The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-18
AN OFFER To CREDITORS
FULL TEXT OF THE PROPOSITION ny
KRAG-REYNOLDs ATTORNEYS.
Assets of $172,3O0, Including $4,000
Added by the COmpany-Lia-
biIities, 1924, PAT.

Hawkins & Smith, Grifiths q Potts, Hord
& Perkins and Henry n. Span, attorneys
for the Krag-Reynolds Company, have pre-
pared and submitted a proposition of set
tlement to the creditors of the defunct
company. it has been ascertained that the
liabilities are nearly 100000, while the as
sets amount to but s1720 900. The interests
of the creditors and their rights are so
varied and different that it has been
matter Of great difficulty to arrive at an
equitable basis of settlement upon which
to distribute the assets. The attorneys
think they have done as we'll as possible
in the following proposition:
ITO the Creditors of the krag- Reynolds
Company-On behalf of said company we
beg leave to submit the following state
ment of facts together with a proposition
edness of said company. The amount re-
allied from the sale of the stock of mer-
chandise, furniture and fixtures was $4,000.
from which must be deducted an item OF
81, 450 included in the cash balance in the
hands of the receiver, and representing
goods to that amount included in the in
Yentory, but sold by the receiver before
Mr.. StoutS purchase, and the further sum
of $3.50, being the discrepancy between the
value of the goods delivered to Mr.. Stout.
The cash on hand to-day, as we are in
formed by the receiver, exclusive of the
amounts received for the stock of goods
and fixtures and machinery is $4,000 The
fixtures and registered trade mark have
been sold for 1850. The uncollected ac-
counts at their appraised value are slightly
in excess of 1923, 600 There is real estate in
which the firm has an equity, and which,
conservatively estimated, is, as we believe.
of the value of So 500, The said real estate
consists of eight pieces of property, includ-
ing a good house and lot on the corner Of
old Fifth ands Senate avenue, in this city,
appraised at 5000, on which there is an
incumbrance of 81, 800. There are also sew
eral lots located in different parts of the
State, which are incumbered, and several
houses and lots which are mOrtgaged, but
on which there is still good margin. The
receiver has paid out for insurance on the
stock between 81 900 and 81 ,100 on which we
estimate, as the insurance has been run
ming less than two .msnths, that there
should be rebate of at least $780, In addi-
ton to the above assets we propose, If a
settlement is effected with all the interests
or it's equivalent represented by short
time paper, which can be readily dis
counted, the sum of $4I000 Reorganization:
Cash on hand collection of ac-
Cash Sale of stock and fixturesjj. eS'iSS
Machinery and trade mark. 1,500
Real estate ...........:............ $500
Uncollected accounts appraised
Value) OBSERVATION-DISCLOSURES. 23,UO0
Rebate on insurance .................... 800
To be added to fund. .s..........,....... 4,O00
Total .................... .$172, 800
THE face liabilities of the company are as
follows: roHat!os
First mortgage creditors, excluding
preferred stockholders. .......... $72O00.O0
New York banks and Arbuckle
Bros. ........ ....sss.......'.. loVVV.W
Factors agreements ................. 100000
Labor claims ACKNOWLEDGEMENTS. 1,44751
Merchandise creditors ............... 58.S00.O0
mated) ...,..............,.... 100000
Total ..........$ 1924. 247. 81