The Portland daily press., 1888-04-13

sl6o41I.o
Secured notes ..................Si2s, 705. SO
Bono nOtes.........-. ................. 1oUoS.Oz
assets.
Tools, otc... s 16,304.65
Materials, etc.,. 10212.34
Margins, ay.................... lb,zSS.oO
s4I ,so4. 90
Book accounts. ........................ 9,077.00
S 6O,S8l. SO
Gen. Mattocks said the meeting was
called to ask the creditors to appoint a
committee to take such steps in the matter
of the company's affairs as they deemed
necessary.
Mr.. Bradley announced thirty-seyen claims
represented, or S9O,401 out of $15O,411.
Mr.. III. M. Bearse moved a committee Of
five be appointed to consider the affairs Of
the company and report at q future meeting
Mr.. George Z. Herrick of Boston asked If
a committee of three would not be as well as
one of FIVE
Mr.. Herrick's amendment was accepted.
and the motion as amended, was carried. II
was also voted that the committee he nomi-
mated from the floor. Mr.. George Burnham
of Burnham & Morrill,, nominated H. M.
Bearse of Norway; Mr.. Herrick Of Boston
was nominated by T. L. Eastman; Ammi
Whitney nominated E. G. Spring of Port
land; and these three gentlemen were unani-
mously elected.
Gen. Mattocks said he didn't want to med
die in the meeting, but he was more familiar
with the company's affairs than the others
present, and he thought there should be five
members of the committee. SO that the larg-
est creditors should be represented.
Mr.. Eastman moved that two additional
members be elected, and on his nomination,
Mr.. Peter B. Young of Hiram, and ON mo-
ton of Mr.. A. w. Coombs, Mr.. William NJ.
Bradley Of Portland were added to the COM
mittee.
Mr.. Peter B. Young said he understood an
attachment had been put on money belong
ing to the company. II there was to be
settlement he thought the attachment should
be withdrawn, or some arrangement made.
Gen. Mattocks said the only attachment
existing was trustee process from the
Wooden Ware Company of Portland, for
about thousand dollars. He couldn't give
the exact amount, as the writ was not served
ON him.
Mr.. Whitney, representing the Wooden
Ware Company, said the company had trus-
teed the banks, but he thought the matter
could be satisfactorily arranged. The at
tachment was very easy thing to remove.
The chairman thought there should be
some definite time fixed for the committee to
report, and suggestions should be made as to
their duties.
Mr. Coombs moved that the committee in
vestigate the affairs of the company as soon
as possible and that when ready with their
report they call meeting of the cred
itors, and the motion was carried.
Mr.. Bearse wanted to have some express
sion of what the creditors expected of them;
how close an investigation was desired.
Mr.. Spring wished to know If the commit
tee would be authorized to expend money
and to employ an expert If necessary.
The chairman said it was for that reason
he called for suggestions.
General Mattocks said when this attach
ment was put on the bank the company was
trying to get money to pay the help, and if
now the Wooden Ware Company will re-
lease the attachment the Winslow Packing
Company will release all the money wanted
to pay all the expenses OF the committee,
and the employment Of experts. This money
is the creditors money now. The creditors
may expend all they like out Of the estate
II the Wooden Ware Company will release
the attachment so that the help can be paid,
as they are entitled to be by law, and as they
have got to be later If not earlier. We do
not desire, said he, any negotiations with
committee or settlement with creditors, UNI
til they have fully examined into the COM
pany's affairs. Mr.. Jones estimates that
$3.50 will pay tine help preferred by law
This matter can be arranged between the
committee and the attaching creditors.
Mr.. Whitney thought the matter could be
arranged between the attaching creditors
and the committee. as he had previously
stated.
The chair thought the committee should
have specific powers to expend money; at
present they could only spend their own In
an Investigation.
Mr.. Eastman moved that the committee
have full power to investigate and have au-
thority to incur expenses for that purpose,
by employing an expert, and in other ways
necessary to make thorough investigation,
and 1t was so voted.
Mr.. Herick said he would like first to have
MIR. Whitney say he would release his at
tachment.
Mr.. Whitney said he couldn't do that as
he was agent for the company and this COM
pany mus; decide. He, however, reiterated
his former statement
Mr.. Herrick said the explanation was sat
isfactory.
Mr.. j. j. Gerrish moved that the commit
tee have right to adjust the attachment OF
the Wooden Ware Company on the Winslow
Packing Company's funds so as to enable
money to be released with which the commit
tee can make the required investigation.
Mr. Coombs wished to amend so that the
money released should 60 first to the settle
ment of preferred claims; second, to the use
of the committee, and the balance, IL any, be
set apart for the creditors.
General Mattocks seemed to think there
would be but little In the bank and rather
resented the latter part of the amendment.
Mr. Coombs withdrew his amendment and
Mr.. Gerrish withdrew his motion, and the
latter said he only made 1t to remove any
trig of the wheels that would interfere with
a satisfactory settlement.
General Mattocks said Mr. Whitney was
the only man who could do that
1t was here understood the committee de-
clined to go ahead unless they had funds
and instructions granted them.
Mr.. Bradley said he thought they could 60
ahead. He thought If they failed to make a
satisfactory arrangement with Mr.. Whitney
they could so report by calling another
meeting. If they did make one they could
go ahead, investigate and then call meet
ing, and report fully. This was satisfactory
to the committee.
The meeting then adjourned subject to the
commuters cali,