The Providence news. (Providence [R.I.]) 1891-1906, 1893-10-31
YllbOur, Jackson & Co and Sheldon
& Binney to Resume.
CREDITORS GIVE THEM MORE TIME
Thus Relieving Them of Their Present
Financial Embarrass me nt--The Agree
ment Which the Creditors Are Freely
Signing.

Many OF the larger creditors of the sus-
ended firms OF Wilbour. Jackson & Co.
and Sheldon .&s Binney, having volun-
teered TO give them an extension, both Of
those firms wi n undoubtedly be able to
resume business very soon. The follow
log agreement has been mt TO all the
creditors, and nearly all have signed 1t:
The Agreement.
This agreement is made and entered
into by and between Joshua Wilbour OF
Bristol Ia the county of Br stol and state
of Rhode Island, and Benjamin A. jack
son, of the city aud county OF Providence
and state of Rhode Island, individually,
and as co-partners lately doing business
in said city OF Providence, u nder the firm
III ms and style of wilbur. Jackson &c Co.,
--Glles Il. Taintor, George III. Holt, both
OF the city. county and state OF New
York. and CASTOR ID. LHuiler of Rich
mond- county in sal state, individually
and as CO partners doinz business in said
city OF New York under the firm name
AID style of Taintor & Holt-Charles IA.
Sheldon, jr., of said Providence. aud
William Dinney, IT,. of East Greenwich.
I'm the county Of Kent, In said state OF
Rhode Islai d. individually AMI as CO.
part ers, late doing business in the said
city OF Providence under the firm name
and style OF Sheldon g. Bnney, herein
after called the debtors, parties Of the
FIRST part, and the undersigned individ-
uals, cor porations aud national banking
ass Citations, creditors OF the said debtors
or some OF them, subscribers unto these
prese' Is or unto instruments oflike tenor
aud effect, he einafter called he creditors,
parties OF the second part, and Cornelius
S Sweetland, of sa Il Providence, in lis
capacity as assignee Of the said firms of
Nibour, Jack son & company, and Sheldon
& Binney, auu or uhG individual members
thereof party of the third part,
that ia consider tito OF the several COW
enants, conditions aud agreements by
aud between the several parties hereto
hereinafter expressed, it is hereby coven-
anted and agreed by and betSee all the
parties hereto and by each of the creditors
each to the other and to each of all the
Others, AS follows:
First-That the said
Creditors do Mutually Agree
with each other and with the said debtors
and each aud every one of them to forbear
and delay payment upon the respective
claims which they hold 'agars the said
deb ors or either of them respectively,
whether said claims be now due or TO be-
come due, and the amount of which
claims and their character appear in con.
nection with their several signatures, for
the term Of three years from January J.,
1894 with the following restrictions and
limitations and upon the following terms.
conditions and provisions:
all 81 .,.1 T.
legations OF he said debtors or either of
them, except rs hereinafter specified. the
parties OF the first part shall give aud the
said creditors Will accept in lieu of pay
ment of their present notes and other oh
legations and claims to be surrendered
aud discharged, the several obligations of
the respective debtors for such respective
debts, claiu OF obligations, with interest
thereon adjusted as OF the first day Of
'aluary, A. ID. 1894 payable on or before
Jhree ye r. after January 1st. 1894, pro-
yiled that no such extension note or any
part thereof shall be paid before maturity
unless payments are made on all other
extension es at the same time to the
same ex ent
Third-That sal parties OF the second
part will sure der 10 the parties OF the
first part al the present notes OF the
Denver City Cable Railway company held
by them for cancellation upon receipt of
Joint extension notes signed by the firu
OF Taiutur g. Holt, wilbour. Jackson q
Co, and She don & Binney, aud upol
deposit by the parties OF the first part with
the Rhode Island Hospital Trust company
ms trustee OF n like amount, facs value, OF
the general mortgage per cent bonds OF
the Denver City Cable Railway company,
IA d DO DIS 10 be held by said trustee as
collateral security for the payment of the
said extension notes, such
bonds to he Surrendered
from time to time TO the parties Of the
first part or their order TO an amount
equal to the amount OF money, which
they. the said parties of the first part,
may at the time pay to the said trustee
for cancellation OF the said extension
notes, whether before or after ma urlty,
which mo ey shall thereupon he applied
by said trustee to the part payment or
att extension notes equally; and
upon further srust for said trustee
TO exchange upon the request OF
the urties Of the first part Of majority
Of hem, in Gaze OF the reorganization OF tn.
said Denver City Cable Railway compa ",
said &c eral mortgage bonds for any new
. curities OF equal value OF the said COM
pany, or Of any new company that may
be organized In place thereof.
Fourth-This agreement shall be bind
tua upun all the subscribers hereto vhen.