by the 18th he should inform all the
partners of the facts and urging and mporing him
act as he had promised.
Before the 10Th the detection by other parties Of facts
of different nature resulted in the fight OF Edward,
and the enormous nature of his past defacatons and
the hopeessness of expecting regain the securities
taken was disclosed to us-the loss being SUFFICIENT
when augmented by the very heavy sums Of money
msappropriated by him within day or two Of his de-
parture, TO cripple and destroy our house
MIR. swans name alone appears on the note encosed
but am equally responsible for his course and must
with him bear the consequences
have only to add that while we finally saw that the
firm would in all probability lose heavily, neither Of
us ever for moment contemplated the possibility Of
such losses from Edwards dealings could injure
creditors. Respectfully yours,
THOS. BELKNAP, JR.
LETTER FROM MIR. SWAN.
FRIpAY, August 4, 1855.
DEAR EDWARD was in hopes that you would have
before this closed up your outside operations you
promised and returned the securities of the firm which
you have been using for your own purposes am salts
fed however that you deeply engaged ever in
these speculaons, and tell you frankly that know
that the amount OF your distractions from the assets of
when Hrs spoke to you upon tins subject, many
securities being taken Of which have not spoken to
In difficulty you will find myself and have doubt
the other junior partners ready to do everything that
be done in the matter to aid you, but your specua
ons are doing the firm great injury and if they should
turn unfavorably may ruin all, well as
your father, and cannot let things 60 on in
this way any longer. If the securities which you
have taken from the firm are not all returned by
the 18th of this month"; shall lay all the facts Of
the case before the other members of the firm.
hpn wi n hnut
closing up this business. am sure that can promise
that all Of would do everything in power to help
interest that OF should suffer In this for
the exposure Of such matter this, however brought
cling to the individual members long they live, and
be worse injury to them than any pecuniary loss that
your operations may bring upon them II you will only
close up and keep from all outside operations, and let
know how you stand, ! am sure we can keep you
along and with business you can, by devong your
attention entirely IT, work out of any money troubles
This certainly the only way in which this thing be
kept quiet can't but think you will do this IL you re-
upon your father and family and upon your other
and families by pursuing any other course You must
know that hard task for me TO write to you in this
manner and on subject like this, but you also know
Sc'' a' III" 00''D 70 10 "n'' '"''A NY '' MS %
KETcHUM SON AND co. ASKING FOR AN INvEsTIGA-
NEW YORK; August 81, 1856
JOHN j. PaELPs, Esq, B. B. SHERMAN, Esq, MOSES TAY
LoR, Esq, JONATHAN sruRoEs Esq, EDxuSD G. HOWE,
GENrLExEN-In view of the calamity which has over
taken our house suddenly and Unexpectedly we ven
degree the mercantile community to examine into our
affairs and TO state for the information of creditors,
what you find to be condition and what course you
should recommend for just and speedy settlement II
you should think that we can make more for our credi
tors than the assignees do, Will you suggest
plan by which that end may be accomplished and obige,
respectfully yours, KETCHUM, SON CO
THE ANswER-AMOUNT OF LIABILITIES, ETC.
NEW YORK, August 81, 1865.
Messrs KErCTuM soy 4 Co -
GENTLEMEN-Upon the receipt Of your letter of this
date requesting us 10 make an examination OF affairs
have attended at the Office Of asgnoes and gone
the inventory made up by you and have
selves made a careful valuation Of your assets II ap
pears that the total Of your liabilities So COS 49, in
cludng $3.50 900 in dispute $50 500 unadusted and
that the total OF your assets together with those OF your
senior partner, is 49, including s2i35Oo dis
puted
creditors which have already risen 10 some extent and
which will certainly arise TO greater extent If speedy
settlement s not effected will greatly emharrass the
gnecs, and create long delay In the final settlement
Of the estate
Taking these circumstances into consideration and
bearing in mind the nature Of your business and the
character OF your liabilities and assets, Of the
opinion that you make more OF your assets t.an
your assignees and that IL best for your creditors
as well as for yourselves that by some arrangement you
should he permitted to take the assets and settle with tho
creditors Upon the whole, We advise you to Offer and
your creditors TO accept fifty per ccntum in cash. and
ten per centm In your notes nj twelve months without
Interest In full for your Indebtedness and this being
nanus, hespecuuny p yours, ,o,,>, nur,p,
JONATHAN sTUReEs EDMUND q HOWE.
b. b. SHERMAN,
THE CONCLUSION.
After general remarks by the Chairman, calling
for suggestions from any creditor present
Mr. y. N BANGS, counsel, stated that settlement
be made with all or none OF the crcdors that the
gentlemen abovcnamed had interest creditors,
cept E g. Howe, for small balance
The question asked by n creditor why pay only
sixty per cent when the assets showed seventy five
per cent?
amounted TO about seventy five per cent It was very
doubtful whether owing TO the difficulty OF reconcing
claims Of gold and currency creditors and other crcum
stances II very doubtful whether the estate would
on the whole yield even as much as sixty per cent
Counsel also stated in answer TO inquiries, that the
forged checks are not included in the liabilities OF Ketch
um Son Co-not a dollar-and that no money what
had been expended or any provision whatever made
Mr. JAMES LAuomIx, President First National Bank
of Ptsburg, Pennsylvania, suggested that committee
Of creditors should be appointed for the purpose Of
Mr. BANGS stated that one million three hundred thou
sand dollars had been paid 70 replace bonds absacted
The forged certificates had been paid that all private
property OF Morris Ketchum and all the firm property
was included in the assgnmcns and that thirty thou
the junior members OF the nrm, outside Of the assign
ment
On motion Of JAMES x PLACE, Of New York, seconded
by r. W. BArcHfoRp, u was
Resolved That this meeting accept and adopt the re
port OF the committee as basis for the settlement Of
creditors with the firm OF Ketchum, Son Co.
Mr. BANGS then read the form OF agreement with
creditors In conformity with the above report and which
was adopted and passed unanimously
The time To make the cash payments was fixed for
November !, 1885, and all blanks were hled for that
time
A committee for prosecuting and procuring the alb
stracted bonds the benefit of creditors formed
consisting Of j. X Place. Of New York, John L Bunce,
Of Hartford Conn and A. Ives Of Detroit with power
10 fll vacancies in their number.
The meeting adjourned by unanimous consent SINE die
W. X. CONE, Chairman.
+. W. BrATcnpoRp, Secretary.
The Case Of Mr.. Mumford.
TO THE EDITOR OF THE HERALD.
NEW YORK, August 81, 1866.
Your reporters account Of the final hearing yesterday
before Justice Bowling In the matter Of Mr. Peter