Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-04-07

5. JaRray, Mr.. woodrir and Mr..
Hurst
Mr.. Janray's death occurred en-
April y. 1892, and ever since then 'he
executors have been DESTROYS Jt ind
ing some means 1f winding up the
estate satisfactorily They finally Ie-
sided 70 have receivers Ilpolltel.
At-er securing the Agreement % the
two ether members OF the hrn1- Iqln
p WJgdriI and - lvestar A. H4vir,
Mr. Hnvtr brought suit In the u
preme clurt lEd asked that reservoirs
De appointed The papers were sI1-
mltt=d 70 Judge O'Brieu. and IN
Saturday night he granted the mo
tlgu and appointed as receivers J. c.
Cannon. the vice president % the
Fourth NlLJuaL balk- a D IutliA I.
senior member OF the dry goods arm
OF A .. Juilllrt K Co., OK IS WJr.h
street. and Howard :. IlGray.
Nj J. Edward Simmons was asksi
about the Affairs % f. : JaRray &
Co. and he sa-I thlt. In his Jpialln
the Liquidation Of the arm through
Messrs. JaIray. Juillari and Cannon.
a. receivers, was a very iutlcl1ls
step. and could not fan - result
very ta-aruJly 70 all c1ncerryI.
There should be absolutely 10 lss 70
tie creditors. but all would la te-
I n 4
tbs liquidation
Air. simmons said that the situa-
tlnu Or .he arm was peculiar. Mr..
Z. s JlHr4v. -.ho died IN Np-l. l,sl.
had been substantially the sole capt
t1ls- % the firm He provided ny
his will that the business should con-
uIue Tor three years after his death.
his own large capital lld even his
outside property remaining mean
while at the risk % the business.
Under all ord nary circumstances the
surviving partners would have con-
unuet the business under the most
favorable auspices. but the past tvgy
or -hres years had been very trying
years IN the dry goods i1bhiug bust
ness. and the firm had lost over half
million dollars by depreciation ~
merchandise and through rsal.za-
lions. In addition % this. the haan-
ci1l ge5lurces q the firm had been
greatly reduced by the gradual wiki
draW14 ny third parties % moneys
W14ch hl1 been lest IN deposit With
the rrm during Mr. JaMray's life
time. One amount o. 500 900 which
had been with the firm over 3 years
hId been recently Withdrawn In
thls way 1var $50 900 had been taken
from the firm since Mr.. ARRAYS
oenth- There still remained on DE-
posi- With the irn nearly 81. 600 900
Que 10 third parties. whlch vas SUBJ
1ect 70 payment on demand. Thes.
depl@ti1ns q the firms dnInesaf ~
sources rendered the further cgnttriI-
ance Of the business apparently IN
ADVISABLE. especially Ia View OF the
tAct that rhe annual expenses Hsrr
very llrge-0ver $500 900 NaarIy
three years had elapsed since M
JaIiray death, and the time FOR .he
Nithdra"ai q his capital was ap-
proachlns TIE estate had suffered
4 considerable dfminution from the
nrrn's losses. and the beuefIclariss
were naturally sJliritous that thee
should De no further risks Incurred
Although the rrrn's assets apDaa-at
larvely to exceed It's liabilities sam
the hrst step toward Iiquldation
wound necessarily lsn1 70 a all Tor
the ifumc'iia;a pay ai~ut " n. large
1epos't liabilities, l1l these the nrin
ruu'd not meet Lp1n demand. A con-
Jlrinu " -echnl al insolvency xas
therefore. imminent timber these cir
euustances the ucrtners prudentiy
sonrnr the advice u financial and
business friends. and .hay We're ad-
Nlsed tat the only wise course gor
me prctesii'a u he creditors, as
well ~ % tie Ian-a = cssase. MS the
lmmc,fi1l. iisauhlth,n of III. Arm a,fi
ta- hguidlriur % the busIrass
through recei 'ers Mr. Juiilllr.i ~,
- actst 10 represent the uict, A.,dlsa
eredlt1rs and Mr.. Sam u - rrpre-
seht the hunks Interested. whfl.s The
senior men ser q he fr-ii, NJ. Nov
arr Iafrruy. who WIS ALA ars ~ me
Iaifrny executors. was Associated
wIih them These gentlemen WiI -
generally recognized as emnreutlv ~
u make the most favorable upuifa-
ton. and the creditors viii an h.
paid pro rata as the property L, rear-
iied. There viii be no preferences
Mr.. Simmons further said that n.
had closely examined the Statement
% the Arm. and felt every conhdenre
that there should be realized a e,,-
siderable residue Of the capital sor
tns Jaugay estate after the uayrna7,r
% All the arfl's debts. The toni -
d=fietness " the rtrn ANS .tb.,,,-
NN'NoA Any other course than tbs.r
taken would have resulted he -
ihyed, IN 5szi0us losses through sutt.
essisnmeuts and an the legal con.
hscts mat are usual In stich cas.-s
As = Is, there can arse no cuun--,
between the Iaffray estate and ne
FIRMS CREDITORS, and the busir,sss
ss.-
The business eaue By this house