Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1876-01-28
Tn. Ease of srepard. Davis 4 Co.

Inc taSt VI SEtphfus Dssis -
In the United States District Court at
Boston, on the 18th inst, the question OF
acceptance of the composition proposed BY
Shepard, Davis q Co., came before the
court. 1t appeared that creditors holding
claims to the amount Of about 81 AGO. 900.
had agreed to the composition. The whole
amount of Indebtedness is about s 600 900;
but of those who had not signed, only three
creditors appeared in opposition to the COM
position, and these were Bronsons, Weston,
Greene & Co, of Burlington. representing
about $4,000; the Howard National Bank,
of Burlington, about $50, 200, and Judson S
Bank, of Ogdensburg. Sl6,5o0, the whole
being less than five per cent of the entire in
debtedness Of the firm.
The objections filed by these creditors
raised the question of fact whether the
statement of assets in the debtors schedules
was accurate, and the point oflaw that
composition which does not provide for Sc
eurity for the deferred payments, is invalid,
and that a minority, no matter how small.
cannot be compelled by the majority to ac-
cept it.
The result Was. that the questions OF fact
involved in the objections were referred to
Register Thorndike. of Boston, before whom
q hearing will be commenced on Thursday,
the 9th inst.
The overwhelming majority of creditors
who have accepted the composition is a
strong guarantee OF the truth of the sched-
ules. the question of the amount Of assets
hring been carefully examined by com
petcnt committee. on which were two gen
tleiaen from Burlington, one OF them beng
the President Of the Howard National Bank.
Thi, committee unanimously reported the
assets As seated in the schedules, and ez-
messed entire confidence in the honestyand
good faith Of the debtors; and the creditors
bv 4. most extraordinary majority have
sanctioned the opinion Of the committee
That the composition of thirty per cent
is better for the creditors than to have the
concern wound up in bankruptcy, Is rea-
sonablv proved by the almost unanimous
concurrence of the creditors; while the Tact
that it is greatly for tie interest OF the
places where the immense business OF the
concern has been carried on. to have that
business continued by the firm, Is beyond
any question.
The common opinion among the creditors
is tina: if the affairs are wound up in bank
ruptey. they Will no: get dividend of more
than ftieel. per cca;, and will hayeto aEait
the slow and expensive course Of bankrupt
ey proceedings, before they Will even learn
that they are to get any dividend at all. The
effect Of bankruptcy Will be to stop the
mills Of the concern. sacrifice the lumber at
auction sale, demolalze the general lumber
market at this place, and throw large
number Of our inhabitants out Of employ
mcnt
LISA most remarkable fact that out OF
the great number Of creditors of this con
Germ scattered from Quebec 10 New York,
the only ones objectiag to the continuance
of the business Of the firm are found in
Burlington and Ogdensburg-two places
which, above ali others, have been and will
continue TO he. directly and greatly benc-
fitted by such business.
After the delay consequent upon this ap-
pareutiy unnecessary nearing before the
Register, tine clse Will come before Judge
Lowell, AID tie asserting creditors have
little doub; ,A4; tl.o VIII Of the great ma
joriJy o.. tae creditors ~i.i be respected, auc
that tle resolution OF composition viii b'
accepted and ordered 70 be recorded.
Character is worth more than wealth oil
display rnd il Vermont should send moth
ing else to the Centennial than the wood
saw with which Gov. Peck recently Pre-
pared his sick neishb1r's fuel, she wOuiJ
impress a thought upon the States and M
tons tha5 would rebound TO her cre.i
through the world Messenger