The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-19

Total ................... S45e, ,375 20
This company has spent a large
amount OF money for fixtures. perma-
nent improvements. etc, which are a
penent to the business IL continued, but
are or comparatively small value for
purposes OF raising money for a settle
nent
This company desires to make n set
tlement of Its affairs that will be sat
lsfactory to Its creditors. II preferred
& do SO without going into bank
who arc so widely scattered that il
VIII be practically impossible to bring
ABOUT an adjustment with all creditors
outside or bankruptcy. therefore the
company is now considering the adj
visibility OF having its matters settled
IN bankruptcy. and OF making an offer
IN composition. The OGorman com
pany is prepared to make an offer, I'm
follows: mn
Twenty FIVE per cent. in cash.
Iwenty.nve per cent payable in
tnree promissory notes OF the O'Gor-
man company each for s1-3 per cent.
-, All OF said notes to he endorsed by
Ihomas a, O,Gorman. waving notice
notes TO bear the date OF the confirma-
ton OF the offer OF said composition
and TO be due and payable, one, In two
months thereafter. one, In four months
thereafter o"'"s
The stringency of the money marl et
prevents our paying more than 25. per
cent IN cash. and we cannot furnish
any other endorser than Mr.. O'Gorman
on the notes AS soon as the compo-
sition offer is confirmed. the business
the corporation. and all its propertv
VIII be liable for tho payment OF the
notes given in settlement, and any re-
notes.
All Of the expenses OF the receiver-
snip and or bankruptcy are preferred
ana must be paid in cash before the
onsr IN composition can be confirmed.
Size are neoesssrilY ess IN Iarrs matter Of this
- the very best that can be made n
mas been submitted to some OF our prin.
btpai tbe sa creditors and the acceptance OF
ths same is favored by them
I ~ is expected that ARRANGEMENTS FOR
additional capital will he completed
tbpst upoh the confirmation OF this offer, and
sound financial basis II il verv A.
slrapie that this offer be accented q .
specify as possible. rirst I'm order that
crcditors may quickly receive their ca sh
ana notes; and secondly. In order that
me company can place its orders for fu-
ture deliveries. To facilitate This wa Az, :
close herewith a form OF accentspce 80
our proposed offer of composition. and
would be glad II you would sign the
same and mail IL TO ms at your earliest
convenience. For this we enclose
stamped envelope.
IL your account is not already in the
hands OF an attorney you can greatly as
sist us by executing your proof OF claim.
Tor which We enclose a blank Attach to
II an itcmized bill anc mall to Albert A
Baker. Esq. ~ Westminster street.
Providence, r l. lie will prove your
claim at the proper time without any ex-
pensc to YOU
Mr.. Baker Is the city solicitor of Provi-
dence. already represents a large number
OF creditors, and has consented TO act for
any other creditors In the interest OF
furthering an adjustment of the matters
o. tho OGorman company. and I'm carry
ing through it's proposed offer i'm compo-
Ntion. Creditors who send him their
proofs Of claim will receive directly from
the court their check for 25 per cent. and
notes for o5 per cent without any de-
auctions, at once upon the confirmation
OF our offer of composition,
Pending the settlement OF our affairs,
the business, Of course. remains in the
hands Of the court by its receivers We
trust that you will give this matter your
very early consideration and that we
shall have q prompt and favorable reply.
Very truly yours.
OCORMAN COMPANY