The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-09-11
PHINNEY & JACKSON.
The Offer Made by Mr.. Edmund
Phinney.
The Meeting Adiourns Without Action.

The adjourned meeting of the creditors of
Phinney & Jackson was held at the office OF
the firm at p. M. yesterday There was a
good attendance.
Hon. W. W. Thomas called the meeting to
order and A. A. Strout ESQ.,, read the follow
ing statement for Mr.. Pbinney:
10 the Creditors of Phinney C Jackson:
Gentlemen, Since the adjournment, the
undersigned has carefully examined the in.
deotedness and assets of the firm with the pur-
pose of making an offer Ito the creditors that
would be for the mutual advantage of all. 1t
was apparent that the offer must be substan-
TALLY in cash or good Endorsed paper euuiya-
lent to cash. The labors of the COMMITTEES
enabled him to state to his friends with ap-
proximate accuracy what in time he couid
probably realize out of the wreck of the prom
erty OF the firm, although much would be nec
essarily left in uncertainty. But even with
this assistance he has found it almost impossi-
pie 10 md parties willing to advance the nee
essary cash payments and take the risk Of re-
endorsement in the future. The fact that a
large part OF the assets are in open accounts.
beyond the jurisdiction of the United States.
ana ali the assets are subject TO the contingent
cies OF market, expense, and loss, no doubt
rendered tne task more difficult. An exam
NATION OF The assets also shows that deduct
lions must be made from the amount appar-
ently standing in favor of the firm Besides
TINS the Irregularities brought to light by the
laoors OF the committee are such, that the
amount of liabilities and what NAV be found to
pay them with, are both left in doubt. Added
TO this, the assets will necessarily shrink from
expense In keeping and selling, commissions
PAID Tor assistance, interest, storage, office
rent, insurance, clerk hire, and other charges.
The undersigned, whilst he wishes to offer
such percentage as he can pay, would gladly
make 1t larger For almost thirty years the
hrm OF Phinney a. Jackson has been engaged
IN business in the city of Portland. At times
their transactions with the banks, with their
customers In the country and with parties in
Cuba have been very large, and until this mis-
fortune their name has never been dishonored
But whatever he wishes he cannot do more
than what he can find means to do with. He
feels confident that he can raise from the assets
and from the assistance of friends who will
lend him money, some twenty-eight to thirty
thousand dollars. This will paw about ten per
cent. OF the apparent liabilities. He therefore
makes the following offer: He will pay ten per
cent. cash and give in addition the notes of
Phinney q jackson, Endorsed by Edmund
Phinney, for five per cent, payable in nine
months from their date with interest, or if the
creditors prefer he will pay in compromise
twelve and one-half per cent in cash.
"a course he must have time to get the sig
natures of the creditors to the one or the other
OF these propositions.
EDMUND PHINNEY.
After Mr.. Strout had read the statement he
remarked that Mr.. Phinney had done the
best he could to make larger offer.
A question was. asked if the statements in
cluded the liabilities of the other members of
the firm besides that of Mr.. Edmund Phinney.
Mr.. Strout replied that it included the $685.
600. The statement was intended for Edmund
Phinney alone. He was the only one who
was engaged in this matter.
question was asked as to how the notes
would run that were to be given for five per
cent. of the Indebtedness.
Mr.. Strout said that was a matter to be con-
sidered, and he asked Mr.. G. #. Libby, who was
present in behalf of some of the creditors what
ne thought of a note given by Phinney &
jackson, endorsed by Edmund Phinney.
Mr.. Libby asked why it should be Phinney
& jackson note if Mr.. Edmund Phinney was
the party desiring settlement.
Mr.. Phinney explained that the firm of
Phinney & jackson expired by limitation
September LIST and that the affairs were in
liquidation.
Mr. Strout said of course Mr.. W. Fl. Phinney
would have the decency to see that If any
thing could be done to repair in measure,
the wrong he had done, he would do it and
therefore would not object to these notes given
during liquidation.
A question was asked whether the two offers
of ten per cent. cash and five per cent. notes.
or twelve and one-half per cent cash, were
optional with individual creditors, and Mr..
Strout answered the question in the affirma-
tive.
Mr.. Thomas wished to know when the 10 or
II IL per cent cash would be paid
Mr.. Strout said that was matter that
would require some time. A portion would
depend upon the success Mr.. Phinney might
have In obtaining the money due from Cuban
firms. 1t was well known that now was the
yellow fever season on the island and it would
be suicidal for an unacclmated person like Mr.
Phinney to go there before Nov. LIST.
Mr.. Thomas asked if Mr. Phinney had the
friends who would back him in securing the
necessary amount
Mr.. Phinney replied Eyes SIR" Mr.. Strout
said ''Mr. Phinney thinks be has. put it this
way be Cause should not wish Mr.. Phinney or
myself to say, or pledge ourselves to anything
that was not afterwards fully carried out" Mr..
Strout mentioned three gentlemen, who would
probably assist Mr. Phnney, and another one
was expected to, but he wanted to be on the
safe side, as there was sometimes "sip be-
tween The cup and the lip" Time was re-
quired in order to realize the full value of some
claims.
q Mr.. Thomas thought if the gentlemen whom
Mr.. Strout named were going to assist Mr.
Phinney they could do it now Just as we'll as
later and thus enable the creditors to realize
Mr.. Phinneys cash offer now rather than to
have to wait long, time for it,
Mr.. Dyer thought it would be well, now that
the debtor had told what he would do, for the
creditors to consult and see what thew would
do.
Mr.. Phinney retired with his counsel
Quite discussion ensued among the credit
ors as to the offer of Mr.. Phinney A number
had engagements and went away TO fulfil them.
The general sentiment was that Mr.. Phinney
should fix definite time to pay the cash.
When the meeting was again called to order.
several gentlemen present intimated their
Willingness to accept the offer of ten per cent.
cash and i've per cent. in notes, but as the
number OF creditors remaining was small, Ii
was thought best to adjourn until Thursday at
3 O'Clock, when some definite action will be
taken relative TO the offer made yesterday.
Sudden Deaths.
Yesterday morning Mr.. N. G. Sawyer, a re-
tired merchant, resident at Woodfords, was
ascending City Hall steps, when he fell. He
was assisted into the Messengers room and DR..
lnd ff1~k l.