Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-01-29

WANT TO COMPROMISE.

$o9,U9U.
WANT TO COMPROMISE.
Meeting of the Creditors of Chiniquy Bros,
of Crookston, at Chicago-The Assets and
Liabilities.
Especial Telegram to the Globe.
CHICAGO, Jan. 28.-The creditors of the
Chiniquy Brothers, of Crookston, Mimi,
met yesterday in the Palmer house. The
total indebtedness of the firm, which did a
general business in merchandise, is about
$6O,5OO, of which over $4,000 is held in
Chicago and over $4,000 of debts were
represented. Gen. Erastus N. Bates, of
Messrs. w. T. Allen & Co., was chosen to
preside. Mr.. VIM. Fl. Kinkaid represented
the firm and gave statement of the assets
of the concern which figured up as follows:
groceries, etc, .,$3,025; dry goods, ETC., ,O30;
notions, $2,354; clothing, boots, shoes, etc.
$7,578; goods attached in hands of United
States marshal, ST 800; accounts, $4,620, the
estimated value of which is $1,S4O, making
total of 27.128. The goods in the hands
of the United States marshal were levied
on through Mr.. Remy. who represents
about $4,000 of Indebtedness. The open
accounts, though aggregating $4,620, were
not considered worth more than 40 per
cent. of their face value. The
Chicago creditors were as fol-
lows: Jacob Meyer & Bros, 1916;
Carson, Pirie, Scott 6 Co., $2,O94. Mayo,
Strauss & Goodman, $3.50, Keeth Bros,
$2,363; G. M. Henderson & Co., $4,571;
Hart Bros, $1,249; Greensfelder,
Rosenthal & Co., $546; Il. W. King & Co.,
$49S; N. F. Chiniquy, $4,000; Louis
Stems, 1858; Schoanfeld & Mannhamess,
$1,S65; Nouotuck Silk company, $191; A.
Booth, $175; Sprague, Warner & Co., $8O3;
Pelken & Brooks, $40; Cradle & Strotz,
$454; Lehman & KiHsman, $916; Budlong
Bros, $2O4; Blake, Shaw s. Co., $237; G.
0. Perine, 1888 Gould, Hall & Co.,
$219; G. E. Rolsco, $537: W. and S. Sloan,
1866; NJ. Ayers, $240; W. T. Allen & Co.,
1915; Louis Adler, $233. Total due to
Chicago creditors, $35,69S. There is due
to Henry W. Price, of Rockford, $1,002.
In st. Paul the Chiniquys owe $5,651, of
which Beaupre, Keogh & Co. are interested
to the extent of $1,936; Young, Stressguth
& Drake, $1,737; Ranney & Hodgman, $514.
In Minneapolis they owe $1,500, divided
among nine firms. Then they owe about
$1,000 more in various parts of
the country, including $1,000 among
the Boston firms. The statement
of the assets of the firm did not create sat
isfaction, and there followed an animated
discussion. Mr.. Kenkaid said that CLip
iquy Bros. felt that they would be able to
pay so cents on the dollar, 10 per cent.
cash, 10 per cent. in three mon tbs, and 10
per cent in six months. Some one asked
what security the firm had to offer to Sc
cure the payments. Mr.. Kinkaid said that
they would have to rely altogether upon
their friends, but he thought the notes
could be easily secured, but he did not
know how.
Mr.. Martin Howard, representing
G. NJ. Henderson & Co., wanted to know
what had become of the assets before he
would accept compromise. He wanted
to see the figures. Mr.. Kinkaid said that
those who knew the Chiniquy boys knew
that they had no more to offer. They had
nothing more than what was scheduled.
Mr.. Howard said that if the debtors could
then the creditors would accept the propo-
sition. If they had been doing business
two years without making money, then
the creditors wanted to know it. and they
also wanted to know what had
become of the money if any was
made. Mr.. Harry Hart, of Hart Bros,
wanted to know what they had done with
their money during the last six months.
Mr. Kinkaid-They have paid their cred
itors with it.
Mr.. Remy said that he had no debtors
present to examine. They were repre-
sented by an attorney. There had evident
lY been large shrinkage in the assets of
the firm which had not been accounted
for to the meeting, The fact was, per-
haps, that the debtors never had the capi-
tai it was thought they had, unless it was
borrowed, and he was not in favor of ac-
cepting the proposition until an investiga-
ton was made in the affairs of the firm.
After much talk of similar import Mr..
Young was selected to examine the books
of the firm and the meeting adjourned.