|ASSIGNED IN TRUST
Messrs. Harvey and McQuesten Accede to
Their Creditors' RequestBox 03-226 NEWSPAPER CLIPPING FROM THE HAMILTON SPECTATOR ABOUT ISAAC MCQUESTEN'S DEBTS AND CREDITORS
Nov 3 1887
Yesterday afternoon the creditors of John Harvey and I.B. [Isaac Baldwin] McQuesten to the number of about 80 met in the Royal hotel to discuss the situation.1 Matthew Leggat occupied the chair. After examining into the state of the partnership they recommended the firm to assign for the benefit of their creditors. Mr. Harvey has been willing since the seizure of the property in Hespeler to assign, but some pressure had to be brought to bear on Mr. McQuesten to induce him to accede to the request of the creditors, but both gentlemen finally agreed to assign in trust to Alexander Davidson.
The accounts of the firm have not yet been examined, but it is understood that their liabilities are about $207,000 and there are nominal assets to about the same amount. Of the above amount $140,000 constitutes the claim of the Bank of Montreal, secured by a mortgage on the Hespeler property, and $67,000 is divided among the other creditors in comparatively small sums. A committee was appointed to look after matters and call another meeting in the near future to which will be submitted a statement of assets and liabilities.
1 Isaac and his partner John Harvey had run the Hespeler wool and cotton mill since 1881, but the mill failed and he went bankrupt (see W2652). This newspaper clipping demonstrates that creditors were examining Isaac McQuesten's liabilities and assets several months before his bankruptcy and death on March 7, 1888. The Royal Hotel as the venue of the meeting suggests that Isaac may have owned it, inherited from his father.
Dr. Calvin McQuesten may have owned the Royal Hotel in Hamilton, that may be the reason for these and following documents being in the McQuesten files. Or he may have held the mortgage, or he may have done the repairs through his foundry.
See letters about Dr. Calvin McQuesten and Royal Hotel, lease, repairs, mortgage, dividends and Isaac's debts: W0198, 1858; W0310, 1859; W0262, 1859; W0206, 1859, W0308, 1859; W0309, 1859; 0305, 1859; W0306, W0307, W0308, W0262, W-MCP5-6.350; Box 03-226, Box 03-337; W0337. Box 14-111.
His father Dr. Calvin McQuesten paid several bills for the Royal Hotel and he held a lease and held the mortgage on it: