New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-07-09
.THB JAooB BARKER BANKRUPTCY.

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The adjourned second meeting Of credit
ors in this matter was held yesterday at the
office of Register John F. Deane, in the
eustomhouse. Only small fraction in
present, owing, perhaps, in some degree to
uncertainty as to the precise day set for the
meeting in the order of adjournment made
on the twenty-seyenth ultimo, but more
probably to the encouragement and dis
trust gradually engendered in the minds of
creditors by the delays and setbacks that
have attended the winding up of this estate.
We learn that the meeting will be kept
open by the Register to-day, and possibly
longer, that all interested nay have an OF
pOrtunity to participate in such proceed
ings as are appropriate and within the
purposes Of the twenty-seventb section OF
the bankrupt law.
The object of the second meeting of
| creditors in bankruptcy is two-fold-frst,
that the assignee may then exhibit re-
port of what property has come into his
hands; what portion is outstanding, with
the reasons for its so being; what DISPOSE
ton he has made of the assets realized,
showing in this connection his official ex.
penses and charges, and, finally, what
amount, if any, remains to be distributed
among the creditors. And secondly, that
the creditors may then determine whether
or no it be for their interest that the funds
then realized should be used at once for
the purpose of a dividend
In case majority in rolue are not pres
ent, or do not SO determine. the law leaves
it to the discretion of the assignee to con-
Glade whether he will then declare a divi-
dend, or defer the matter to future meeting
From present appearances the decision on
this point in this instance will be left to the
assignee. We were present short time
yesterday, and made few rough notes,
using in our figures the nearest approx
mate round numbers. ..r
The report of the assingnee seems to be
quite ample, and complete in form at least,
and accompanied by numerous detailed
exhibits. .,..,
Itappears from this report that the prop.
erty surrendered by the bankrupt accord
ing to his schedule, original and amended,
and his own estimates, was as follows
l. Real estate Exclusive of rever.
sionary interest, of no great
value, in property in Massachu-
sets, Louisiana, and Mississippi 1920, 900
2. Bills receivable, open accounts,
commercial paper, etc .......a.. 272, 900
B. Consolidated city bonds. -..---.. 10, 900
4. Other personal property 10, 900
Total by bankrupts estimate. $3.50, 900
But asset schedules are proverbially spe-
cious and unreliable; pleasant to the cred
itor's eye perhaps, but shrivelihg terribly
when handled. -..-
So it appears that the rather plump and
rounded outlines of the figures just men
toned become pinched and shrunken I'M
der the auctioneer's hammer and the
squeezing of forced sales. Thus: % la.sa
l. The real estate above mentioRed a
kstill excluding the rever6ionary tt d
interest alluded tnl realizas ac- fa1tl
cording tothe report of Girardey
q Co., auetioneers, about $4,000
2. The bills receivable, etc., prove 81 = Ilu
largely obsolete by prescription, T
or otherwise worthless, and real sHl
iEe thus far only. ........ $500
8. The city bonds are estimated at 1900
4. Other personal property sells for. 5000
5. Add the bankrupfs household fur.
niture, Observation-Disclosures. 1900
SCI f-H uffH el FIJI. .-l- A-f=44HI -
Al haw Apto rsf ode -,
say....:;:.s........ :......... !sl5s,5OO
about ....... -. $4,000
Assignee's expenses and fees, about 1000
Sales of above real property not COM
pleted. ~; ..;,;.....-.;.;------. $1,000
City bonds still undisposed Off,. 1900
Notarial fees and other charges. 1000
A total Of about. ..,.... $4,000
And we have, according to Mr.. Assignee
Norton's report, for present distribution,
the sum Of $4,000. a5 ahl -ls.l0
Meantime it seems that claims have
been proved against the estate by some 275
different creditors, representing an aggre-
gats indebtedness Of about 1855, 900. 81
A dividend, II declared at this dime,
would therefore; be eone' Of about three
and a half per. cent, aud the whole amount
likely 70 accrue to creditors, from FIRST to
last, according 70 our estimates here, made,
as before remarked, in the rough, will be
from thirty-fve TO thirty-eight per cent.
q We win here say that in these or future
observations and comments on bankruptcy
matters We are and shall be gov
erned by no prejudice either for or
against the present general assignee.
To the present management Of this paper
Mr. Norton is a stranger, and we shall speak
Of bis conduct il bis important and re-
sponsible trust as independent journalists,
aninhueneed BY fear Or favor. In the
meantime We do not share ia Che DISPOSE
ton that appears to be prevalent to blow
up a storm Of obloquy against the assignee
out of no very palpabIe ana sufAeient
material. -.4 81 -+,
The proceedings ID bankruptcy do not
tFanspife u corner. The present law
oiEsrs ample resources to the creditors,
whereby 10 check. remove, and punish
dishoneas assignee; if The creditors dis.
trust, the assignee can be put Under mita-
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