The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-27
EDWARD MATTHEWs's PROPERTY.
Bankruptcy PROCEEDINGS ARninst the Owner
ora Vas, Amount of Real Estate.

Proceedings in bankruptcy have been
Instituted against Edward Matthews by Knee
land & Carter ATTORNEYS for Barber II. Jones and
other creditors IN Providence, Rhode Island.
MIR. Matthews Is tho well-known real estate
owner whose property In this city few years
ago brought in a rental Of $s0O,OJO year.
81 How Is IT," asked areporter, THAT man
with 80 large an income few years ago Is now
having proceedings la bankruptcy Instituted
against him by his creditors"
"wsu," said the attorney, "when real estate
declined. though his property from Its location
In the business portion OF the city was not so
seriously affected In value as that higher up
town. there was sufficient depreciation to
cause uneasiness. Upon most Of his realty
there were first mortgages, the interest upon
which. however, was not sufficiently great to
embarrass him when money was plenty. When
times became hard and money scarce he con-
ceived the idea OF relieving himself through
railroad Investments. lie purchased an entire
Southern rallrOsd 100 miles in length. But the
scheme was nipped In the bud Ivy the panic
three years agO In railroad bonds and securities.
He was unable to negotiate his bonds In Eng
land, and consequently found himself not only
with hts mortgages but an expensive railroad on
his hands. Creditors presented their claims,
which were liquidated by borrowing from. Peter
to pay Paul As notes became due he fire.
quentlv allowed them to 90 to protest, always
taking them up however within the forty days
could be instituted. In April last ne recorded a
mortgage dated Sept. IL. 1876. to Watson Mat
thews his brother, as trustee for Virginia b.
Matthews, his wife, for S.GOOI0. This covered
the property at L. 10 and q Broad street ~ and 81
Exchang, place 40. ~, 81, 80, and from a. to 452
Inclusive, broadway 40 and 50 New street 10,
l2. IL. l6 and Is Crosby, and ~ aud "a Howard
street. The property from 40 To- 40 inclusive
on Broadway are leasehul4s, the fee resting In
LOtillard Spencer and Caroline Spencer. At
their instance suit was instituted for rent, aud
about S@OOn IN judgments was rendered in their
o.
Il - were commenced before Judge Barrett by
the attorneys for the Spencers restraining Mat
thews from selling any Of his properly. aud
about the 1T OF October an order lOr examine
tOn VS. granted"
judge bairett on oct 20 appointed \. p Man.
one OF the at orneys for tue plaintiffs. receiver
NtttheNs. Il Is asserted, permitted some II his
con mercial paper held uv BARRIER n. Jones and
Others, Of Providence, to he protested. aud the
forty days IN which to take 1t Up. ullowed by
statute, having elapsed ON oct Is proceedings
In bankruptcy were instituted. On the same
daN Judge blatchiUrd granted All injunction re-
stfa utug Matthews from dipso-i uf any OF his
property. 10 aud to the complications. deed
dated Oct. Il. l-,6. WAS recorded OF. ~, from
Edward Matthew's ana HIS wife to J. Brander
Matthews. their son. for all their real estate, In
consider, tiOn OF s5J,VU The property descrueI
ia this deed embraces: o. ana - liroadway
AID 10 New street. known as the Globe build
ins; Il, ~, and II broad sueet and 81 nd b. TX
change place: Is and ~ Broadway ana lnd :
NV street; 80. II, and 20 BROADWAY and ~ ana
. New Cnutch street, known az the Empire
building: ~ broadway. known "a the National
building; -. ~, ana ~ Broadway and ~ and 80
New street % Broad aud A aud % New streets {;
~ Broadway ani ll6 New Church; "a Howard
rs follows: Mir. EDWARD Matthews ALLEGES that
he has no property Mr. a. l.. Man. the receiv r
appulnied by Judge Bdrrett ON tue Application
ul thv Speucers. SAYS he has received nothing I;
kueeldni Carter. through bankruptcy pro-
ce'dm-s. claim that tnev VIII snow that Mr.
Matthews has mace no bona I'd Transfer ~ his
real estate. anu that d sacrifice Of portion Of
the valuable property enumerated IN MS ueed to
~, sJn Vii. enable hin 10 nquidatc Oh OF his
utUtS.