Delaware gazette and state journal., 1896-04-16
One Of the Worst in the History Of
the City Of Wilmington.
THE TRUE CONDITION OF AFFAIRS
Creditors to Get Between S
and IS Per Cent.
RESULT OF THE MEETING THURSDA

vi lub tNtT hDDWn III III
its history. Instead of paying dolIar
for dollar Of the Indebtedness, which
was ventured about the time of tho
voluntary assignment two months ago.
the indications are that the genersi
creditors of the firm will receive b
tween 8 and 10 per cent.
The true state of the affairs Of the
inHolvent firm was exhibited at meeti
ing of the creditors Thursday after
noon in the assembly room Of the Heald
| Building, northeast corner of Seventh
and Market streets The attendance
was good, but small as compared with
| that of tho meeting on Saturday last
John S. Rossel presided and George
A. Elliott was secretary Among those
present were John ii. Dandy, cashier
of the Union National Bank, and Ohio
Nowland, treasurer of the Equitable
Guarantee and Trust Co., the assignees
of tho firm, together with their coun-
sci, William S. Hilles.
| The committee TO confer with the
assignees submitted the following re-
| port:
"To the Creditors of Head & Co:
The undersigned, committee appoin tod
pursuant TO resolution adopted at
your meeting on April 4th, 1896, beg
leave to report as follows:
THE committee have examined the
several statements prepared by the as
signees showing the condition of the
accounts Of the late firm, and have adj
vised fully with the assignees respect
ing the estate, its condition, and pros
pect OF keeping it together and manag-
ing il for the benefit Of the creditors.
"The entire ascertained indebtedness
Of the firm appears to be S29l, 532. 40.
1t is estimated that this amount will
be augmented by a loss through con-
tingent liabilities, of at least sis, 900,
and interest is accruing on the greater
part of the debt, so that il will doubt
less exceed S3l0, 900 in round numbers
before final settlement.
"The total appraised and estimated
valuation Of property Of the firm pledged
ia SlS2, 000 From this amount there
would probably arise about Sl1. 900 in
equities, in specific cases, which would
be applicable to general debts. The
assets Of the firm, inclusive of the
above eqmities which may be con-
vertod to meet the general debts, are
estimated at $50, 600.
''The general debts amount to about
Sl22, 600, to which must he added the
deficiency in secured debts resulting
from insulliciency Of collateral. This
would make the total debts partici-
patiug in the distribution of the above
mentioned $40, 600, about Sl37, 600. 1t
, ia of course doubtful whether the
, equities will be fully realized and it
, must also be borne in mind that the
, above amount of $50. 600 is subject to
deductions for charges and expenses in
settling the estate.
sin regard to the advisability oi
I - T.. Il
hope of realizing better results in the
future, the committee are unanimous
, in the opinion that ii would be to the
i advantage OF the creditors to close the
estate as soon as the assignees deem il
, practicable to dc so. The property, as
, whole, IL not self supporting, and tht
3 fixed charges would make il necessar,
a TO raise a considerable amount of cash
\ il the estate should be kept open.
) Respectfully submitted.
"John S. Rossell,
/ "T. Allen HIles,
''Joseph A. Richardson,
/ Howell S. England,
Committee. !"
"April 9th, 1896"
The reading uf the report was fol
4 l,wed by very full review Of thu
a situation, many questions being asked
j. by the creditors and answered b,
+ Chairman Rossell, Assignees Danb!
a and Rowland and Mr.. Hiles attorne,
q for the assignees.
4 On motion OF William NJ. Candy
n the, report of tho committee was ac
s cepted and the committee was con
Q tinued with authority TO assist th
c assignees in the settlement of the estat
;, and to cali meeting Of the cIeditor
n whenever deemed advisable.
! In the last paragraph of the repor
9 the committee favors the closing up o
d the estate as soon as the assignee
deem it practicable to do So 1t ap
peared in the discussion that the as
signees might be able to carry tn
property at Seventh and Market streets
j. where the firm formerly had it's office
! 1t was thought advisable to do so a
Q the property ought to sell for more thai
0 the amount of the mortgage, which i
. $25, 900.