The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-09-20
2 sToRER BROTHERS.
The Meeting of the Creditors Yes
terday.
A Full Report of the Proceedings

Teere was an attendance of about fifty of
the creditors of Storer Bros, and Storer, Boil
ster q Co. yesterday at the called meeting.
The New York creditors were represented by
counsel.
| The meeting was called to order by Hon.
William L. Putnam, and Hon. W. W. Thomas
was chosen chairman.
| Upon motion Mr.. Harry Butler was chosen
secretary of the meeting.
Mr. Putnam said: suppose, Mr. President.
the creditors would like to hear something
| from the firm whom represent as their attor-
ney. What have to say will be very brief.
l shall not present to you any detailed state
| ment OF the assets or the liabilities, because /
| was aware that the creditors would desire to
make mp for themselves list of the assets and
liabilities, and foNme to have it done in ad-
vance of the meeting would only be waste of
time.
This matter first came to my attention about
ten days ago, as l was leaving the city. was
told that there had been discovered some mis-.
takes in the computations which showed that
the firm had but very small surplus, If any.
On my return rough statement was shown
nae, which indicated that the two firms together
were short some sixty or seventy thousand
dollars, and my impression was that that sum
could be raised from the private assets of the
partners, and the firm go on and pay its liabili-
ties, but of course we thought it prudent to
have more careful estimate made, and did
have such estimate made, taking several days
to prepare it, taking off the accounts receiv-
able and the liabilities. On Thursday last /
received statement which, upon examination
Thursday evening, satisfied as that all the
private property of all the partners could not
save the concern, and that it must stop, and,
consequently, the banks where they had their
accounts were notified Friday morning that
the concern was compelled to stop.
There is not enough, including all the assets
OF all the partners to pay the liabilities of the
| partnerships and of the private parties. The
liabilities of the private parties grow mainly
out of the liabilities of the firm; that is to say,
their liabilities are almost entirely as endorsers
for the firm.
have the figures here, and 1 will give you
the final figures as they come to me; and
give you the amounts altogether, as it is the
simplest for the present purpose, having no
doubt the creditors will give the matter such
examination and separation as they deem
proper.
The total amount which find from these
statements was required to be paid to outside
| creditors,-I do not take in anything as be-
tween the different concerns and partners-
the amount of money which has actually got
to be raised to pay the outside liabilities was,
1924 ,42S.93, and the total amount of nominal
partnership assets was $91, 082S4 less than
that sum. In addition to that, there is paper
given by III. P. Storer and Frederick Storer in
connection with the construction of this build
| ing, upon which the firm are endorsers,
amounting to $4,000, making total amount
required to carry the concern through, $780,
1924, and that sum we were satisfied could
not possibly be raised from the individual
| property OF the partners. So that we could see
nothing to do in justice to all, except for the
firm to stop payment.
The gentlemen will understand that this de-
iciency is the amount that is required to meet
the liabilities to third persons, to say nothing
about the accounts among themselves Those
are somewhat complicated, which would be
better explained by the investigation of COM
mittee. For instance, Mr.. Sturtevant has
carried upon his books here, as assets of the
hrm, an account against this building for over
S34,OOO. This is an account against Mr.. III. P.
Storer, and Mr.. Frederic Storer, and alto
gether, some forty thousand dollars has gone
into this building, over and above the mort
gage. Mr.. Sturtevant called that assets, but
of course in making these figures we did not
regard that assets because If assets, the mon
ey had got to be raised by Mr.. FL. P. Storer
and Mr.. Frederic Storer from their private
estate. What we wished to find out was,
whether their private estates were sufficient to
carry the whole thing through.
We have since taken off the liabilities OF the
different partners. Mr. III. p. Storer's liabili-
| ties, including taxes for the current year are
| e4, of which S64, 654 &c were indorse-
ments for the firm, and 81, 900 the money of his
fathers estate which he has put into the firm,
| and for hich, of course, he is personally re-
| sponsible; and there is also included the sum
| of S2S1919 which he owes one of his children,
| and another like sum which he owes the 9TH
er. Mr.. Storer's personal estate consists SUBJ
stantially of real estate, valued by thu assess
ors of the City of Portland, at $44, 700. In ad-
dition, there is due him upon some real estate
IN York County, the sum of about nine thous-
and dollars. The precise amount / do not
know. do not know what the value of his
real estate ID, for the purpose of raising money.
1t is property well known to people in the city,
and other gentlemen here are capable of form
ing better Judgment about it than I am.
Mr.. Frederic Storer's liabilities including
thA0S, dIo 21O1yOOA.tOs udb lQClQO6B
&c endorsements for the firm. The balance,
consisting of $685. are small liabilities. His
real estate in Portland is valued by the assess
| ors at $16,500, but $4,000 of that represents
| property in which he has only life interest
| lease. In addition, he has house in Bridgton
| the value of which do not know, and pack
| ing establishment in Deering, of nominal val
| ue, which represents loss to him of some for
| ty thousand dollars. Mr.. Frederic Storer has.
| l believe, substantially no other property; and
4 WI i'm fan
amounting to some ninety thousand dollars, in
| GLIDING this forty thousand dollars BY the
| packing establishment. have minutes Of the
loss, but it is not necessary to read them to the
| meeting. The statement is open for the EXAM
ination of the committee and any creditor who
desires to see it.
Mr.. Bolster's real estate Is assessed at S15.-
600, and his personal liabilities including taxes
| are 81, 5000.
Mr.. Sturtevant's liabilities are S5,175. He
has house in the city, which think cost
| some $4,000, but there is mortgage upon it of
| $4,000, given at the time of its purchase, and
think he owns place at the Cape, but I am
| not certain about the latter.
The real estate of the partners Is, as you see
all open and unencumbered, with the excep-
| ton OF the mortgage of five thousand dollars
| upon the house of Mr.. Sturtevant, and it is
| one healthy feature of this unfortunate failure
that they have no secret liabilities to be turned
| up here upon the creditors.
The liabilities of the individual partners are,
| as you will see, trade liabilities, endorsements
| for the firm, and there is not here, as we FREE
| quently find in such cases, large secret labili-
| ties to family and friends. The private assets
are here, unencumbered, and for the benefit of
| the creditors.
| have not, gentlemen, need to make any
| general remarks about this unfortunate and
sudden failure. 1t has been, indeed, an ex-
ceedingly sudden and unfortunate affair for
the gentlemen concerned. There have been
many rumors around in reference to errors of
various kinds, which 1 need not notice. will
simply say this, that in this firm. as in most
| every other firm that fa1is upon looking back
we can see that there have been mistakes all
| along the line, at various points. But / am
| satisfied that a most thorough examination of
| the affairs of this firm will exhibit and prove
| that the members of the firm have proceeded
in entire good faith and that until within
| few days it was their firm expectation that
they would not only pay all they owed in full,
as it became due, but sthat they would have
| something in addition upon which they could
form the new firm, which they expected to
| form, and which they were forming, and for
which this store has been already divided, as
| you see. 1t is a misfortune and surprise to
| them, as well as to the rest of you.
| L will ALSO say this: 1 am assured by Mr.
/ Sturtavant and Mr. Roharts his occictant T