The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1896-07-22
Creditors OF the II. ]. Hopkins Bank
Arranging Settlement.

A compromise arrangement for set
tlement with the creditors of the II. J.
Hopkins bank is now being effected,
which looks favorable for all getting dol
lar for dollar of their deposit or loan.
Mr.. Hopkins called his creditors to-
gether last Wednesday afternoon, at the
opera house, and explained clearly to
them the situation, gave list of his as
sets and Liabilities and asking that he be
given a chance to settle his banking at
fairs i'm manner that would not entail
too great sacrifice either upon his credi
tors or himself His Liabilities showed
sum total of 100000, while the assets at
what he considered a conservative esti-
mate, amounted to between Sl3O,000 and
$4,000. MIR. Hopkins asked for three
years in which to adjust matters.
The creditors, of whom there are l50,
were represented by Attornev Byles, of
Titusville. Mr.. Byles told the creditors
that there were three courses, any one of
| which might be legally pursued in eff
| fecting a settlement. The assignees
could be instructed to go on and dispose
of the property in the time and manner
prescribed by law; Mr.. Hopkins could
be given absolute control of the property
and allowed to go on and dispose of it as
he saw fit, with the unanimous consent
of the creditors or, by their unanimous
consent, one or more trustees could be
appointed to act alone or in conjunction
with Mr.. Hopkins, in disposing Of it
to the best advantage. The feeling
of the meeting was decidedly friendly
toward Mr.. Hopkins, and when the voice
of the meeting was called for, by stand
ing vote, to decide whether to grant him
an extension of three years or not, nearly
everyone i'm the hall arose to their feet.
Mr.. Byles suggested then that commit
tee be appointed to confer and beside
which of the different courses to adopt
in making a settlement. A committee
of six of the creditors was appointed
and, alter comforting, they decided thai
the most equitable adjustment could be
effected through the appointment o
trustrees to take charge of the property
allowing MIR. Hopkins to work under
their direction in disposing of it and set
tling up the accounts. Thomas MaguirC
and X. d. Stoeltzing were elected trus
tees. AS this method of settlement re
quired a contract, to be signed by all tn,
creditors, the meeting adjourned to NEE
Saturday, in order to give time to draft
+ contract in legal form.
AT Saturdays meeting the contract wa
presented and signed by all present. Vi
to the present time not all the signature
have been secured as some live at a dis
tance, but so far all who have been seel
J have signed the contract
The contract provides that all deposit
r under $50 be paid Immediately that is
within a week or two, and all deposit
f f 3 -99ESer yer $50 aud less than 500 be paid i
4 thirty or sixty days or As s66ift- fer th
small ones are paid as possible. Their
= are funds sufficient from overdrafts, etc
D that can be realized upon without muc
$ delay, to cover these small deposits. A
? ter these are paid the larger depositol
= will receive pro rata dividends as fast a
| reasonable amounts can be realized fror
Q the assets, the time limit being thre
= years. While some would like the term
! of settlement otherwise, all agree thS
the one adopted is the best possible fo
getting full payment for their claims
o PIedSdHtUilie Record.