New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-26
The second, signed by Frank & t.nstein and
pl.l,,i.- No.. a,1t, ,.n.t ar.la,

Dear sirs: As You have already been Informed
we have been employed by the executors Of the late
Edward S Janray. formerly the senior OF the firm
OF f. = Jafrray d Co. 10 communicate with you
bring,ng about a general settlement OF the affairs
OF the late firm of +. 5 Janray 6 60. We inclose
seventy-nvc per cent go in casn to be- paid within
five days from the date OF your consent On bchaN
& co.. ~ wish 10 stat- that they reluctantly ask
their cred tors 20 take less than one nun ircI
but the situation Is such that they fool c9inpeHeI
to aei; this rrbat" not WITH much hope OF saying
possible. something for The minor heirs VINO were
benefciaries under Mr. Janrays will
Speaking of the affairs e tho firm. one who is
in position to know said yesterday that the
offer a good ore and should be accepted
The liabilities f the firm. he said. were about
s5750000 besides a contingent liability that is
hard 10 ascertain. The assets are N50o0)0 in
stock which he thought would not realize over
CO per cent at sale; $50oG 600 in accounts and 81
o0,o1G in real estate subject 10 a mortgage OF
$3.50 900 ana a fcw other assets The N.50oo0o in
accounts he said. were all over the country, from
Maine to Georgia nearly 1000 in al. and what
they will bring is entirely problcmaticaL Put
ting these assets into money, thought he re-
ccivers. would involve great shr!nkage IN their
value.
Tho Trbunc's informant also said tha, the
proposition for the - per cent settlement came
through friends Il Mr. Janray. \ number OF
friends who are dcsirous of seeing avoided the
terrific Shrnk2Ce ana losses DN crOWslNR lle
debtors as wol as tho general sacrifice o. prop
city by forcing II on the market, have sub
scribei 10 n fund 20 buy up all the Indebtedness
of the firm II q speedy settlement can be made
with the creditors. u is highly probable that the
firm VIII ho rclrCnniZcd-a thing viii h would be
impossible II the good will WAS destroyed by liu-
cation and delay. 1t IS confidently expected that
all or at least the great majority u the credi-
tors Will prefer taking the - ger cont cash TO
waiting several yoars f1r thor money. which
might be more. and possibly less. than 10 per
cent.
The firm was ono of the Oldest In this country,
having been organized I'm 1909 The annual bust
ness has always been tremendous. and the Inn
ppr,atlons were large The credit Of the firm,
both at home and abroad. was excellent, and
there ls no doubt that II satisfactory settlement
can he made and the firm reorgani2ed II Will be
warmly welcomed back into the ira IL. The pres
cut firm consists ~ Howard :. Janray, John K.
T. Wollrn and sylvester \ Havcr. The re-
colvcrs were appointed by Justice OBricn on
March 3 They are James O Cannon, VICE
president ~ the Fourth National Bank: ~ u.
Irlllt,fI importer - 80 So Worh-st. and
Howard s .rafray member II the hrm.
Julrr Lawrence Of tho supreme Court ycstrr-
DAY granted AN order allowing tho receivers To
make settlements IN their discretion with any
enployos having contracts with IN" firm. and
+, nay presently In cash the amount ~ tho sotte-
ucnt in termination ~ tho contract, provided
thai the receivers think such settlement viii
be- clearly to the benefit ~ the creditors Of the
r~rt