The New York herald., 1874-09-29
BOOTHS BANKRUPTCY.

The Liabilities ON Booths Theatre-The
Cost of the PrOperty-Proposed Attempt
80 Aid the Fnvorite TraSedian-Tho
Theatre Advertised for Sale.
There was very general feeling Of regret
when 1t was first announced that Edwin Booth,
the favorite tragedian, was pecunarIy embar-
rassed and that the great enterprise he had
started in New York was likely to swamp hlm
financially. This regret was the deeper since It
was very we'll known that the probable failure OF
the undertaking was owing TO unforeseen and un-
fortunate occurrences rather than to any want OF
judgment or business capacity on the part Of
the owner OF The theatre. The panic of last year
was naturally followed by dull market in
real estate, and the blunderlng inc0m.
potency OF the heads of the city govern
ment-the Mayor and Comptroer-bas long
checked all speculative improvements IN the city,
blocked the wheels Of progress and depressed
property Under these adverse circumstances
Mr.. Booths creditors became pressing and while
there is little doubt that with time, aided by the
large income he command. the natural growth
OF the city and the legitimate increase in the value
OF real estate, he would have made splendid
fortune out OF his investment. yet he Was COM
THE COST OF BOOTHS THEATRE.
The result was that Mr.. Booth, under the eIect
OF foreclosure by tnlrd mortgagee was com,
schedule Is now matter OF record. 1t shows
some interesting facts. In round figures the the
atre appears TO nave cost, when the curtain was
rung up on the memorable night OF the opening,
over one million dollars. or this sum Mr.. Booth
had paid III cash nearly hall million dollars. tho
money that he mad accumulated by hard work in
his profession.
THE BANKRUPTCY.
MT. BoOth'S schedule shows tnat when the panic
came he was carrying about $4,000 in the shape
OF accommodation paper of his own and about
$4,000 Ol accommodation paper placed by lOr-
mer partner. lie experienced some difficulty In
meeting his current ootgatlons during tine none
cary crisis. but was not pressed by his unsecured
creditors. AT this juncture. however, some OF the
second and third mortgages on the property were
called H. and as the money was not forthcoming
foreclosure proceedings took place. To settle up
S ~ b 20 % @ Weo ne
der former partnership and to compromise the
possible denciency judgment which might accrue
on bad sale OF the theatre property,
by reason OF last mortgage Tor 100000 not YET
DUE and to save himself rom being forced into
into voluntary bankruptcy AS there was failure
on the part OF the creditors to agree upon an as
stgnec rom their own number, Mr.. John Piatt,
who Is well known as the general assignee OF the
Bankruptcy Court, became the assignee.
THE LIABILITIES ON THE THEATRE
The schedule shows the whole liabilities on the
theatre, including taxes. to be about s45o.oJo. The
$4,000, with costs and interest. The mortgages
taking precedence OF this 1oreclosing mortgage
are FIRST mortgages" and the holders OF these arc
not desrous OF changing their Investment. There
is later mortgage ol 500. 900 not yet due
TIE VALUE OF THE PROPERTY.
The property Is assessed by the city at about
half mliIlon, and the rents now received for It,,
including $4,000 rent OF the theatre proper under
an assigned lease rom the late lessee, Mr.. j. b.
Booth, pay the average interest for such property
on value OF S6000 00U. portion OF the building
is sti without tenant: on any reasonable or
ordinary real estate market the mortgage under
which the sale is proposed to take place would
appear TO be a fair investment.
THE PROPERTY SALE.
The property Is advertised under the foreclosure,
and the sale is set down Tor November S. Vhe
property is not described as Booths Theatre, bus
as so many lots OF ground on Sixth avenue. the
w
II Is, yet 1t seems advisable that 1t should be gem
orally known that the sale is OF Booths Theatre.
IN order that competition may be invited ana the
best terms secured should the sale not be post
p0ned or averted.
1t Is stated that some or the friends and admirers
OF Mr. Booth have taken these circumstances
under consideration, and are desirous OF making
an appeal to others who may be willing to enlist
in the work TO JOIN them In an effort TO rescue the
their beiici nrst IN the eventual pecunlary sue
cess OF his great undertaking; and, next, In his
assistance be enabled to light his way through the
present crisis They assert tnat Mr.. Booths unse-
cured creditors are literally disposed and will ex-
tend to hlm all the lenlency he may require; tnat
the first mortgages are satisfied with their secu-
rity ior an unlimited time; and hence that II
mortgages amounting to about $3o0,000 the se-
curity ior which Is really good, the affairs OF Mr.
Booth may be Strengthened out, and the enterprise
he has undertaken aud whlch Is so credltable to
the city may remain in his hands. Tney base their
improve rapidly under more settled money mar
ket, and when the present city barnacles have
been scraped or and cast away. Their argument
certainly seems to be sound, and so lar as Mr..
Booth Is concerned the people OF New YORK Will
heartily ndorse any scheme for his relef and ben
e1t. If MS friends choose to raise enough money
to relieve his pressing suits, 10 take as their
security mortgages winch appear to be good, TO
give him time TO recover himself ana Thus prevent
the property rom passing out OF his hands, they
Will nave the satisfaction Of doing good and q
popular act and which Will meet with general
approval.
HYDROPHOBlA