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

A compromise arrangement for a 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 chance to settle his banking at
fairs in a manner that would not entail
too great sacrifice either upon his credi-
tors or himself His liabilities showed
sum total of s60,O00 while the assets at
| what he considered a conservative esti-
mate, amounted to between Sl3O,OOO and
| $4,000 Mr.. Hopkins asked for three
| years in which to adjust matters.
The creditors, of whom there are $50,
were represented by ATTORNEY 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 co troll of the property
and allowed to go on and dispose of IL 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 in 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 r. D. Stoeltzing were elected trus
, tees. AS this method of settlement re
quired contract, to be signed by all tn,
creditors, the meeting adjourned to NEE
Saturday, in order to give time to draft
f contract in legal form.
5 AT Saturdays meeting the contract wa
, presented and signed by all present. VI
r to the present time not all the signature
] have been secured as some live at dis
f tance, but so far all who have been seei
$ 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
~ II 3 -GGzer $50 and less than 500 be paid i
n thirty or sixty days or As so6ff- fer II
small ones are paid as possible. Ther
= are funds sufficient from overdrafts, etc
o that can be realized upon without muc
S delay, to cover these small deposits. A
O ter these are paid, the larger deposition
: will receive pro rata dividends as fast a
Il reasonable amounts can be realized fror
o the assets, the time limit being thre
= years. While some would like the term
II of settlement otherwise, all agree thf
- the one adopted is the best possible fo
i getting full payment for their claims.
o PiedSdntUiite Record