Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1883-09-20
By TELEaR
MAINE DISPATCHES.
FROM PORTLAND.
Meeting of the Creditors of S,orer
Bros. Il Co. and SfoTer, Bolster Il
CO.-Siatement Of the Stand.
ing of the Members of
the Firms.

meeting of the creditors of Storer Bros
Co. and Storer, Bolster & Co. was held at the
counting room of the firm this afternoon al
o'clock. The representation was not large
from Boston and New York, bu, most of the
Maine creditors were present. The meeting
was called to order by Hon. W. L. Putnam.
Hon. w. w. Thomas was chozen chairman
and Mr. Harry Butler secretary. Mr. Put
nam sad he should make no detailed state
ment Of the assets and liabilities as the cred
itors would desire to do that themselves.
Ten days ago his attention was called to this
matter. A mistake in the computation had
been discovered by which the firm found
themselves much poorer of than they
thought. Later rough statement was made
which indicated the firm was $50, 900 ortsI0,
600 short. 1t was then his opinion that they
would be able to go on, but afterwards con-
cluded they would not. Friday morning no.
tice was given of the suspension. He was
then satisfied that all the private property of
the partners was not sufficient 10 meet their
obligations. The private Liabilities of the
partners came mainly from the firm. The
total amount required to be paid outside cred
itors is 1924 623. %; total amount available
of partnership assets is nominally s9l ,0S2,2i
less than the above. The paper given by II.
F. Storer in connection with the building Is
for $4,000, making a total OF Sl00.5S2 "a re-
quired to carry the concern through.
IL
$40 1893 o., of which s64, 654 sc is endorsed
in favor of the firm. OF this $4,000 Is
money from his fathers estate put into the
frm for which he is liable. In addition he
owes two of his children S2Sl9.l9 each.
The private liabilities of F. Storer are
slO2, G32. "a. This includes SI00,0lS.66 of
endorsements Tor the firm. The balance
consists of small liabilities. The valuation
of his real estate in Portland is $4,000, but
$500 is property in which he has only life
interest. lie also has a packing establish
ment lying idle and house in Bridgton,
value not known.
The private Liabilities of Mr.. Bolster are
$3.50 30. His real estate is valued at Sl5,-
900.
The private liabilities of Mr.. Sturtevant
are SOL ,075. He has house valued at
$1,000 on which there is mortgage of $4,000
and place at Cape Elizabeth.
Mr.. Putnam spoke of the fact that the fail
ure had turned out perfect lie, clear and
open. No secret liabilities had been found.
He had no offer to make. He thought the
parties could handle the assets better than
the creditors and pay larger per centage.
They were not in position, however, to
make proposition.
Mr. Putnam stated that the firm of Storer,
Bolster & Co. owes altogether Sis, l6S. 80
of which SS3 1926 OIL is to Storer Bios. & Co
The outside liabilities are S3l 1928. 80, net as
sets S73 ,306. 20, enabling them to pay frac
ton over 60 per cent. In order to simplify
he suggests that the creditors of Storer Boil
ster & Co. ask immediate settlement. Thi.
would straighten out the affairs of the ole
firm and enable them to know just where the
assets are. Mr.. Putnam stated that Hon. r
NJ. Richardson has held the incoming fund.
Of the firm in trust since the suspension.
was voted that he still continue to do So
was also voted that a committee be appointed
to examine the affairs of the firm and report
Mr.. Putnam suggested that the New Yorl
creditors choose representatives and Boston
and Maine creditors the same. J. p. Far
rington, Elias Thomas and f II. Wake
of Bridgton were chosen. W. z. Wood wa
chosen to represent Boston creditors and A
W. Coombs and Harry Virgin to represen,
New York creditors. The meeting adjourned
to meet Wednesday next at two o'clock 7
NJ. to hear the report of the committee.