The Portland daily press., 1900-05-22

what business has this ins0lyent cor
poration done during the last sis
monthsf'' asked Judge Webb. "Doesn'i
9 general assignment put a man out Of
businessi'
Mr.. Reed said he believed the new form
of bankruptcy law has the same meaning
as the old form, but IL doesn't seem tc
flt this particular point as well as the
old form.
THE question in my mind" replied
the court, ''is where, for more than hall
Of the last six months has this corpora
ton done its business"
Mr.. Williams next addressed the court
referring to litigation pending In the
Massachusetts, district court in regard
to Frank o. Squire and Frank o.
Squire a. Co., whose interests were close
Co. II the case now in question is heard
in Maine, question will arise as to the
cooperation Of the two courts. This,
he believed, was another reason why the
transfer asked for should be granted.
John G. Coombs OF Boston made a
lengthy and earnest argument for the
petitioners. He said there Is no question
that the case is properly within the juris-
diction Of Maine, and there Is great
question whether II could rightly be
transferred. Too much stress had been
laid on the question Of convenience.
1.-The conveniences Of the court should
also be considered" he added. I'm
stx..A a~ I'll.
back to Maine, and practically says that
II the Maine court fails to act and turns
us out, then he win see what can be
done for us, after he returns from his
vacation. We stand on our rights and
on the law as 1t was given to us in a
proper court In a previous case"
Replying to Mr.. Reeds argument, Mr..
Coombs said: 1.-THE distinguished coun-
sci has referred to the going business
Of this concern. 1t Is going business,
but it is going the wrong way very fast,
and II the present assignee is allowed
to run 1t much longer, there won't be as
much left for the creditors as there Is
now. The business ought to be sold as
quickly as it can be, and the money d.
vided among the creditors.
Mr.. Coombs said further that John p.
Squire & Co. were doing business under
half a dozen names, and there is no valid
reason why these allied concerns should
be considered in their endeavor to stay
bankruptcy proceedings.
"The purpose Of the clients Of Mr.. Reed
and Mr.. Storey is not to have this case
adjudicated In Massachusetts, Mt all, F"
said Mr.. Coombs. He then referred to
question that had previously been
raised as to John p. Squire's title to
certain property, and added that he
wanted that question settled at once.
He wanted to know why the corporation
in question hadn't been heard from in
this hearing.
George B. Nutter Of Boston said II 1t
were merely question Of convenience,
he would not object to a transfer, but II
Mr.. Storey would withdraw that part
Of his pleading relating to the six
months" there would be no objection to
making the district Of Massachusetts
the battle-ground.
Mr.. Coombs added that nothing short
of adjudication In Maine would suit his
clients.
Mr.. Hale spoke briefly against trans
fer of the case.
Samuel ]. Elder of Boston, in behalf
of the insolvent firm, was in favor OF the
transfer, but said he supposed the con-
venience of the insolvent debtors was not
Of great Importance as compared with
that of the creditors. He refuted an in
situation Of Mr.. Coombs that certain
creditors of the firm had received from
the firm stock that ought to be turned
back into the assets.
Mr.. Reed replied to Mr.. Coombs, say
ing: "He speaks of the question of con
venience and belittles it, as If it were
simply question of sitting down on d
hard or soft chair" He then reiterated
his statement that So per cent of the
creditors had agreed to a continuance
of the present management; that it car
be proven that the business under tn,
assignee is being run at profit. Thes'
petitioners have not been injured by th'
present arrangement, and they have wait
ed three months before taking advantage
of their rights in the matter. The essen
tial factor In the case is to keep theil
business going. The Maine creditors arr
not unanimous for an adjudication o
the case in this court; some of them pre-
fer that 1t be taken to Boston. 1t ough
to be as closely congested as possible
because it involves tremendous interests.
Judge Webb said he didn't quite un
derstand the right Of transfer. If h
should send the case to Massachusetts,
and Judge Lowell should decide that i
does not belong there, the condition
would be worse off than 1t is now. Th'
question of advantage and convenience
is one of considerable Importance. TIL
creditors are not the only parties to b.
consulted; the judges, witnesses and thu
bankrupts have rights to be considered
He said that jurisdiction of the Massa
chusetts district had been denied, but Il
had also been by the same parties affirmed
by implication, II not in expressed terms