The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-31

Lively Neciirc of the Creditors The Banks
ruvt~ severely Handled.

Livery HeVi'r~ OF tie trcdif Ors-Vhc Hanh-
runs severely Haudled.
The creditors of Max S'adlcv X Co. met in
the bankrupt firms store. Broadway and Prince
street. yesterday. Gardner X. Colby presided.
The books and stool, had been examined 10y Mr..
pcet Of Rogers, rcet co.; Mr. kotine Of W. C..
Bfowninr & Co.; Mr.. Ruchman OF Rlndskopf
Bros Il co., and Mr. Dcsssr CT Dessar, tern &
Co. Their estimates differed widely, hut the
average Il their calculations represented the as
sets aud liabilities as follows:
Average vauttpn ~ efucs.............s3s 1880 7g1 %
Nofts hud hc .tuhis 5, net .............. 3lyta -
ta-h on 90. l.i.3 30
Max sadIcrs private Observation-Disclosures, $500 90
Total ia 81
The s2S.j00, estimated as the value of the prop
erty Of Max Stadler. includes his house and sta
bic I'm Thirty fourth street, his furniture and
carpets here and his wife's cottage at Long
Brinch, his land in Iowa, and 5000 which had
been paid in premium on life insurance in ex-
cess 81 the sum allowed by law to be paid by
bdnhrupi. Tho liabilities Of the 1rm are: Max
Stadler Co.'s indehicdness, Sls)1si.H; liability
on lease Of store, S2.S30: legal liability on con-
uscts WIN employees, S5,vJi; and sundries, ST.
vU.eO, making q total indebtedness OF $4,000.
- lhe committee advised the CREDITOR T. accept
20 cents on the dollar. guaranteed by saiisfacto-
nv endors ements. sir. Thompson Of tho Mer-
chants Exchange Bank said that the estimate uf
the assets was low, and larger percentum could
be realized.
This has been nm uuprecedented failure"
said he the spectacle OF flrn starting bust
ness with such immense capital and Hing IN
I'VE months, while the expenses incurred by the
senior partner amounted to $4,000 a wear, nnd
wi ncs-cd."
Mr. Colby resirned his chair to saw that four
OF the members Of the committee were OF MFR.
Ihomp on's opnion, and, therefore, they did
not subscribe to the report.
I've. we all agree with the gentleman who has
Just spoken" sid he; this Is the most extra
ordinar, failure ;nat has occurred In New York
during the past eighteen hundred years. Laugh
teri VI. Stailer separated from the old house
OF wax Stad err n Co. early I'm January ana
ported that he took out Of that firm $4,000. 10
told Dun. Bnrlow * CO. that he entered the
new house with S2ilOOO and that his partner
Mr. hoscnhcinl. came I'm with $4,000 other
persons re said, brought enough t. make the
tital S@,2utt lie undoubtedly did this IN
order to establish credit with the merchants ~
whon he intended to purchase, for the looks
ana Re. euhcir only $1,000 to the present house.
lie started on. then. with what was nisreprs-
realized On every dollar of indebtedness, and
money enough VIII be left to pay all expenses.
TO nut the firm ~ bankruptcy "a the ony way to
annui me contingent Liabilities In the lease.
liall. illck a Co. could then only collect up to
AUG IL, he day Of the failure. believe mat
Stadler fnade the assignment to Mr.. Lewis In
order to make IS much as he could"
Mr. low, Of Low. Harrison n Co.. believed that
he could manage the assets so rs to paw 50
per cent. II said that Max Stadler would
stiil he "man Of property" even II nothing
was left him IN this concern after - cents hah
mime ~ Long Branch, his vito recently drew
S2u,tpO from a life insurance company. ma IL IL
said viii suon draw $4,000 more, and In other
ways he will re left iir from poor. Mr.. Thomo-
son offered resolutions furthering the bankrupt
cy procet dings, and enjoiring MIR. Lewis, the
assignee. from touching the rss"ts. Hts resolu-
uons included desire to have the legal hrm Of
Carter n Eaton prosecute the action. MIR. Eaton
asked To have the name Of mis- nrm Withdrawn.
at Is absurd" said he, ito talk Of bank
rupfcv procec iing-.'
Mr. Keyser and Mir. TAYLOR defended the a.
sigueo. as Efficient and faithful pfiicer.and their
rcnHrks were apaiauded. \ rCnfteu an az Max
Stadiaf's side asked Leave - deny he statement
that hr Stadlef's wife had crtwn SHNJ life IN
su:ancc or expected to drew S,0.ut0 more. Pr
ticutarly dld Mr. - der dely that he had
misrep presented the amount of capital he had
invested. lie had believed that Mr. ROs inheim
would biins $500 10 the house, and That lie
could not DO so WIS an after discovery.
The motion TO press the bankruptcy proceed
inc- wa lost, ana the committee recommends
ton That the creditors accept - cents on the
dollar WAS approved. SIT. Max Stadler WIS as ked
to speak 10 the creditors, bur he declined.