The New York herald., 1870-01-18
THE PROCTOR OsfALcATlon IN PHILADELPHIA.

FROM the Phfledelphi& Ledger, Jan. Ill
The continued absence from the city OF Mr.. J. W.
Proctor retail dry goods dealer go Chestnut street,
tends to c0nnrin the ruor that ne has left for the
purpose OF avoiding hia creditors, who up TO within
u few weeks hayo had confidence In his integrity as
q business man. In investigating the facts con-
nected with tnis AFFAIR wo have ascortained that on
tpe I'D OF last October J. W. Proctor h Co., ad.
dressed circular, headed ITO our creditors OF Janu
ary J, 1862 having unpaid balances against u.s., ask
Ing an extension OF SIX nine ano twelve months on
s23 $50. the amount Of their extended indebtedness
as that time. No arrangement having been made,
Proctor Co issued another circular, dated Nopsni-
ber5. 1852 stating tnat "OwnE to tho depression OF
business we ind ourselves unable TO continue to
meet our obligations 1t maturity, and are now tax
Ing an account OF our afRirsn
Several meetings OF the creditors were sub
s8Quently held, and at one OF them Mr. Henry G.
Moore, Mr.. Edward Shippen ana MIR. Josiah Craw.
ford were appointed committee to Investigate into
the affairs OF ths firm Early IN December of last
year Mr. Moore, chairman Of the committee, re-
ported TO the creditors that they found everything
connected with sne business Of Proctor CO. salts
factory, and recommended that settlement 90
made on the basis Of my cents on the dollar. The
committee reported the liabilities OF the nrm 10 he
$123 900, and the assets wero pat down oy the ap-
prasers at 900, exclusive OF $4,000 Ia cash,
which the 1rm reported that they had, but which
has not yet been found. The money received from
the sale OF goods, from November TO December az,
1893, supposed 70 amount 10 between $4,000 10
$50, 900, lH also unaccounted for.
n After the committee had reported, Mr. Sbippen
visited Boston and New York for the purpose Of
TO the arrangement, his return reported that
the creditors In Boston were satisfied but that tOr
uon OF tnem IN New YORK Wltnhcld their approval.
Mr. Proctor then stated 70 MI. q. II. Moore to whom
an assignment had been made, that no would 10 10
New York and have an interview with them. On the
Atm OF the present month Mr. Proctor left the city
and stacs tnat time nothing has been heard OF HIM.
On Monday last Mr. Moore, having failed TO obtain
any information OF Proctors whereabouts, nad the
safe In the once OF the store opened and s contents
examined. Tno cash books Of the frm and other
important papers were missing, and nftJ-two cents
only were found In money white an examination Of
the bank account showed q balance OF sixty eight
dollars and ninety-dve cents.
AL that ID left for tho creditors is the stock OF
goods now on hand, worth, 1t Is estimated az cost
price, from $4,000 to SO 0op. Mr.. Proctor has,
therefore, to account for tho $4,000 which ne said
he had In casn and the money received for goods
sold between the time OF the suspension OF business
and disappearance, supposed to be between $25 900
and 450.000. The amount due by the nrm in Boston
s about 00o Of which $40 900 Is claimed b. the
estate OF David Hughes, formerly partner Of Mr..
Proctor. The balance, over 100000, is about
equally divided among the merchants OF Philadel-
phia ana New York In sums OF from $500 TO $40 00e
Henry Ashley Qa. o{ this city. have . clsln