The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-09-20


later firm. The firm of Storer, Bolster g. Co.
owes altogether $118, 168 co. of which $685.
1876. OF was due to the firm of Storer Brothers
& Co. Therefore, their outside liabilities
are So, 1880. 1 make their net assets $751;
306.20, which would pay fraction over
60 cents on dollar. The affairs of this firm
are very simple and easily computed. Now, in
order that there may be simplifcation of af-
fairs, and for the benefit of the creditors of
both Storer, Bolster & Co. and Storer Brothers
& Co., we suggest thatlthe creditors of Storer
Brothers & Co. ask that the affairs of Storer,
Bolster & Co. be settled up Immediately. The
outside liabilities of Storer, Bolster q Go. are
va, 383. SO, so that to pay the percentage which
would be required upon this basis to settle
with the creditors of Storer, Bolster q Co.
would not take very large sum of money
and that could easily be obtained from the as
sets IN very short time, SO that II settle
ment was made with the creditors of Storer,
bolster q COAL the remaining assets would be-
long TO the creditors of Storer Brothers q Co.,
and they would have made long step towards
knowing exactly what assets they could rely
upon. And L also ask the creditors to appoint
committee, as have already suggested, in
such way as they deem proper.
L have not deemed it advisable to go into
any very extensive account of the affairs of
THIS concern, or to invite any very general dis
cussion, although the creditors being gathered
here, 1t is their privilege to discuss the matter
IA such way as they deem proper. l assumed
Noulu 10 dppulutCuJ anu bhdu
the committee would receive from the part
ners, and each one of the partners, any infor
nation which any member of the firm could
give them. / shall be, however, so far as am
concerned, glad to answer any questions which
L can answer correctly, but must say that my
examination has been more with reference to
ascertainlng whether the concern could go on
whether they were justified in stopping paw
ment, than with reference to any other ques-
ton.
Mr. Thomas-T sunnosa +ha,a :, r4;,J - 1..uo
amount OF their business paper out, which
they have discounted, and on which they are
endorsers Have you taken that into account?
Mr. Putnam-There is quite an amount of
paper under discount, of course L have taken
no account of that as yet; there has been no
time to do it, and did not think it would be
OF any advantage to do it. / thought the cred
ltors would make that animation themselves,
or 1t would be done under their direction. AS
say, what have endeavored to ascertain was
whether the concern could go on. At first we
believe it could, that the sum of sixty or sew
enty thousand dollars could be obtained and
the concern could go on and pay its liabilities
but ultimately we were forced TO the conclus-
ion that it could not do it. There was a large
demand loan, which was sapping the assets of
the concern very fast, which could not have
run along much longer without leaving those
persons whose paper was due the latter part of
September, and after that, in very great dam
ger of getting nothing but the dregs Of the as.
sets.
One thing further, if you will allow me.
This thing came on very suddenly, and saw
few OF the larger creditors as quickly as posi-
pie, ana they approved the suggestion, and /,
with the consent of the firm, requested Gener-
al Richardson, who is well-known to our citi-
Zens here, to receive the funds of the two firms
keeping them separate, holding them in trust.
pending the action of the creditors. Mr. Rich
ardson Is a gentleman of undoubted integrity,
and pecuniary responsibility; and SO far as /
was able to see the creditors, they all approved
OF the suggestion. He has received the finds
and holds them on deposit.
There is one thing have omitted to state
This store belongs to IL. P. & Frederic Storer,
and Is subject to mortgage of about $4,000,
and the taxes for the current year.
On motion it was voted that Mr.. Richard
son should continue to receive the funds of
the estate as they came in, from collections or
otherwise, and hold the same in trust.
On motion it was voted to appoint COM
mittee, and Mr.. Putnam suggested that the
New York creditors select one gentleman TO
act ON the committee, that the Boston credi-
tors select one gentleman, and that the Maine
creditors select one or more, as they deemed
proper.
The Maine creditors selected Mr.. I. P. Far
rington and Elias Thomas of Portland, and
Hon. A. 81. Walker of Bridgton. Mr.. Will
liam B. Wood was selected by the Boston
creditors; A. W. Coombs, Esq, and H. R.
Virgin, Esq, were selected to represent the
New York creditors.
Upon the suggestion of Mr.. Putnam it was
voted to allow the committee a reasonable
compensation for their services.
Mr.. Putnam thought the work. of the com.
mittee could be completed in one week, and
upon motion it was voted to adjourn one week
until Wednesday next at o'clock p. m.