The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1889-11-09
}. wiHsLowJonss & co. LIMITED
Important Nearing Before Judge
Haskell as Referee

| A nearing was had yesterday before Judge
| Haskell as referee. as to the rights Of the
| bondholders of j. w. Jones & CO., limited,
| upon the final distribution of the assets in
the hands of the trustees. 1t will be remem-
bered that when this corporation was organ
lied It's debenture bonds were issued to the
amount of $4,000 and secured by mortgage
upon the company's property. After the
company failed in 1882 these bonds were
purchased by the Winslow Packing Com
pany and the equity in the property was
conveyed to Gen. Mattocks.
These bonds were pledged with the banks
and other creditors as collateral security for
the payment of the notes of the Wnslow
Packing Company endorsed by Gen. Mat
tocks. When the Winslow Packing Com.
pany failed in 1888, it was arranged for the
holders of bonds to take the absolute title
thereto and give up their claims against the
company and Gen. Mattocks from further
liability upon the notes. The trustees soon
after sold all the property realizing about
$oo.ooO, but when they were ready to dis
tribute the money it was claimed by the
FIRST National Bank that under the terms of
the original mortgage the holders were en-
Titled to receive payment of the interest in
full upon the bonds from the date to which
interest had been en- orsed as paid before
any dividend was declared upon the face
value of the bonds. 1t seems that the in
terest was not endorsed upon the bonds as
paid to uniform dates, the latest endorsement
In some cases being as early as 1881 and in
others as recent as 1887 OF the latter class
there were about 5000 in tie aggregate
who claimed that equal distribution should
be made without regard to the date endorsed
| upon the bonds because the bonds were held
until about March /, 1888, as collateral secur-
ity of the notes of the Winslow Packing
Company endorsed by Gen. Mattocks upon
which notes interest had been paid in fact &c
the latter date, and it was therefore claimed
that in equity the payment of the interest
upon the notes under the circumstances
would be payment of the interest upon the
debentures themselves. Upon the basis of
the claim made by the First National Bank,
the bondholders would be divided in in
terest, some receiving as high as 50 per cent.
and by far the largest class only Is per cent.
interest preferred which would leave suffl-
cient to pay only about per cent. additional
dividend upon the bonds themselves Judge
Haskell heard the parties and has taken the
case under advisement.
The following counsel appea led in the
case: Hon. w. L. Putnam for the First
National bank; b. d. Verrill. Esq, for
Holder & Herrick, Boston; W. L. Bradley,
Esq. for the Bradley Fertilizer Company,
all of whose bonds are embraced in the
class owned by the First National Bank /;
Ardon w. Coombs, Esq, appeared in behalf
OF the Portland Trust Company, Rollinsford
Savings Bank and large number of in
dlyldual holders all of whose bonds bear
endorsement of interest paid to May Z, 1887.
Hon. j. w. Symonds appeared for himself
and associate. COL Edward Moore, trustees
under the deed of trust