The Providence news. (Providence [R.I.]) 1891-1906, 1897-11-27
MADE AN ASSIGNMENT.
Continued from Page I.

In the hands Of ATTORNEYS Edwards ~
Angel for collection. The writ was
served by Deputy Sheriff Barrows ana n
keeper was put on the premises. ana no
remained there after the assignment hao
been announced. =
AT meeting OF the directors 10 was
shown that while the liabilities are about
$50, coo the good assets are fully SlOU, oJu,
with about $40, coo OF questionable assets.
The latter arc principally In bills re-
ceivable which may or may not pan out
At all events there appears To be sur
plus of SO, 900 in good assets that lndl-
cate the payment of creditors in full.
According to the finding of the director
the 500, 900 liabilities include n ~ UOo
mortgage on the Savoy on Mathewson
street SO 600 in outstanding notes anu
$40, coo on merchandise accounts. lhe
assets include an equity in the De WOLF
Ina at Bristol. an equity in the savoy,
bills ard accounts receivable, properly
involved In the immediate business ana
about $35, 900 due from Mr. Illllnghast
personally. Sl5. 00O on his own account anu
$40. 600 on the account of the old nrm of
Tillinghast * Co., for which he Is SAID
10 be responsible
Mr.. Iillinghast. in an interview with
News represe ntative, said that the assign
ment was caused by the maturing OF
notes and the need OF cash. The notes
have matured rapidly within the past
three months. lie could not give the
amounts, but they came so fast that
there was nothing else TO do but make
the assignment. lie also stated that the
delay in opening the DeWolf Inn was
source OF loss to the company. Continu-
ing, he said that former partner In the
company. Mr.. William ID. FlagR. who
was az one time tho treasurer. and who
retired from the company about TWO
years ago, owed the company about
S33 600, aud the carrying of notes on this
account was n burden on the company.
Mr.. Elagg had turned his stock, amount
ing TO about $50 900, ovsr 90 the company
10 balance the debt. but that uld not
afford relief as there was no ready money
in the transaction.
Mr. flagg did not see his part OF the
| transaction in the affairs Of the company
| in the light in which they had been pre-
sented by Mr.. Tillinghast, and be said
| % The News that when tho firm was
| made n company about s32, coo worth OF
| stock was sold to outside persons and the
| rest was divided between himself anu Mr..
| Tillinphast. He took about S92. 600 worth,
| and Mr.. Tillinghast about SlO5, 900. Dir.
| llagg said that hs gave the company
| note for $500. The. American National
| Bank had notes for sou 900 against the
| company for u year or two, and Mr.
| Iillipghast took up more ot the notes
! than 1 did lie paid the sum OF $50, UOO
| ana Cancelled notes for that amount, while
/ didn't nay anything at that time. That
| is what he calls my indebtedness TO the
| company. Afterward, when affairs were
| settled up the whole thing was Cancelled
| and l do not Mt the present time owe the
| company anything. | have delivered up
| my stock for the cancellation Of those
| claims against me When l gave up my
stock IL was Tot directly TO Alr. Iilling-
hast. He traded the note for which was
responsible for the DsWolf Inn, and then
the parties who held the note traded it
for the stock that l held.