The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-18

HOLICGu. LIldL
thus reduced to cash, with the exception of
two items, real estate appraised at $500
and the uncollected accounts appraised at
$4,000. 1t will be necessary. therefore, in
order to take the fund out of court, that a
trustee should be selected by the creditors,
in whose hands shall be placed the said ac-
tate for disposal. The amount Of cash
on hand at the present time for dis
tribution including the sum that e t, we we pro
propose that of this amount $4,000 in cash
be paid under the, factors agreements, $3.50
Claims, 5000 (estimateD for the expenses
of the trust, and 100000 to the first mort
gagees exclusive of the preferred stock
there would still be $5,55O in cash for dis
trihution. 400
banks and Arbuckle Bros, IS per cent; to
the merchandise creditors, including en-
ployes, u per. cent; A. B. Gates, preferred
stakeholder, 10 per cent.
''JTnder these percentages the New York
banks and Arbuckle Bros. would receive at
the merchandise creditors and employees
81 032. 80, A. B. Gates, preferred stakeholder,
$7.355; total. $73,55O.50.
for distribution of any moneys that shall be
collected in the future by the trustee. AS
the accounts already collected have realized
their full appraised value we have every
reason to believe that the same will prove
true Of the accounts still remaining unco,-
IeCCeQ. Inc ABOVE prOpOSlI1OH contemporaries
that all of the intervening petitions, except
those resting on factors agreements,
should be dismissed, and all the rights
hereunder surrendered, but that in the re-
plevin suits, where the property has been
actually turned over to the petitioners,
their right TO possession is not to be dis
turbed or contested in any way. The re-
pleyin suits. however, where the property
has not been delivered to the claimants,
are to be dismissed
THE FIRST PROPOSITION.
hiatt
proposition cannot be made to the creditors,
but when it was intimated some weeks ago
that we might be able to offer the New
York banks and Arbuckle Brothers for
borrowed money-6o cents on the dollar, and
the merchandise creditors 40 to so cents
on the dollar, it was with the understanding
that the appraisement of the accounts
showed them to be of the value Of $685.
and that the appraisement of the stock of
merchandise was so low that it's full APP
praised value, $4,000, could be realized. 1t
was also made with the understanding that
before any appraisement had taken place
there was over $4,000 in cash in the re-
ceiver's hands, stated by him in open
court. 1t now transpires, as a result of
the sale actually made, that instead CT
realizing the appraised value of the stock,
fixtures and machinery, we fall short of the
appraisement $1,000. The cash on hand at
the time of the appraisement, instead of
being over $1,000 as represented, is but
little over 5000, and in the appraisement
of the accounts certain items were dupn-
Gated and certain collateral held by the
Capital National Bank of this CITY, and for
which it had been given credit in our esti-
mates, was also included in the appraise-
ment of accounts. The shrlnkage of the
estimated assets by reason of these various
items is nearly If not quite, $4,000. When
this was ascertafned it became necessary
that we should revise our figures, and we
have done so accordingly.
I'VE have tried TO. treat all creditors with
the utmost fairness, and have made every
effort to bring into the fund every dollar
that could possibly be secured in any way,
and the result of our efforts is as above
stated Should this proposition fail of ac-
ceptance for any reason. we beg leave to
suggest that outside of the first mortgages
the amounts TO be realized by the other
creditors, including the second mortgages.
will be much less than now
offer. and, indeed as to the general cred
itors. we are satisfied they will receive
nothing. In event this proposition is de-
cIined, nothing win be brought into the
fund. 50 that the assets will be reduced 1T
once $41 go on that account and the ex-
penses of notwithstanding the trust. with all