The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-21

The assets are estimated at very con
servative figures, but the creditors seem
to think the values were about right The
hrst cost summary of the assets 10 $1l5,
2S6. AZ. which the assignee and his APP
praisers have judged to have an actual
value OF $46. 155. so.
wATsoN's PROPOSITION.
Mr.. Grouse sold the creditors that MIR.
Watson would make a proposition, aud
If it were accepted Mr.. Watson would
carry on the business. Mr.. Watson was
hard worker and would probably get
more ont OF his accounts than anybody
else. Tbe accounts extended all over
Staten Island, Brooklyn. Harlem aud
Newark. Mr.. Grouse said thatif he HIM
self was IN Mr.. Wats0n's place he
wouldn't undertake TO pay more than so
per cent.
After a conference between Msssrs.
Grouse, Turner and Watson, Mr.. Grouse
submitted this offer;-On all accounts
under $le0, 90 per cent. in cash; for the
remainder, 90 cents on the dellar as fol-
lows: 10 per cent. of the 80 per cent. in
cash; 10 per cent. In four lnonths, 20 per
cent. i'll eight months, 20 per cent. in
twelve months. 20 per cent IN sixteen
months anu ~ per cent. In twenty
months.
IT IS REJECTED.
A representative OF Hilton. Hughes g.
Co. moved TO accept The proposition but
it Was lost, creditors for $50. .554 opposing
ana for $5,19l favoEug. Chairman
BrinKerhoff voted "No'' for the q. b.
ClstiIn Company.
In answer to inquiries Mr.. Grouse said
If Mr.. Watson were able to give security
on his note he would not have failed.
The creditors would have to take his
word. Mr.. Watson had no assets that
could be applied to the partnership. Tie
assets of the Domestic Spring Bed Com
pany were mortRaged.
John H. Watson of New York,
brother of George e. Watson, aud cred.
itor for S2.0OO, made statement Gttribut.
ing his brothers failure TO the fact that
he had carried the business too far from
home and had paid more to collectors
than he received from them. Hereafter
Mr.. Watson would confine his business
to Hudson county II he carried it on.
A COMMITTEE NAMED.
After Informal discussion, j. Herbert
Potts, counsel for creditor, presented a
resolution, which in less definite form
as offered by a New York creditor had
been defeated, that commirLee Of three
be appointed TO communicate with or
interview the creditors in reference TO
their Willingness TO accept the PROPOSE.
tlon made by Mr.. Watson. The resolu-
tion was unanimously carried this time,
aud the following committee was nsmedi
Bernard 3. Zippert of II. Herman & Co,
New York; II. E. Oliver of New York,
Secretary Of the National Furniture Deal.
ers' Association, and c. c. Brown OF Mr..
L. g. Brown & Van AngIen Com.
pany of this city. Mr.. Van Anglen
was not present. but his name was sug-
gested by Mr.. Grouse. who thonght one
of the committee should be from Jersey
City,,
The meeting then adjourned until Aug.
ust l. when the report of the COMMITTEES
will be received. MIR. Grouse reminded
the creditors that something should be
resolved upon promptly, as the tirm is
paying $500 a month for rent.
The list of the creditors is very long
one, but the great majority are for small
amounts. the heavy creditors are H, b.
Clafin & Co for l2,524.21; the Domestic
Sprng Bed Company, $3.50; P. Nathan
q Co, &. 743, and John ii. Watson for
5000.