New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-17
vet known whether no viii 20 South OF to Europe
those being his objective points.
THE cRIyNELL COMPLICATIONS.

UNDER THE RULES or THE EXCHANGE
The dissolution, on Wednesday, by Judge Blateb-
ford Of the Injunction which enjoned those holding
stock on account of George Bird Grinnen az 90 IA
collateras on loans, in other FORM was followed
by the filing of petition in voluntary bankruptcy
George Bird Grinnell and Joseph G.. Williams, who
make up the firm OF George Bird GTinnell a. Co..
through Martin a. Smith. their attorneys, filed IN
the United States District Court petition IN vol
untary bankruptcy. the allegations III which are,
substantially, as follows:
George B. Grinnell, George Bird Grinnell. and
Joseph C. Williams were copartners in the general
partnership of Geo. b. Grinnel d Co. which was
dissolved on Sept l. 1873. George Bird Grnnel
and Joseph c. Williams were the general partners
in the limited partnership of Geo. Bird Grinnel d
Co, which was formed Sept !, 1873, and still CON
tinuesn The members of the said several copart-
nershipn Geo. Bird Grinnell and Joseph C. Will
hams are unable to pay all their debts in full and
are willing TO surrender all their partnership and
individual estates and effects for the benefit of their
creditors and desire to obtain the benefit OF the
Bankruptcy act. Accompanying the petition 10
very yoluminous schedule of the debts of the firm
and the estimated value of the securities therefor
All who desired TO examine the petition and the
schedule were permitted to do so; but preference
was of course given to Court officials and to the
attorneys of the creditors Of Geo Bird Grinnen d
Co. They kept the documents in such constant use
that representatives of the press had no opportunity
to examine them carefully. From the cursory OK
animation which was made however, it appears
that the estimated value of the securities is
about Ss,OOO,OOO. Upon the filing of the petition
Judge Blatchford issued order referring the mat
ter to Register in Bankruptcy II. W. Allen of No. 152
Broadway. The following notice was served upon
the many creditors of the firm yesterday:
NOTICE TO CREDITORS.
NEw-YORK, Oct. 16 1873
To Of Ncw-York, Comfy Of EewYork state OF
New-York creditor OF Geo Bird Grinnell and Joseph
c. Williams, bankrupts:
You arc hereby informed that warrant in bank
ruptcy has been issued of the District Court OF the
United States for the Southern District Of New-York.
against the estate of Geo Bird Grnne and Joseph c.
Williams aud the firm of George Bird Grinnell Coz
adudged banRTupts upon their own petition; that the
any debts and the delivery OF any property
belonging to said bankrupts TO them for their use,
and transfer OF any property by Them are forbidden
by law; that meeting OF the creditors of said bank
rupts TO prove their debts and choose more
sgueee Of their estate viii he held at court OF bank
ruptcy 90 holden the l4h day Of November, A. ID.
1873 O'Clock at No. 1872 Broadway, In the City
OF New-YOrk, before Henry Wilder Allen, Register.
GEO. II. SHARPE United States Marshal,
MARTIN & SMITH, Attorneys.
n
The knowlege that the firm had gone into volun-
tary bankruptcy, and that notice had been served
on the creditors spread rapidly in the Stock Ex
change and about Wallst. The SALE under the rule,
in the Exchange yesterday morning, OF 1900 shares
Oh account of Gnnnell & Co., by order of Philip
Speyer d Co., Scott Strong X Co.. Woerishofler d
Co.. and Olcott d Co.. caused great deal of COM
meut most of il sharply unfavorable to the involved
firm. So great had been the Indignation over the
legal proceedings which came before the voluntary
bankruptcy that many denounced GrinDel d Co. as
shaking the foundations of all confidence, and doing
their utmost to bring on another panic. 1t was
insisted that the sales under the rule were
made by a secret arrangement with Grinnell
& Co., and many who had not seen the no
tlce served on the creditors of the opinion that
the sales made were in violation Of law But the
members of the firm Of George Bird Grinnell d Go.
asserted positively that the sales were in no way for
their benefit OF in accordance with plan in which
they had part, while the order from the Marshals
Office simply states that 81 the payments Of any
debts and the delivery ofiany property belonging to
said banlTupts to them, OF for their use and the
transfer of any property By them, are forbidden by
law" and in no way interleres with the sales of
collaterals held by their creditors. Nevertheless II
was asserted by those well informed, that these
the effect of the whole affair would be to brighten
lenders of money into usurious exactions to bor
rowers. The sales comprised 5000 shares of Union
Pacific, 8 100 shares of Lake Shore, 800 shares New
York Central 100 shares Pacific Mail 200 shares Rock
Island and 20 shares of Northwestern Common.
PHILIP tSpcyer Of the firm of Philip lSpeyer ~ Co.
of No. 20 Exchange-place, being questioned about
his sale of stocks account of Grihnel Co, told
a TRIBUNE reporter that he had sold 1900 shares
Lake Shore and q 100 Union Pacific account of the
old firm Of Geo. b. Grinnell & Co. He had received
no notice of the voluntary bankruptcy of George
Bird Grinnel & Co., and knew nothing about the
matter lie presumed that the notices of voluntary
bankruptcy concerned the creditors Of the new firm
only. He certainly knew of objection, legal or
otherwise, to ordering the sales which had been
ordered by him
Geo s. Scott Of Scott, Strong d Co. of No. &c
BIoad-st. said that his firm had only sold a small
number Of shares on account of George Bird Grinnel
& Co., though tie firm would undoubtedly get the
credit Of having sold a great amount. About
1860 shares lad in all been sold. Philip Speyer and
his Owa firm had together sold much the largest part
Of them. The shares sold by Scott, Strong a. Co.
had been on account of the new firm of George Bird
Grinnrll q Co. He declined TO state the amount or
character of the stocks sold by them. The firm had
been served that morning with notice of the vol
untnry bankruptcy Of George Bird Grinnell g. Co..
but this notice did not act injunction against
the sale Of stocks account of the involved house.
lis effect was merely to forbid the turning over of
any from such sales to GrInnell & Co., and
excess had been realized. Judge Blatchford's re-
moval of the previous niunctions had left holders
free TO sell
C.FWoerishoIer OF the firm of Woerishoffer & Co.
of No IS ExcbaRgeplace stated that he had been
served with the notice TO creditors in the Grnnell