The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1871-07-13

MEETING OF THE CREDITORS OF HON. Jo-
sEPH HoBsoN.-At the request of Hon. Joseph
HObson of Saco, for his creditors to meet him
yesterday morning at 10 a. m, at the Saco
House, for the purpose of hearing statement
of his affairs and what he could do in the prem
Uses, about seventy or eighty OF them gathered
in the parlors of the hotel at the designated
hour, when, on motion of N. o. Mitchell, ESQ.,.
of Gardiner, Hon. Oliver Dyer, Mayor of
SacO, was selected as chairman, and S. X. HAM
ilton, esq, of Bddeford. as Secretary of the
meeting. Mr.. Hobson then rose and stated that
assumed toe great load in 1861, at the time he
became embarrassed through the arrangement
and stagnation at the outbreak of the rebel
lion, in undertaking then to pay his debts in
full. He had accomplished that, but it had
crippled him in his business ever since. The
disturbances in Cuba, loss on shipments TO that
island, obligations assumed for friends and
losses by them and others with whom he had
business relations, compelled him to allow hi ,
paper TO go to protest last week. As soon as
he found this to be inevitable he looked care
fully into his affairs, and had notified his credit
ors to meet him here to-day that he might lay
his statement before them; that there was
neither time, opportunity or occasion to go
into details, but he would say that the aggre-
gate of his Indebtedness, so far as he had as
certained it-and he believed it to be accurate.
ly stated-was 1896, 900. OF this amount $780,
$50 were due to creditors who held mortgage
security; the balance 1924 354) unsecured, ex-
cept so far as endorsed. His endorsed paper
was 1854 1886; unendorsed $3.50, $685. His assets
were $198, 658; unsecured debts 1924. 354 De-
Quoting the amount for which mortgages were
given ($100, 650) from the gross value ($19S 658)
of the property, left $9SO08 wherewith to paw
the unsecured debts, 1924. 354 being apparent
ly SO 1-3 per cent. ; but some allowance must
be made for generalization and unforeseen con-
tingencies. N. o. MITCHELL esq, called for
proposition. Mr.. Hobson respon led that the
only course by which the unsecured creditors
could obtain the percentage which these fig
ures indicated, would be to let him go on in
the business, with which he was familiar, and
use the mills and lumber so as to put the latter
into marketable form and turn it into money.
Mr. Hobson therefore asked to be allowed to
continue his business, and proposed, # this
were done, to settle with his creditors for twen-
ty-five cents on a dollar, giving for this per
centage his individual note, payable in four
instruments, on six, twelve, eighteen and TWEEN
ty-four months, with interest This was the
utmost he felt able to do.
Jason W. Beatty, esq moved a committee
of five be appointed by the chair to select an
investigating committee of three; carried, and
Messrs. Beatty and Charles Hill of Saco, VIM.
P. Haines of Biddeford, George Goodwin of
Wall md n hall 81
constituted the committee Before they retir-
ed to select an investigating committee, live
ly discussion arose. Chas. Hill, esq, thought
Mr.. Hobson ought to offer fifty per cent. Mr.
Dyer, the chairman, thought people had been
grossly deceived, and wanted an investigation.
After taking Mr.. Hobson's word for years that
he was worth 100000, he didn't want to take
it at once that he was 5000, 900 worse than
nothing. Mr.. Hill replied that he had dealt
with Mr.. Hobson for years; had always found
him honest and still believed him so; said he
was endorsed on paper to Mr.. Dyer, and it
should be met; but that, with Mr.. Hobson's
experience and energy, he could make fifty per
cent. out of the asse is in two years. E. b
Smith of Saco remarked that Mr.. Hobson
should only undertake what he could perform;
and that it would be best to let the investigat-
ing committee examine the assets and saw
whether twenty-five, thirty or fifty per cent.
could be made out of them. James Carter.
ESQ.,, OF ScarbOro, concurred in Mr. Hills opin-
ion as to Mr.. Hobson's integrity. John De-
merritt OF Efingham, N. H., said he had been
greatly misled as to Mr.. Hobson's means by
Mr.. Hobson himself. and recently; and he
wantaI tn ha Wa IL avaminad into , nj av,lo;,
ed.
The committee appointed for the purpose re-
ported as the investigating committee Messrs.
William 2. Haines, John Demeritt and Dan'l
E. Emery. This committee retired and in the
afternoon made their report, substantially sus-
tanning Mr.. Hobsoa's statement as to his ne
cuniary condition. After prolonged discussion
the proposition submitted by Mr. Hobson was
accepted, upon bis agreeing TO procure a salts
factory lndorser or surety for the prompt paw
ment OF the instruments and to pay interes Oh
them. On putting it to final vote it was car
ried unanimously. E. B. Smith, esq.,, then
prepared and read paper embodying this
agreement which was headed by the chairman
OF the meeting and most of the creditors pres
sent, a few hanging back in order to consult
partners or others jointly interested There
was universal surprise and dissatisfaction at
the meagre per centage offered. but after the
report of the able Investigating committee it
was generally conceded that nothing better
could be done, and that the only other alter
native was bankruptcy, by which not five cents
on dollar could not be realized. 1t was stat
ed that petition in bankruptcy had been fl
ed, but the petitioning creditor was willing to
withdraw the proceedings If such was the de-
sire of those similarly situated with him, j. e.
holding large unsecured claims. 1t was gene
rally thought this had best be done, and Mr..
Hobson's proposition will doubtless be agreed
to in the end by everybody concerned.
PROBABLY FATAL AccIDENT.-As Mr.. John
Bach of Newburyport, was driving through
Topsham Tuesday noon, he got out of the car
riage to adjust the headst all of the horse. The
horse sprung suddenly, and throwing Mr.
Balch down, the carriage passed over him frac-
turing his spine and otherwise injuring him.
lie was taken up, and it was found the lower
part OF his body was completely paralyzed.
MT balch was unconscious most of the tina
ana there was but slight hope that he could
| CONTINUE through the night Mr. Balch was
| treasurer and agent of the Bartlatt M;lls ot
l5,
Newburyport for many years. and as trustae Of
various moneyed interests he has been one Of
| the most prominent citizens of that place for a
long term of years. Later intelligence states
| that he died Tuesday evening.
Portland has lately furnished Chicago with
| a number of energetic young merchants, who
are making good names for themselves in thei,
Al I..A has
Mr.. e. A. O'Brion, who was for five years a
member of the firm of O'Brion, Pierce 81 Co
He has connected himself with Spruance
Preston & Co., a firm of high reputation and
large business. Mr.. Preston is President O.
the Chicago Board of Trade. We ask atten.
ton to Mr.. o. Brion's advertisement. and wish
our late townsman full success in his new re.
| lations