The Portland daily press., 1883-07-25
Credirnrs, Meeting

A meeting of the creditors of Widber & Ba-
con, lumber dealers, whose failure has been
announced, was held at the Office of Ardon W.
Coombs, Esq. yesterday forenoon. The total
liabilities were reported TO be S35, 715.37 gross
assets, S28, lilo; cash assets about $4,000.
Mr.. Coombs traced the cause of the failure
during the four years that the firm has been in
existence. They began business May /, 1879,
with a capital of $500. Tho estimated gross
profits ON sales have been S3S, 385.05 as kept
day by day. The present liabilities are $685.
7l5.37, making in all 79,5O3.42 for the firm to
account for.
The expense account as shown by the ledger
was $l4,831.24; insurance, $662.93; interest,
S5,579.61; drawn by the partners S10, 1929;
paid on old debts OF Cummings Leavitt &
Widber, $7,124.10: cost OF repairs on buildings
over present value, $500; interest not shown
on ledger, S517.50; preferred claims not shown
on ledger, $3.50; expense account not shown on
ledger, $29l.67; shrinkage on Babb g. Cowee
table factory, S75053 expense account for
July, $25246; truckman two years, charged in
merchandise account, $f,250; gross assets, $685.
7I1.70. These sums foot up to S0.544. II which
is in excess Of the amount to be accounted for.
The reason Of this surplus is explained by the
fact that the stock which they bought of Cum
mings, Leavitt g. Wilbur was worth more
than the $4,000 paid forit.
AT the close of the foregoing statement Mr..
Coombs suggested to the creditors that he had
no proposition to make In behalf Of his clients,
whose situation was such that they would be
unable to raise any sum of money for the pay
ment of percentage. His clients, he said,
had instructed him to say that the entire az
sets were now the property of the creditors,
and it was for them to determine what course
they would pursue in order to realize the high
est possible percentage. He said that his
clients in the past had drawn so heavily on
their friends that the latter were in no position
to assist them If they would. Mr.. Coombs,
however suggested that the committee to be
appointed by the creditors might be able to
dispose of the entire assets for such a sum as
would be equal to their actual cash value by
sale to some competitor in the business. He
stated that he had in mind one such person,
who had consulted him as TO the possibility of
securing the entire assets at a fair valuation. In
the absence of such purchaser it might be
advantageous for the creditors to combine and
take the assets, paying such percentage as
they would bring. The assets, at the valua-
on estimated by Mr. Coombs as shown above,
ould not warrant percentage of more than
per cent.
A committee of three was appointed to con-
s.sAr and recommend to the meeting the best
course to be pursued. They reported, and it
was voted to accept 35 per cent. if widber &
Bacon cou arrange to pay the same, or if q
purchaser of the assets could be found. About
$4,000 of the $31 900 unsecured creditors were
present or represented at the meeting, and
upon roll call nearly every creditor present
pledged himself to accept such a settlement.
a committee was appointed, consisting Of
Lewis Pierce and Oren Legrow Of this city and