The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-13
Meeting Of the Creditors of John
F. Henry, Curran & Co.
SEVERE CENsURE OF THE FIRM
Minor Mercantile Misfortunes
and Assignments.


aud they had to pass the scrutiny OF MT Henry n.
Bowen one of the partners and give their names to
clerk before they were permitted 20 eutsE Several
persons who represented creditors were thus ex
cluded, as we'll as the representatives OF the
press who were subsequently, admitted BY order
of the chairman after the proceedings were almost
endea In anticipation OF disturbance the nrm had
two police officers stationed At the door, but their ser
vices were not required, the meeting being In tho
main orderly but frequently interrupted by excited
creditors. Upon calling the meeting to order tho
chairman, Mr. X. q. Coffin, made n lew remarks ex-
planning the reason he had accepted the position at
tho last meeting. and hoped the meeting would be
orderly and that any hostility the part Of the cred
itors would not manifest ITSELF The report oil the
committee then read, as follows:-
REPORT or COMMITTEES.
To Creditors the Firm Of Messra JoHN F. HENRY,
GGsTrEnsS~Ihe undersigned, members of the commit.
81 Msss john en1y carrsn
fully they sas.rsa once pos their
gaton holding prolonged sessions daily They care
the firm the books its the members
so 70 snsSe the to arrive at
the matter After s snsy 1s
q Which 6 e. was GGn,sGS,sa ny
s na 'G from a nssss the
NJ Bowen in partly in ss: and and
partly in Brooklyn Union stock That il has
tn@ 81 of PROFIT but on the contrary absorbed
the %, the Of The
committee place the total Liabilities at s7s4oos W ana
The contingent liabilities reduced by striking
900 remote The availability assets the proprietary
rights ana trade marks depends on unsettled Legal
In view of all the the committee think that the
firms offer OF 80 could only be paid by running
the trademarks in the interest Of the creditors; but by
realizing All that possible for its assets and by the sale
lee think that the firm would be enabled 70 pay s7 per
sentsm Of their cents cash cents IN s
months "a cents in twentyour months due perform
marks proprietary rights ana recipes Of Hall Balssp
rvs ca Soiie Save and Baker Pain PSnacea The com
mitee is informed BY Mr. Il Dewey the asssnee that
AS custodian Of the books and assets Mr. Dewey
@ h Ia the
Che committee is informed that the firm has gone into
George 4 Curtis A. D. Breed, William r. Ward and
Dated Feb. IL. 1878.
1t appears that the committee has materially
duced total Of Liabilities from that given
sn the schedules OF the assignee, which
ST. 030 S67 "a the reduction being 1886 Cos 81 and
7Gve likewise lowered the amount OF real by
$4,777 &c.
Mr.. d. c. Robbins moved the acceptance of the
report and then spoke against its adoption, his
marks being frequently appsuded Ho said that he
believed ought TO exist In this country the
provisions regard TO bankruptcy which
abe British acts When u failed in England
his course OF business was examined. and no
awarded one three cer,ncates-the lrs giving HIM
a full clearance, tho second provisional clearance
and the third restraining him absolutely further
conducting business. In his judgment by accepting
the report oil the committee 1t appeared that th firm
had Undoubtedly so mlsmanaged the business ana
nntr hn1 mini nah
press aud mercantile agencies thereby creating
great misery aud making many failures, thai
TRANSACTION OF business. (Appiause and
OF 'Orderlo ''Oruerl'l 1t did
to him be important whether tho drm paid ten,
fifteen or twenty cents on the dollar because there
reQu better public opinion about The matter,
and he believed that the interests OF the trade de-
Inunded that the be placed in liQui-
daiion IN bankruptcy aud trustee appointed, with
managing committee oil creditors TO wind up Its
affairs. From his standpoint could other
honorable or proper disposition OF tbs Leaving
The ethical aside, he asked, DO you oonsder, gentle
ncn that firm . mismanaglng theif affairs this
frm have doue proper parlies TO be kept the
management" (Cnes OF mo, no" and 'Order ~
Mr. Henry arose and briefly replied to what ne
deemed the personal illusions OF Mr. Robbins, after
which the names oil the creditors called to
ON me adoption oil the report OF The committee.
When the list was completed number Of creditors
whose names had been omitted demanded that their
votes be recorded and their names were entered the
audience appauuing Several creditors who voted
the affirmative desired to change their votes, this
-occasoned considerable applause.
were present, ana whether the action of the meeting
could brnc those who were not there The Chair was
about niorm the gentleman, another creditor
cried out that the vote was merely complimentary.
THE REPORT ADOPTED.
The report was adopted by u vote Of IA to 81 Mr.
Robbins then obtained the floor aud creditor moved
adjourn. Loud calls Tor Mr. Robbins speak fol-
lowed, and creditor shouted that he did
be entertained by The private squabbles OF gentle
men. The motion Tor ADJOURNMENT voted
down aud Mr.. Robbins was loudly applaudod.
he he respects to The committee tor
he
Ihcy mad their report In accordance with their
convt.tons He thcn gave an OF the report
published In press the day after the failure OF
nrm OF John f. henry, Currau Co., and also the
port submed am by the agencies Of tho
FIRMS condition; The latter he denoninate a bit OF
Jromance, and he would say TO all The gentlemen
present that all the statements talk hrm
would hereafter be regarded as bit OF romance.
A PROPORTION CONTINUE BUSINESS.
Mr.. Thorndike Saunders, the attorney Tor the firm,
such cries as these WHO is her Is he another
lawyerY" ave DON'T want TO hear him: no Is out OF
place" mo more lawyers Tor US" motion to ad
5ourn was declared lost, and II was decided TO hear
fMr. Saunders He said ne merely wished to give them
some facts Tor thor future guidance In the bank
Juptcy proceedings MISUNDERSTANDING the report
sof the committee devoived the cred
tors to take action again IN bankruptcy pro-
-ceedings, and he explained the law Ia relation
IL. In relation to the petition OF the firm be
cared bapkrupts he said that facts occurred to Jeop-
ardzc the creditors and the nin's interests; suits
were pending. judgments were entered up and Others
were about TO be executed, the assets were endan-
gered by the action OF certain creditors and the only
remedy the Bankruptcy Court The nrm, he
sad, still considered themselves the trustees TO ad
minister the property Tor the benefit oil all, aud
They would offer IN nkruptcy the same terms
the committee found they ought to pay;
II would tako all the assets, labor, personal
EkilI, trademarks, and business connections for
The next two years, The Bankruptcy laws
gave creditors tue right 10 cxamn the BOOKS OF
the nrm. dc did not think II was to the FIRMS ad-
vantage to 10 INTO bankruptcy, but they noped 10
realize something by IL IA Voice: -"Oi course they
Doll ana alter careful scrutiny he had no doubt the
FIRMS otter would be accepted without hesitation. he
then submitted to the meeting series OF resolutions
TO effect that II Tor tho best Interests oil all to
nccept the resolution wben properly offered In bank
Tupcy proceedings that the assets alone will not pay
thrty-seven ana hall cents as they required 10 be
worked up IN some sort OF value and that the bank
rupts DC permitted to carry the business. The
resou were voted down, alter which the meeting
adjourned.
Register Little yesterday issued order for the
animation vi Mr.. Il. II. Dewey, the assignee, on fri
Gay next at the instance OF Colgate Co.. VINO proved
their claim Tor 1896 SO The schedules have been