Telegram-herald., 1890-10-31
PETERS CREDITORS
AZ ADVISORY oOYXrTEE Appointed
AL are .. fsseT 81 Sentisaias sAs n 6
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A meeting Of the creditors Of K. q.
Peers Was hela n tie psrlors Of she
Merton House yesterday afternoon. Ii
VAS called ~ Nj. Peters. who w4s de-
sroas OF SsoertAlnlag whether he could
make arrangements By whieh he oOala
eonunas hls business
Those Ia attendance we're A. Al. Hen
~. OF Detroit, ths assignee, and the fol-
lowing creditors. James Kneelsnd. Of
Men0minees Vim. T. Richards and nA-
vid b. Dewey, Of Chicago, representing
the banks Of that city +. ". Sparros,
president Of the Cily National Bxnk
Nho also represented the LAnsing tanks
Thomas L. Lyon, Of LudlngsOn; Frank
+. Nelson. OF Lansing II. Ii. Hill, pres
ident OF the FIRST National Bank Of
Greenvllie; Gale b. Davidson, OF har-
Dor Springs; A. ". Newton, Of saginaw
HI. ". Carey, Mr.. Peters private secre-
tary, was alsO here. together with I. J..
KamsGall and A. j. DoyAl, attorneys OF
Manistee. over thirty creditors were
present IA al and many Others were
represented by proxy. The great
es, confidence seemed 10 be
placed Ia Mr.. Peters as he
had score or more letters from absent
creditors, some OF whom expressed
their willingness % trust everything 10
him. One creditor was wiling 20 give
receipt OF the amount due ham, and
rely on Mr.. Peters honesty Tor pay-
ment. A letter WAS read from Gen. T.
A. Alger, in which he stated that he
could not attend on account OF political
engagements.
Tue meeting was called 70 order by
Mr.. Peters, who stated has position.
lie thought that If time were extended
TO HIM he would be able 10 stral ghten
out his affairs IN n satisfactory manner.
David B. Dewey, president of the
American Exchange Bank, Chicago,
was called 10 the chair. A. j. Dovsl, Of
Manstee, WAS elected secretary. and III.
w. Carey assistant secretary of the
meeting. A. NJ. Henry made a state
ment of the resources and liabilities,
and there seemed TO be no question as
70 Mr.. Peters ability to tide over his
difficulties. 1t was the unanimous
desire of al present that the
Il
continue until the close of navigation.
James Gamble, of Detroit; Mr.. Blscker,
of Manistee, and Mr.. Ruger, Of CHIC
ago, were appointed as committee 70
examine, review and 10 submit at a
subsequent meeting, 20 be called by
them, report of Mr.. Peters resources
and Liabilities and the general state Of
affairs as near as could be ascertaIned.
A resolution Was passed approving
the course pursued by the assignee,
Ii was also recommended that the conf
mlttee apply TO the circuit court OF
Manistee asking that they be allowed
TO continue the r. G. Peters Salt and
Lumber Company until the close oi
navigation. Mr.. Peters will probably
be placed in charge Of the business
under directions from the committed
and assignee. 1t is thought that the
committee will report n about two
weeks.
The statement of the affairs of Mr.
Peters and of the salt and lumber com
pany has been filed at MAnistee, and
was submitted 10 the creditors. II
states that Mr.. Peters personal assets
and accounts receivable, aggregate
50, ,544 5000, of which amount up
wards of S59s, 900 are doubtful OF
worthless. HIS liabilities aggregate
| 81 ,7S5, ,265.33. The accounts receivable
Of the salt and lumber company
amount to 81 .0l0, ,5l9.26, and the real
estate and timber assets and personal
property are estimated at 3. SOB ,932 .04
with 1854 ,397.94 direct liabilities, and
5000, 900 contingent liabilities.