The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-26
MEETING OF CREDITORS.
Proposition Of Settlement Was Offered by
W. D. Cleveland & Co.
BASIS OF FIFTY CENTS ON THE DOLLAR
Cne-fourth to BE Paid In Cash, Hal
ance in Notes-PIaced in Hands
of a Committee.


petition in bankruptcy with the Federal
court at Galveston, attended the meeting
held at the offices of Hutcheson Campbell
G. Myer, the firms attorneys, in this city
yesterday. During the session eighty nine
claims were allowed by the referee. MIR.
w. D. Cleveland was examined, as is re-
quired by law and proposition of settle
ment which was offered by him was re-
ferred to committee Of creditors. Action
In the matter OF the selection of a trustee
was deferred to the next meeting, which
is to be held at the same place on next
Friday, September l.
The meeting was called to order yester-
day morning by Judge j. r. Burnett OF
Galveston, referee in bankruptcy, who
presided throughout. The examination
of Mr.. Cleveland having been commenced
number of questions were propounded to
him by the referee and creditors.
He was asked il he had thought of max
ing proposition OF settlement and replied
In the affirmative. In answer to request
for an outline of the same he stated that
he was making determined effort towards
getting the matter in shape and that he
had great hopes Of success. He would,
he said. try to arrange to, II possible, offer
his creditors a settlement on basis of
so cents on the dollar. % per cent OF such
amount to he paid in cash and the re-
mainder In SIX notes of equal amounts due
in six, twelve. eighteen, twenty four thirty
nd RI uu
interest. In looking over the list of cred
itors he had found about i00 whose claims
were for amounts less than $20o. and he
proposed to make an effort TO pay in cash
90 cents on the dollar Of said amounts.
The interests with which he was negotiai-
ing for assistance could. he thought, be
induced to supply the amount necessary
to carry ont the terms OF the proposition.
AT the close OF the examination the cred
itors agreed to allow the estate TO remain
in its present condition until September l,
at which time a trustee would be selected.
In the meantime 1t was agreed to appoint
a commiti-- to Investigate the situation
aud to report at the next meeting as to
what in the opinion of It's members, the
estate is able TO pay, and also to confer
with members of the firm concerning the
proposition OF settlement already out
lined
Judge Burnett appointed on the commit
tee in question Messrs. Branch Mastersor
of Galveston, r. w. Sewall % .Touston.
j. Il. McAshan Of Houston and NJ. Las
ker of Galveston, all OF whom were pres
emit The appointment was unanimously
confirmed and the committee announced
its determination OF getting TO work at
once
The estate will. until next Fridays meet
ing continue to remain in charge Of Re-
ceiver S. Taliaferro.
Referee Burnett. in conversation with a
representative of The Post after the meet
ing. expressed himself as being will
pleased with the progress made, He ex-
planned that, under the bankrupt law, If
the creditors representing the major por-
ton of the total amount dtle agreed on a
basis of settlement and the same was APP
proved by the court that the remaining
creditors would be compelled to accept
such basis, Under the old assignment law
a majority Of the creditors ruled in the
premises. the matter of the size OF the
amounts owed them having nothing to do
with the case. Judge Burnett gave as his
opinion that If matters continued TO move
along smoothly. the firm would soon be
able TO regain its footing.
Practically all of the creditors who re-
side in this section We're present at the
meeting. The foreign creditors were rep
resented by attorneys or by their travelling
men.
The accounts proved up and allowed by
the referee were as follows:
w B Patton & Co., Clarksville,
Texas Observation-Disclosures. Sl9 80
Huteheson, Campbell e. Myer,
Houston, Texas .,......,.... 7i3 60
Jacques Manufacturing company
Chicago observation-disclosures. ii 20
Stephens & Mcdonald, Sulphur
Springs, Texas .............. IL is
w. L. Dinwiddie, agent, Led
better. Texas ......,....,... % II
Harry Davis, Houston, clerk. 10 90
First National bank Of Houston
Texas Observation-Disclosures. 1850 90
John Lang, Sandy Point, Texas,
notes Observation-Disclosures. 1905 25
John Lang, Sandy Point. Texas,
account Observation-Disclosures. 1890 81
A. Thackson & Co. Galveston. 2S2 90
John X. Chandler, Ash. Texas Ais rs
Houston Drug company Houston 10 43
The American dashboard COM
pany. Cleveland, Ohio 1890. ss2 90
w. c. Davidson, Wells, Texas. 2S2 81
Keokuk Pickle company, Keo-
kuk. Iowa ...........,,....... 204 CO
r. Durham, Forest. Texas .... $50 60
J. II. McMahan, Merryville, La, Ar IS
Jones Bros, Louisville. KY >. so
NJ. NJ. Levy G. Co.. Galveston. 92T 90
Continental Tobacco company. ASS 96
First National bank, Maunehok.
Pa. Observation-Disclosures, 5000 90
c. f. udell & Co. III. r. KEEL
Ier) Observation-Disclosures. 200 rs
American Cereal company ...... 107 so
Schaefar Bros Manufacturing
company, st. Louis ....... &C so
American Sugar Refining COM
pany NEUTRALITY-SUSPICIOUS.. s,s1s IS
Gus w. Tips. Jr. ............... Is So
+. Cannon Commission company 1876 16
j, j. Kaufman ................. 10
j. N. Hirsch .............,...... i6 95
]. T. Bartlett .................. % IA
ID. Peters observation-disclosures. 40 80
w. d. Willis ..............,.... II Al
Libby, Mcneil & Libby. % 20
s. f. Souther ........,......... 60 10
Lorenson a. Hopper ............ 81 81
w. l.. Cook, Groyeton. rexas.... &c 90
Nelms a. Manner ............... 1853 0S
III. j. Mangum ...........+....., II 81
NJ r. CIack, Monaville ........ 80 40
T. r. Pollord, Beaumont .-.... 90
Jsrvis Bros. Troupe .......... los &C
H. G. JanYisoD, Columbus ...... IL So
Carson. Sewall & Co., Houston. 10 As
r. A. Walters, Schulenburg -. 16 AZ
Ho, Ayers, Liberty ............. 3 90
j. i. Birch. Corrigan ........... 81 95
Josephlis C.. Brown. La Grange. 705 81
j. NJ Harrison. Flatonia ...... las Is
Latham. Alexander g. Co. ...... 27,347 &c
South Texas National bank.... S1.914 rs
Houston National bank, ......., 5000 90
Houston National bank. ........ 4.345 %
Diamond Match company .-... n 73