The Portland daily press., 1900-01-24

time - the firm was solvent. He would
like such statement 10 show what bonds
had besn bought ut what price, what
water companies the firm had backed
what disposal was made Of the stock,
etc. He would like 10 have such state
msnt before the examination Of the
bankrupts 10 begun.
Refsrss Pierce replied that IL was his
intention to begin at onoe the examina-
ton Of the bankrupts. IL would be neo-
@ ssary for him and the trustee to make q
partial examinstion In order TO get o
clear insight into the firms system Of
book keeping. He would further sug.
gsst, be said, that when the members of
the firm are examined the examination
be conducted by one or two creditors
or attorneys, and not be carried on after
the manner Of town meeting. II ques-
tieps are to be asked ct random by any
one who sees fit. the work Of the stenoR-
rapher will be Increased, and the expense
Of settling the estate correspondingly in
CREASED.
Hon. Joseph A. Locke Endorsed the re-
marks Of Mr.. Larrabee. He said the
mem tcrs Of the firm could furnish the re-
quired statements In one-sixtheenth part
Of the time that would be required to
draw out the information In the usual
way. II they did not wish 10 nx . date
on which the firm was solvent, he
would suggest that the statement to DO
prepared cover period of seven years.
H. hta arH "a
by stating the amounts Of Indebtedness
he represented. and added that he wants
to know whether the bonds he holds are
worth 81 per cent or more or les. OF
ceurss II rested with the bsnkrupts to say
whether they would furnish such report
as had been suggested.
Mr.. Looke-"Oh. we'll. We can got at
the facts in another way II the members
Of the firm do not wish TO prepare the
statement
Charles ID. Booth, Eco, from the ofBcs
Of II. NJ. Verrill, ESQ.,, counsel for the
bankrupt firm. now took part In the dia-
logue. MIR. Booth Is personal creditor
In the sum of $500 He was present rs
the firms representative, in the absence
Of Mr.. verriil, who Is out Of town on
business.
eft secrrs to me-" said Mr.. Booth,
"that the bansrupts are entitled to some
They have their own
living to earn, and 1t Is asking a great
deal for them to give their time in pre-
pairing such q statement as has been suR-
gested here. Why not vote that some ex-
pert book keeper be employed to prepare
suoh statement, at the expense Of the
1t has been suggested that ten
days would be q sufficient length Of time
to prepare statement, but 1t would re-
auiIs . much longer period. II the firms
covering period Of seven
years are to bs gone over and tabulsted.
The suggestion that the bankrupts were
entitled to some consideration brought
Mr. Mcmillan to his feet, and he re-
marked with much expression; why
should they be taken into consideration
None of them are starving, are they"
Mr.. Locks--"If Woodbury. and Moultou
were competent to run their business,
they can give US what we ask, in less
time and at less expense than We could
draw 10 out Of them hero. We propose to
have that information, In one way or an
other. II they are suffering for the neces-
saries of life, It Is within the discretion
of the court 10 allow them some compen-
sation for their labor in preparing such
statement ss We desire"
K. W. Freeman, Eiq What was the
expense of the experts whom the assignees
hired TO look over the books for the period
covered In the assignses' rsportS"
Mr.. Booth-"The cost, l slieve. was
tetween $500 and $780,"
Mr.. Larrabse-"Ho far back In the
accounts did they gos"
MIR. Booth-"Only half a ye arr
Mr. Larrabee-"T found some
trouble. didn't thsyf"
Mr.. Booth-"Some of the accounts
were not footed. as Mr.. Dsering had q
great deal to do. Their report Of the CON-
dition OF the books was exaggerated; 1t Is
somewhat of y question whether they
were com pstsnt to make the report"
"Won't the trustee get at all the facts
In his examinationr' asked Mr.. MoMul-
len, and then turning TO Mr.. Booth he
said: IT believe we can get what infor-
nation We want through the trustees ak
But don't appeal to us for
sympathy for Messrs. Woodbury. and
York. You ndou btedly meant we'll, but
they are not entitled to the sympathy Of
their creditors"
"Ihere are two sides to the question, I"
replied Mr.. Booth, rising to his feet.
"No there are nut two sides; there Ii
only one side, in my opinion." was MI.
McMullan's rejoinder. -
Then Mr.. Freeman took the floor and
went ON TO state that thus far the infor-
nation obtained In regard to the affairs
OF the bankrupts has been only Of gen.
srai nature. The sssignses have manipu-
lated osrtsin stocks, properly or Improper
ly. The schedules do not give all the In
formation desired. For instanoe, the
sohed uiss state that the baukrupts held
no policies of insurance.
Referee Pierce interrupted the speaker
with statement that the schedules have