The New York herald., 1878-03-23
BUSINESS TROUBLES.

AFFAIRS OF HENRY, cURRAN co-MEETISo
OF CREDITORS AT THE AsToR HOUSE AND
PROCEEDINGS BEFonE REGISTER LITTLE
OTHER BANKRUPTCIES.
meeting OF the creditors OF the nrm Of John
| =. Horny, Curran Co was held yesterday at
| the Astor House at which about 1ity persons
were present, many OF whom represented num-
Der OF creditors, tho object being to have con-
iercnce preliminary to the general meeting OF cred
itors on Monday TO act tho composition offer
OF tho hrm 10 settle at thirty and half cents
ON the dollar Mr. Kidder chosen chairman and
| Mr.. Winchester secretary.
As soon as the object of the meeting had bcen
| stated by the Chairman, Mr.. LAIRD presented long
series oi resolutions TO the effect that tho rm could
and ought 10 pay more than thirty seven ana half
cents, and that committee o nve appointed whose
duty would be 10 institute legal action for the ap
pontmcnt Of receiver OF tho estate. and TO perfect
other measures of protection for tho creditors.
long discussion, In which the lawyers most
OF tho ume In explanations. followed. motion to
ay tho resolutions the table lost by Of
| 10 10 Id.
Mr.. A. W. Tcnnoy said that no had there get
at iacts and be believed in full discussion, large
Indebtedness was Affected, and every creditor should
receive information by which no could act intei.
gently. He dd not think tho creditors desired that
the estate should DO plunged into long series Of
litaatious. only to be eaten up by the lawyers.
mr. Chase considered the resolutions premature,
and wished tho creditors TO 80 to tho meeting on
Monday unbiased by any action taken The present
ume
RECEIVER SUGGESTED
Mr. Bow los Colgate explained hts position and said
the AFFAIRS OF the Irm IN such shape that the
creditors could not act intclgently In the matter OF
the composition. II was the duty and right OF the
creditors to have . capable man appointed receiver,
open the store sell the goods that wasting by
delay, aud have the accounts put IN proper shape
He did not believe Sir. Henry himself knew what ne
owed uutl an exact statement OF the asscts and
liabilities could bv made up he thought tncy were not
in position ~ decide on tho terms offered by tie
urm. lie also OF tho opinion tnaL tho result
VI tins would be general rule OF procedure here
after IN composition cases, and II would be helJ up
case on account ot tho large interests
Involved.
Ex-Judee Hull said that from the investigation he
believed hat tho firm could anord 10 oier more than
ihirty-seven aud hall cent? they waited 10 get ut
the true condton and II was absolutely ABSURD 10 30
TO the composition meetings aud uct inteiigenty wtn
their present knowledge Ol the assets anu liabilities;
he thought receiver ought 20 maui pulate tho trade
marks aud keep the business from going " rum while
| the bankruptcy proceedings were pending.
Mr. Farr ol the creditors committee, explained
that they went over The books thoroughly aud that
| many had characterized It. H0 said II Mr.. Henry
was called upou 10 sneak the truth. IRON the bottom
Ot his heart nc would say III The words Ol ST. PAUL.
"Demas hath gone against me-"
Mr. J. h Smuh gave the result OF his examination
into OIL mo mouse, Placing
$SvU 600, liberal .stlina.e, ana
ut $4v6 S53 67 not incudng the trade MARKS
winch he thought were worth $3.50 UO0 TO any person
VINO could get POSSESSION OF them and the recipes. lilo
also favored me appointment OF u temporary re-
cciver ~ take possession OF the assets win power 10
sell the property that was sp0lline. luotion was
proposed by Mr. C03ato ana adopted without DIS
sent'ng vote the effect that the judgment ol
meeting tho tmv yet arrived i0r Intelligent
ucton by The creditors tho proposition OF nrm
Tor composition at thirty yseven ana half cents
the dollar; iavorng appointment oi Mr. Dewey us
|
business until lar aud full statement Of tne assets
und liabilities can be obiaincd or Intelligent action
| The meeting then adjourned.
| MR. HENKY's EXAMINATION
The examination OF Mr. Henry was continued before
Register Little yesterday by Messrs j. +. Smth and
Pnilo Chase Tho tiaao marks, he testlnc.
| uoned IN the schedules only III general way. their
vaues not being carried out because they wore secret
property, and lie dld not know the Va ue; thu
marks wero OF no value without The secrets oi
acturc, and II parties should buy tue trade marks
and have the secrets It would bo imposition
the public. Mr.. Smith questioned him at .engtn
TIC accounts recevaUle We're nomlnaIiy valued AZ
$270 295 SO and thor real value $lU9 $50 40
their real value oay about $4,000 as .hcy were
Old and tered ABOUT the country, and their cOec
tion would cost nearly what they would come to; no
| had Oused his judgment to ther real value
on that Of the assigncs nnd tue CON-
nittco OF creditors; the bills receivable wero
| nomInAliy $57,499 40, aud their estimated real
value $235 10; they were principally exchange notes
| aud placed in the hands u 4. j. Dunuing Tno
| real estate conssicd vi threc HOUSES on Atlantic
avenue. Brooklyn, m0rtgaged Tor 1000 and property
In dispute Ninth avenue, which nc dii not like 10
suy they owned; ho had no Knowledge OF tho location
OF the movable property, but he knew tho
| eating their heads OIL lie could not tell how much
paper Dunning has IN his hands he had asked tho
signeo vi Duhnings csLat0 Tor u ls,, but IL
| fused; no thought II was over $50,0o0 and undcr
| 500 He considered tho lrm strong up ~ the
ot Dunnng's Iaiiure not itnstaudIng the largo
amount Oi paper out tney had arranged ON January
TO reduce stock, Keep ouly one store, and
possible liabilities. hoping for better
| Ihoy expected TO meet the notes given to DuLnng by
selhuR merchnndse, making collections, &C.; NC was
0f opinion that the stock ned bv the rm the q.
| Z. Clarke and other COMPANIES worthless. Mr..
Henry also examined Ia relation STATE
mcuts purportng nave been made by him agents
| OF the Commercial Agencies regarding tue condition
vi the firm, which no ueuled and he crOss-eXam-
incd by counsel, Mr. Ihorndyke saunders,
" explain the contents oi circular winch had been
maed " the creditors by parties opposed to the rm,
aud which he cnaraCterizeu as tissue of lies
| DEWEY RECALLED.
| In the afternoon Mr. Benjamin Il. Dewey, the
assignee of tho nrn, was recaiieu and examined. He
testiued that about $55 900 mad been collected from
The accounts up 10 the present time, whcn would
duce tho accounts receivable from $l09 100 about
$54OUO. The transactions OF the nrin WITH Dunuing
went back 70 March 1877 ana at the tiiao Oi Dun
mugs failure the amount oi bnIs receivable aud pay
able remaining his hands Was $l7S 3O6 90, and Duu-
mug credited with $35. 600 VI the
bills payable intrusted 10 Dunning, $l2S, COO wero
made within the lUur mouths prcceuing January Is,
1875 $50 40 bills receivable 30 back 10 August
| tue total amount VI papers solo ny Dunniug WIS
$144 $50 A. and was inciuded ~ the contingent a-
Uii.es. Vi tho bs receivable he estina, ed So, SOD
as worthless ana $40,05S he thought HAD been vr
would bc paid The total bills receivable actual aud
conliugcnt were $244, ,6lS ~, OF which no thought
total liabItes, actual ana contgent at the present
time, excludng tho SUITS, NJ s7s3 169 w, real
assets, $355. .2U6 20.
COMPOSITIONS IN BANKRUPTCY.
J. Hauck Il Sons, provisions, at No. 103 Eidridgo
street, recently offered settlement 70 their creditors
,y tho dollar, but The matter Tell through
Oh OF the opposition oi the Germania Bank,