The Republican journal., 1909-08-12
A HEAVY FAILURE.
Total Liabilities Of Two Million pol,,r,.

AvSai AiaDiltle5 VI AWO UMlll0n Dollars.
PORTLAND, Me-, August 3. What Il
in all probability the most imnortant
petition Of bankruptcy in this State was
filed yesterday at the office of James r
Hewey, clerk of the U. S. Federal Courts
Of this district, wherein number Of
prominent capitalists of the central Sec
ton Of the State pray to be adiudped
bankrupts, and involving a total of in
debtedness that will amount to over
81, 900, 600.
The petition filed is by Cyrus w. Davis
of Waterville who is well known as the
three years ago Democratic candidate
for Governor; Edward j. Lawrence of
Fairfield and H. M. Soule of Boston, as
individuals and members of the firms
known and doing business as Cyrus W.
Davis, Agent, and Cyrus w. Davis,
Agents, and the firm of Davis & Soule.
The firms of Cyrus w. Davis, Agent,
and Cyrus w. Davis, Agents, were com
posed of the above named individuals
with Amos F. Gerald of Fairfield, who
refused to join in the petition of 'insol-
vency, Albert B. Page, deceased, and
Stephen A. Nye of Fairfield, who was
adjudged insolvent some time ago, were
interested in the construction of the cleo
trio road between Waterville and Oak
land, and in connection with this road es-
tablished the Central Maine fair grounds.
The same persons were also interested
in the construction of the electric road
between Brunswick and Yarmouth in
connection with which the hotel and
grounds at South Freeport known as
Casco Castle were also constructed For
the purpose of keeping the above projects
70 AL. l.
as separate firms.
lions as the members of the firm of
Davis & Soule
The total Indebtedness of the firms
Cyrus W. Davis, Agents, is given as
$685. 1886, and the total debts of the firm
of Davis & Soule as $125, 1856.
AS individuals the indebtedness is given
as follows:
H. M. Soule, $237, 100.
c. w. Davis, $613, 657.
p. ]. Lawrence, 1899, 756.
In the petitions no assets are listed, as
in May, 1908, meeting of the creditors
was held in this city to examine into the
financial condition Of the firms and it was
decided that an extension of one year
should be allowed, providing an assign
ment was made of the assets of the in
dividuals for the benefit of those agree
ing to the assignment. 1t was thought
at the time that with the extension al
lowed the firm would be able to recover
from the losses incurred in the construc-
ton of the railroad which entailed large
amounts of money beyond the estimated
expenses.
| AS there were some creditors not
agreeing to the assignment and as owing
to unforeseen circumstances the firms and
individuals were unable to recover as
they had expected it became necessary to
file petitions of voluntary bankruptcy.
1t is also understood that the princi-
pals incurred losses by investment in
western mines.
The attorneys are Hon. c. F. johnson
Of Waterville, Morse & Friedman of
Boston and Pattangall & Plumstead of
Waterville.
Boston, August 8. Henry M. Soue
is member of the firm of Davis &
Soule, having offices at So State street,
the firm dealing in investments. Mr..
Soule, who lives in the Hemenway cham.
berS, could not be reached tonight.