The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-11-06
THE FAILURE
sim the Topic Uppsrmo.s a. che Pabne
Mtnd.

uppsrmass In the public mind In ort-
land and the discussion OF the crash goes
steadily on but there are few addh lonsl
particulars to be learned until tie as
signess make some statement the
firms affairs. It was stated Sturday
thar the assisnees In their exain hation
of the books he'd found that msts be were
not In q shape as bad as had bes feared
but what foundation there was for thi-
statement did not appear. Naturally
there Is great interest expressed In the
terms OF the assignment ant 1.-THE effsct
of that document upon the ksnhins Of
the firms creditors. The fist effort Of
the assignees to eSt the or titors to as
s,nt to the assignn mt W, 4 unsuccessful
The creditors declipeS sign on the
ground that no st,tamep had b,en fur
nIshed of the assets and liabilities of the
firm; and it is probs De that n, such
assent will he forth coming until the
statement is made.
Ii will bs possibl at any time within
the next four mcnt6s for any creditor t.
attach the assignment and thus force the
transfer OF the settlement to the bank
ruptcy court. J'his, however. would in
volve n lnrge expense, which the business
Is littl, asls tu stend.
The most conservative estimates Satur-
day seemed to point to about s25e,0oo as
the amount of the deposits. The drm
had also borrowed much money of banks,
principally In the city OF Portland 1t Is
estimated that they had loans amounting
to half q inillion dollars. To secure these
loans they had of cuurse to put up secur-
tiles TO q value generally above the faoe
of the lean. In some cases where the
collateral has DEPRECATED In value Wood :
bury 81 MouItou have been called on to
put up more,
Conservative inaEcisrs seemed TO in
cline to the opinion Saturday that about
all the assets of tNe firm have been put
up to secure these loans, and that after
the creditor banks are satisfied there wi u
not be much margin left with which 10
satisfy the depositors.
There have been many rumoIs oircu-
latei about the street during the last
few days that on account of thu failure
the city would lose heavily. II
was reported that certain tax payers in
Woodbury. 81 Moulton,
City Treasurer Libby, who was seen by
a PRkSS reporter Saturday afternoon,
said, regarding tie subject: "The cit
will not lose a cent by this failure. l
have found in my mail the past two days
checks on the firm of Woodbury. Il
Moulton in psym ent for tax bills. These
are, of course, no good and 50 / have paid
no attention 10 them. l should say that
these bills amounted altogether to 5000
or $4,000.
zone cheek amounting to q little over
SO was offered which was on the order of
Woodbury. q Moulton, but the party who
offered it came in yesterday and paid us.
Four checks, the largest which WAS $50
were on Woodbury. 81 Moulton. hut when
they were depositsd, their payment was
of course refused. The checks payable by
Woodbury. 81 Moulton have pinned onto
the bills and when they are paid, will
receipt Them"
The PRkSS Saturday secured cop1
of the asst nment which 10 on Tile at the
registry of deeds and the document is
printed below:
This indenture made and entered into
this lst day OF November, In the year Of
Our Lord, 1899. by and between Theodore
q. Woodbury. and Edward Ii. York, each
of Portland In the county Of Cumberland
and state Of Maine, copartners doing
business in said Portland under the trm
name of Woodbury. " Aoulton, parties of
the first part, and William NJ. Bradley
and Harry M. VerFill, each of Portland,
in ssia county, parties of tho second part.
Witness tt, That whers tho said parties
OF the first part are insoivent
anu unable to pay their debts at maturity
and are DESTROYS of providing for their
pas ment by assigning all their pro-
p0rty for that purpose:
Now, therefore, the said parties of the
fIss part in consideration OF the premises
and of one dollar 10 each OF them In han
paid By the said parties Of the ssoond
part, have granted, conveyed, barGained,
sold, assigned, tran sferred and sat over.
and by tn, 50 presents do grant, convey,
bargain, sell, assign, transfer and set
over into the said parties OF the second
part all and singular, their oopartner-
ship and Individual estate, real and per-
sonaI, goods, chatteis, efe,ts. credits,
chosos in action, and property Of every
name and kind. whether held by and in
the name of said parties of the first part
and each or either OF them, or by and In
the name of any other person for them,
except such property, IL any, cid or
owned ny Salu pal VI tHe ufbt part
separately and Individually as Is exempt
by law from levy and sale under exeou-
tiou. To have and TO hold the same and
every part thereof unto the said parties
of the second part, their successors and
assigns, in trust, however, TO take possess
sion of the same and to sell the sans
with all reasonable despatch and convert
the same into money and also to collect
all such debts and demands hereby as
signed as may be colleotable AMI with and
out of the proceeds Of such sales and col
lections
1. To pay and discharge all the just aud
reasonable expenses, costs and charges
of executing this assignment and OF car
rying into effect the trust hereby creatsd,
together with lawful commission to the
parties of the second part for their services
in executing the said trust.
3. With and out of the net proceeds OF
the separate and Individual property OF
each of tine said parties Of the first part
to pay In full his separate and individual
debts and liabilities. II the net proceeds
of the separate and individual property OF
81 Of ka