Morning journal and courier., 1890-04-11
THE KIMBERLY FAILURE.

, Hnos 3. kimberley's Principal Cred.
isors-Ex-MayOr Sperry and the Chat.
Aeld Essate-The Grand venue Prom.
ersy and she MortgaEes-An Inter-
view with mr.. Sperry-Paper Held
By she Banks.
At the Office of Mr.. Kimberly, the coal
dealer, yesterday, Mr.. Thompson, the &C.
countant and Mr.. Hosmer were busy making
an inventory Of the assets and preparing 4
statement to be lodged with tho probate
court. Mr.. Kimberly in explanation Of his
failure said that the sfniId winter had had
its share in contributing to It, but that he
nad also become involved in carrying real
estate. The idea of compromise with bis
creditors was at first contemplated by Mr..
Kimberly, but had been abandoned
BY him atst thS last moment
and the present course was determined
upon. Mr.. Kimberly was suppoe.-
to have been doing the largest coal ,. ed
IN this city. The amount of lie' business
ne, as has been stated, abe ...oilities will
meet this little remains lat $75, 900. To
OF iano on Grand 81 except about 800 feet
dated railroad - ,snue east of the Consoli.
.csyona tp' lacks and extending out to
10 CONF tho channeJa of MN river. There
.,lderable value to this front, but what
will bring at forced sale is a question.
Besides, there IL q mortgage of 900 on
this property. Mr. Kimberlys principal
creditors are ex-Mayor Lucien ": Sperry
and the late Philo Chatfsld. The late Mr..
Chatfeld was Mrs. Kimberly's fathsr-in-law
and endorsed notes amounting to $25, 00C
which are In possession of the Merchants,
bank. The bank will lose nothing. the
estate being ample security. Paper OF Mr..
Kimberly and Mr.. Sperry is said to be held
by the Yale First National, Merchants,
County and other banks. That of Mr.. Sperry
is in some cases endorsed by Mr.. Kimberly
and that of Mr.. Kimberly by Mr.. Sperry
That held by the County bank has beer
much reduced in the last few months. I'm
doubtedly some OF the paper held by this
and other banks is perfectly good, responsi
BILE endorsers being held for 1t.
In an interview with Mr.. Sperry last eve.
ming by . CouR1ER reporter, Mr.. Sperry
said: "Mr. Kimberlys assets are by NJ
means 30 meagre a. certain statements Rivel
! would indicate. They count up in tn
neighhorhood of 5000 The property be
tween James street and Railroad avenu
with 800 feat fronting on Grand avenue in
fair estimate may be called worth $1,000
and in this Mr.. Kimberly has half interes
; mortgaged for $12, 500, leaving balance Q
about ST., 500. The other half Is similarl
mortgaged. His stock on hand In the yards an,
. machinery may be reckoned at Sic, 5000, AM
his book accounts will show at least SO, 90
: more. Connected with Mr.. Kimberly in
business way were myself and the late Phil
Chatfeld. Both Of us have for years en-
dorsed his paper whenever requested, an
always believed him sound financially. Hi
business grew to be the largest retail trad
in the city and apparently in the most lou,
two or three years, when there ha
been a falling off In the geners
t. demand. Mr.. Sperry's interests are olosel
/ connected with MIR. Kimberly's, and IN
doubtedly 1t will make much difference wit
him what proportion of dollar will be pal
the creditors. But Mr.. sperry is coniaden
I that the assets will give more favorabl
: showing than expected.
From another source Ii was learned Las
evening as follows: The only property 4
Mr.. Kimberly's name Ia the long stretch O.
+ Grand avenue between River street and rail
road avenue, in which he has a half interes
with Mr.. L, W. Sperry. The only mortgag
upon this that affects Mr. Kimberly is the on
for $50, 900 to Yale university, half OF whic
= is shared by Mr.. Sperry. What this propert
might bring depends wholly upon circum
stances. If put under the auctioneer
hammer it might clear an equity for Nj
: Kimberly not over $4,000, but If time wer
given and a bargain effected man to ma
probably Mr.. Kimberly might realize at leas
, | $EO,UUU. Inc Qe6Vlebb Ct6ultOE Is pEouhul
the Chatfield estates, holding his paper to tn
amount of $25, 900 or more. Mr.. Kimberl
10 very reticent.
The house on Orange street which Nj
u Kimberly sold to William NJ. Gsary to realiz
money upon was not, as some may have sur
It posed, the Kimberly residence on OranR
street, corner of Ed, but was the fran
house ON the same street formerly oocupie
by Mr.. Kimberly and worth about one-thir
% the value of the fne house mentioned. Tn
10 belongs to Mrs. Kimberly, wife of Mr.. Kin
10 bsrly. The majority of Mr.. Kimberly
indebtedness Is to the Wholesale coal trade.
III The Yale National holds 81 1000 of NJ
= Sperry's paper, which General Merwin col
= siders secured. Mr.. Sperry and Mr.. Kin
- berry have Accommodated each other with q
Endorsement Of his paper for over twen'
years.
vi Mr.. Kimberly In his tax list returned
the board Of assessors represents his taxab
y property at $43, 500. His residence at 4!
o Orange street is taxed at 81, 500. It is col
y sidered worth $4,000. He has sew
v shares of County bank stock at $40, ar
II twenty shares of Merchants bank stot
v taxed ct 5000. The Grand avenue coal yal
10 O. above stated owned in common vii
Mr.. Spsrry,so also Is his real estate at Barne
vile bridge.
(. Mr.. Sperry's property Is listed by Il
fa1l