Smyrna times., 1874-11-18
A CASE IN BANKRUprc9. AfqFe case Of
McLear & Son, the bankrnnt hanL ers &c

A CASE IN BANKRUprcY. Tire case Of
McLear y Son, the bankrupt bankers Of
wilmington, furnishes some interesting matter
for reflection to those who are inouirinp into
the bankrupt law.F ThisSirh, SUPPOSED to own
e-of the most solid, reliable banking bouses
ian.aezseaatry weutsup in tsis crash Of Sep
tembsr. lS4SUs They went iiGto baakrabtcy at
once. Their property that is, the frm
preeertyy outside Of that held individually by
each; member, was estimated at about $l75 600.
Their debts, as proved before Mr.. Candy, the
asslgnesa amount to $325, 200. The firm has
now been in bankruptcy for about fourteen
months, with all of this 1925 900 HANGING in
suspense, and with no hope of liquidating any
portion oi it until now. The point of inquiry
Eththe anxious creditors is, how is it that 50
long time has been consumed in reaching even
an approach to settlement? The assignee. \
Judlclous and conscientious man. announces
that he will pay l2l per cent. to creditors.
commencing tomorrow, 10Th inst. Another
question Is, why so small per cent. after SO
long a tlmeP The difficulty of realizing the
cash Tor the property is a partial explanation
OF the matter. Out of the $l75, 900 the firm is
supposed TO have been worth, only enouvb
cash has been realized to amount to SAG 319
This was realized by sales of part of the real
estate, stocks, &c, accruing interest on notes
and other claims. But from this sum must be
deducted lleus taxes, &C., amounting to over
$4,000; the Registers and Marshars fees
over $l,40O, and counsel's, clerks and as.
sslguee fees, nearly $4,000 or a total of s26.-
257. Deduct this sum from the s36.3l3. the
AMOUNT Of cash rea lied, and it leayesonly a bal
anee OF. SlO,055 to be disbursed ainohg the
creditors. matter for observation iust here
lsthe fact that 1t has cost, in fees alone nearly
S5,4OO to secure this $4,000 and odd dollars
OF available cash. So much for the exnenses
of.baukruptcy. e-.-.s-sr .,y.-s - n
The Individual matters of the firm have been
Included in the account, it seems, and will 40
70 make up part OF the dividend John p
Mci4sar s. personal estate is figured at about
$4,000; his debts at about $4,000 The
pers9at estate Of John McLear, the senior
partpeEe (naw dead was insolvent by nearl
SlA0O. BY liebs taxes, &c, only about
$l8T6l of John P's estate is available. and
tins added to the SlO,O55 ayaila bic from the
hrm : estate makes total Of only s2S,2l7 to
begdiylded among host of credit ors who hold
debts against the firm amounting TO 1925 600
There. are other good asse IS of the firm.
valued at S1l,0OO; and some assets not 50
geod, valued at S36,S5O, including $50, 900 in
K IL: bonds that have no market value at all
These viii be worked up to pay further diyi-
dends to the creditors, but how long it will
take to do so-we- -kaow-Het- r. rea lize thi,
dividend OF l23 per cent. it has taken property
wOrthySS0, 500, to wit: s44,205 from John P
Mchear's property, and $685. al3 from the firm )
prcperyf Estimating. the balance of the
pEopertg YETI to be realized on to be worth as
mneh assths portion already acted Upon
$SO,5O0-then if as much be consumed In the
way Of iens, taxes, fees, &c. as has already. beer
cdrsane8i 70 this first diyidepd, then the estate
finn aRJ indigidual, viii bs 6ble to- pay out
$25s Cor every $IeO thsreB y againsfit. rSTiiuIs
an estate valued 'sl6i 900 win be able to pay
$4o,25o towards debt of .$23Z, 900 and. over.
1t may be that-mest-of the liens have been
ineaodedam this 6rst settlement. if so, 50 much
the batter. = SUE :
We give these statements without comment
from the figures as we fad them 10 the