The Portland daily press., 1900-05-22


opinion that have nothing to do with
the amount Of indebtedness. am here
70 protect the interests Of every creditor,
large or small. y
The Hon. Thomas b Reed then briefly
addressed the court giving list Of those
corporations whose interests he repre-
senfs
Judge Webb at this point requested
Mr.. Williams to read his petition in full,
which was done. Some questions were
asked by the court in regard to the H.
ing Of the first bankruptcy petition in the
United States. district court in Massa-
chusetts, March 20, and the two inter
vening petitions. He then renewed his
argument for a transfer Of the case.
ut does not appear to me now that
have right to transfer the case" said
Judge Webb. do you want me to ar
rest the whole proceedings here and send
the case hack TO Massachusettsf'
Mr.. Williams replied that was just
what his clients do want. He cited sec.
2, clause 10, of the bankruptcy law
which states that courts Of bankruptcy
may transfer cases TO other courts OF
bankruptcy" and argued that such
action in this case would be for the
greatest convenience Of the parties in
interest.
Mr.. williams further stated that all the
attorneys present, with the exception OF
those representing the petitioners, are
in favor OF transfer. 1t would be much
easier for nearly all concerned to have
the case heard in Boston.
Mr.. Storer said he was In favor OF a
transfer, and asked If the court would
hear further argument in support of Mr..
Williams motion.
Yes" replied Judge Webb, with Q
smile, 81 will hear whole regiment OF
YOU"
Mr.. Reed, whom several Of the attor-
neys had been urging to speak In favor
of the motion, went forward to the rail
and addressed the court at considerable
length. 1t was the first time he had been
heard in court in his native city In more
than 20 years, and he was listened to
with great interest by his fellow attor-
neys and the spectators who filed the
seats In the rear.
"I will assure the court" he began,
with characteristic good nature, that
this particular company of the regiment
will not detain your. honor long. But the
question raised Is one Of great impor-
lance, both as to law and the matter Of
adjudicating the rights of many people
concerned in this very complex case"
He said that first, there is only small
number Of creditors who want bankrupt
CIV proceedings to ensue. The others,
whose claims represent about 5000, 600,
are on the opposite side and want the
business of John p. Squire & Co.to con-
tinue as 1t Is now, in the hands OF an
assignee. As going business 1t Is worth
q, GOO, 600; but as dismembered business
heaven only knows what 1t would be
worth.
Continuing, Mr.. Reed said there are
good reasons why the case should De
passed upon by a tribunal in Boston.
That city Is closer to the place OF bust
ness Of John p. Squire g. Co., Is easy
of access to large number OF creditors,
and to attorneys and witnesses. He be-
lieved that If there is any good reason
for its transfer, and no law opposed to 1t,
the court ought to grant the motion; 1t
would be criminal error on the part OF
counsel not to call the attention OF the
court to that aspect of the case.
He said that in framing the bankrupt
CIV law Congress evidently had in view
the fact that many corporations nova
days have their domicile in one state ana
their principal place of business In an
other: and the place of business is men
toned first In the law, as though 1t We're
of more importance than the domicile.
There are several other petitions pend
ing In the district of Massachusetts,, all OF
them closely allied to this case, and 1t is
important that they be consolidated,
for the greatest convenience OF the par
ties concerned.
Mr.. Storer followed Mr.. Reed, arguing
in much the same line. He outlined the
conduct of the firms business, and laid
stress on the value of the good viii"
of the firm, which would be ruiHed II the
bankruptcy petition is granted, ana the
affairs of the corporation wound up.
Competitors of John p. Squire & Co.
would be glad TO get rid of SO great
competitor.
Mr.. Storey added that If the transfer
is to be made at all, it should be made
not; after adjudication upon the main
question has begun, 1t will be too late
to make the transfer If the corporation
should be declared bankrupt, the whole
machinery, under the rules of the court,
would have To remain here in Maine.
The trustee and referee would have to be
selected here. 1t would be much more
convenient, in case bankruptcy does en-
sue, to have the proceedings In Massa-
chusetts.
"out of the s., 900, 600 of creditors" Mr..
Storey added, 1.-THE representatives of
only $4,000 are opposed to a continuance
of the business under an assignee. The
only daSipe of nv clients is To get the