New-York tribune., 1909-04-23
CREDITORS AND GLOOM
BOTH GREET RECETTER OF
ENNIS s. STOPPANI.
Dir. Russell Tells audience Of goo
About ASSETS Amid Frequent
Angry Interruptions.

There was a gathering Of sad and indignant
individuals in 4 large vacant room on the TWEEN
ty-fourth floor Of the City Investing Building
yesterday afternoon Creditors of Ennis & stop
pant. the bankrupt brokerage firm. to the num-
Der IF two hundred. three of whom were women,
met on the floor on which are the Offices of StIf-
fern & Son. the accountants who have been dill
gently searching for the assets and tabulating
the liabilities Of the unfortunate firm.
There were no chairs. and the creditors sUrged
around Lindsay Russell. fhe receiver, following
him around the room until he took refuge on
top Of q table. from which ne presided. Many
Of the creditors looked prosperous. Others OBJ
viouslv needed the money
Turbulent spirits there were some of whom
had the idea that Senator McCarren. who to-
morrow IS 10 pay $4,000 to Mr. Russell. was in
some way TO obtain preference because he was
politician II looked for a time II the police
might be needed, but Moses H. Grossman. coun-
sci for some Of the creditors. who has had
perience with Just such situations before, ex-
planned in simple language that AR Russell wss
an able man appointed by the court to act for
the interests Of the creditors. and they need not
fear that every precaution would not he taken
to that end.
First bIr Russell told the creditors of con
ference in the morning With Thomas A Ennis
nd a representative OF Charles F Stoppani the
members Of the 1rT1, at his MT RuSSell 81 nome
IN which both had promised 70 do everything in
their power 10 pay the creditors. Mr Ennis had
turned over to him as receiver. he said his home
in Allenhurst. his automobile, his yacht and
number Of stocks, from which he hoped to real
ize about $4,000. The house is valued ut $4,000.
and Is rnortEaged for $4,000. The yacht is val
ued at $4,000. The Ennis home at No. $50
Park Place Brooklyn IS in the name Of Mrs
Ennis.
ASSETS ABOUT 100000. HE SAYS.
The creditors were told that the assets would
amount. roughly, 10 about 100000 while the la
biIties seemed to be IN the neighborhood OF ST.
10000. exclusive Of money owed to relatives Of
the firm members. which includes the s44S.0O0
Mrs Stoppani, mother Of the junior member put
into the firm.
Incidentally it may be said that Mr. Ennis
turned over to Mr.. Russell some 100000. par
value, of stock in a corporation which may net
considerable money for the creditors. The re-
ceiver did not mention this In his statement be-
cause he does not know how advantageously he
can dispose Of the stock
A tentative summary of assets and liabilities
presented by the accountants showed some
queer bookkeeping methods although It is not
thought they were meant TO be deceptive. For
instance, It was explained that an item for
s3,es721044 under assets. which was labelled
accounts in which the firm appears to be in
terested." consisted largely OF the running ex-
penses Of the various offices for the last five
years These should have been charged off each
year There was carried the books as due
from customers s71S471 95. whereas many Of
the accounts had been closed out long ago and
should have been settled UP on the books The
receiver estimates that he will get only S15o.oO0
Of the gross amount $4,000 Of which Is com
ing from Senator McCarren-
l{ab % drs m
s1.5Sos41 AZ. Additional capital put into the
firm in the last five months to keep it on its
feet amounts 10 s529,3s4 So Much of this came
from relatives of members OF the firm after the
private fortunes of the members had been
hausted.
Mr. Russell told the creditors that the decline
of the firm dated from December. and was due
in a great measure to the fact that the health
of Nj Ennis did not allow him TO attend to the
business.
RELATIVES CAME TO RESCUE
'~The individual members of the firm stripped
themselves Of everything" said Mr.. Russell
zone relative put IN s44s,OoO to them
From what?'' shouted skeptical creditor
Failure, of course said Mr. Russell Mrs
stoppani, who is seventy-five years old, put up
that money and got only $4,000 in stock for
security. To-day she has returned even that to
me, and I understand that II settlement can be
made shs Will not press claim for her money"
Bully for the old lady!" shouted a creditor
and there was applause.
Questions being hurled from all sides
One gray haired man with q flushed anxious
face upturned to the receiver compelled atten-
tion and In a trembling voice asked:
Are you going to settle with Senator Nc
Carren7"
Mr. Russell said he was.
.1rhen why can't you settle with ne?" asked
the plantive voice
Continued second pare