Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1877-09-20
FRANK LESLiE'S FAILURE.
How ~ Large and Well.wOn For
tune was Wrecked.

FRANK LESLiE'S FAILURE
How a Large and Well-wOn For.
tune was Wrecked.
From the New York World.1
Mr.. Frank Leslie yesterday made an
| assignment of all his property to Mr.. 1.
w. England, publisher OF the SIN.
The news, as it spread rapidly late yes
terday afternoon, was received with
surprise and regret. His large publish
ing business was supposed to be in q
prosperous condition, as indeed il
proves to have been. The chief cause
of the failure was the great depreciation
in the value of the real estate owned
by Mr.. Leslie i'm this city and at Sara
tOga. Mr.. Leslie's liabilities amount
to about $4,000, and his principal
creditors are supposed to be the firm OF
Rice, Kendall & Co., of Boston, who
supplied the establishment with paper.
There was some excitement among
the 400 employees after they heard Of
the failure, especially as it was "pay
day." The compOsitors, pressmen and
the clerks in the counting-foom gath
cred in groops and discussed the mat
ter gravely. There Vas scarcely any
ground for fears, however, as there Is
no probability of suspension of busi-
ness. They were all paid Their dues,
it was said, the same as usual. d-s,
Mr.. Alfred Leslie, who was found in
the counting room of the establish
ment, took cheerful view of the mat
ter. He said that there would be no
change whatever in consequence of this
Temporary embarrassment, except that
the financial part of the business would
be urder the control of Mr.. England, or
his representative, who would take
charge to morrow. Toe cause of the
trouble was unfortunate invest
ments of Mr.. Frank Leslie in
New York and Saratoga real es-
ber his creditors TO pay their notes
when due. Mr.. Leslie said tnat their
house had passed through all the hard
times, always meeting its obligations
promptly. and paying 100 cents on the
dollar. During those hard times they
had been very Ienient with creditors,
and he hoped that now, as they were
in trouble, they would be treated with
the same consideration. Their busi-
ness had been unusually prosperous of
late, and, he had no doubt, would con-
tinue so. He would dissatisfied to take
any one oil their long list Of publications
to-day and run it separately and alone,
for he was sure there would be profit in
it. If anybody who had not heard of
the assignment should into their house
any day next week they could not dis
tinguish any d ference in the general
run of their business. ~ trr
The following is list of Mr.. Leslie's
publications Illustrated Newspaper,
Lady's Journals Illustrated Zeit,ing, u
Illustrated Times, Boys and Girls Week
ty, Frank Leslic's Sunday Magazine,
Budget Of Fun. Jolly Joker, Pleasant
Hours, Boys of America, Popular
Monthly, Illustrated Almanac, Comic
Almanac, Chimney Corner, Home Lii
6yary, and Idle Hours, 49,
Mr.. Frank Leslie was a: lis country
seat, at 1nterlaken, near Saratoga, yes
terday, where he spends most OF the
time during the sum mer In 1aths. He
depends principally upon one of his
SONS to manage the business in his ab-
sence. That son was lately taken so i'll
that he was obliged, by the counsel of
his physician, to go to the Hot Springs,
in Arkansas. His brother Harry then
assumed the management.
Although Mr.. Alfred Leslie was very
onfident that the assets of the concern
were great deal more than the liabil.
tiles amounted to, a gentleman not con-
nected with the house, but whose posi-
ton enables him to know good deal
about its business, said that, leaving
the "gOod WHIP out of the estimate,
the concern would be largely insolvent,
and had been for long time. Even if
the good will was included it would
not Offset the liabilities. He said the
house had been carrying on business
by far too large for the capital invested,
and that there never was time when
the concern was not more or less en-
barrassed financially. Some of Mr..
Leslie's enterprises have been very
successful but others resulted in loss.
The profits Of his paying publications
had to be appointed TO balance the
losses of the n0n-paying ones. He
thought that the gentleman selected by
Mr.. Leslie for an assignee was a good
business man, and that by careful man.
agement he would be able to bring the
concern out of its present difficulty.
He supposed meeting of the creditors
would be held suon, and he thought
that if they were wise they would not
press Mr.. Leslie into bankruptcy and
secure speedy settlement, as by that
course they would get but Il small share
of their dues. The mere furniture of
the establishment, such as type,
presses, and other machinery, even
when the value of Mr.. Leslie's real es-
tate was added, would go hut small
way towards settling his obligations.
But if by the leniency OF the creditors
and the skilful management of the as
signee the good will for Mr.. Leslie's
publications could be preserved, then
the creditors might ultimately be paid
dollar for dollar.
A statement of the assets and liabili-
ties will be furnished the creditors to-
morrow.
Mr.. Leslie began the publication OF
his Illustrated Newspaper in 1855. At
that time he also published the New
York JOnT7,dL. He failed about 1857 or
1858, but by securing an extension
from his creditors he was enabled to
continue business without an Interrupt
tion. Since that time Mr.. Leslie has
embarked in large number of ven-
lures, some of which have been very
successful.
The American News Company are
sole agents for Mr.. Leslie's publications.
At the Office of that company it was
said that although some of the periodi-
Gals published by Mr.. Leslie had in
creased in popularity the aggregate
circulation of all his papers, magazines,
etc., had fallen off.
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