Los Angeles herald., 1906-09-20
BARBOUR FILES
BANKRUPTCY ACT
TAKES NEW STEP TO PROTECT
CERTAIN CREDITORS
Some Men Rejected Finnacier's Of
fers and Without Harmony De-
cIares No other Recourse
Remained for Him

10 protect those creditors who still
had faith in him against the efforts Of
others to secure his property, Henry
Z. Barbour, the Long Beach promoter
who recently returned from rather
suduen trip to Ensenada, yesterday filed
petition in voluntary bankruptcy in the
federal court
True to his statement made to a Her
ala reporter on the night of his return.
Mr. Barbours assets as set forth in
the petition amount to $S5S41. while
MS Liabilities total $91 ,942 This leaves a
difference of about $4,000, which. ac-
cordtng to Barbour's statements,
would also have been paid had not GER
TAIN OF his creditors become too urgent.
Last night Mr.. Barbour in speaking
of his sudden resolution to take refuge
IN bankruptcy made the following
statement:
Tried to Settle
LESS than two weeks ago when l
returned from q protracted stay at En-
senada, | Informed the representatives
of the newspapers that within a short
time L would be ready to make a state
ment In regard to my affairs.
My plan at that time was to collect
all my assets speedily, and turn them
over to my creditors. My plan has
not changed since that date, though
the manner of effecting 1t necessarily
has changed
AT the time of my return my prin-
cipal assets were in the form of cash
due me as commissions from the Los
Angeles Dock and Terminal company,
also shares of the capital stock of said
company; also an equity in the Ocean
Pier tract, the value of which is diff
cult to estimate, but which will run up
well into the thousands.
Against the cash commission due |
found that three or four creditors had
levied attachments, and having OBJ
tanned judgments in their suits against
me, were liable at any minute to coll
lect the amount of those judgments,
agSregating about $500.
Il began negotiations with these
creditors for the purpose of effecting
a settlement and to obtain such ex-
tensions Of time as would enable me to
carry into effect the said settlement.
Some of the creditors met my offers
with favor, but some absolutely de-
clined them.
Offsets Any Preferences
fIt was manifest that unless all
agreed it would be impossible for me
to carry my plan into effect; therefore,
in justice to all of my creditors, rather
IIldn allow ITeSe lew 10 secure WndL
would have been a decided preference
over all others, compelled me to decide
to go into bankruptcy at once. The ne
cessity Of taking this step 1 very much
regret.
MANY time in years past L have
had heavy obligations pressing upon
me, but have never sought refuge in
bankruptcy, preferring to fight my way
along and eventually pay my creditors
as / have done in large amounts and
in many instances.
Sat the present time / am not en-
ploying bankruptcy proceedings for my
own benefit, as L would much prefer to
make a fight to meet the obligations
which L have assumed.
Explains His Step
GAS have just said the thing which
now induces me to file bankruptcy
petition is to give all my creditors an
equal chance at my assets. My petition
contains a complete statement of all
my liabilities.
"I have no doubt that number of
these are outlawed and possibly it may
be the duty of the trustee to contest
them upon that ground, but whether
they are outlawed or ultimately only
paid in part by the trustees from the
assets which he may be able to col
lect, can assure all my creditors that
this action of mine in turning over to
them all that own is simply an indi-
cation of my intention to protect them,
and permit as far as in my power, no
preference, and with the great oppor-
tunities which are open to us in this
country I feel certain that it will not
be long before 1 am firmly established
financially.
"Of course it will be understood that
I shall lend all the aid in my power to
the bankruptcy trustee in collecting
my assets
HENRY p. BARBOUR"