The New York herald., 1877-10-06
BUSINESS TROUBLES.
PRANK LEsILEs BUSINESS TO BE CONTINUED
BY BOARD OF MANAGEns-oTHxRF FIRMS IN
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PRANK LEsLIE's BUSINESS TO BE CONTINUED
BY BOARD OF MANAGEns-oTHxR FIRMS IN
DIFFICULTY.
An adjourned meeting OF tho creditors OF Frank
Leslie tho publisher, held yesterday at tho ofco
of tho American Nows Company, and about fifty crcd
itors present. Mr.. William ii. Parsons prcsdcd
and Mr.. Edward Goodwin. Jr., acted as secretary.
Tho meeting called for tho purpose Of hearing tho
report of the committee appointed ~ the previous
meeting to examine the affairs and report upon
somo plan settlement aud after tho minutes OF the
meeting had been read Mr. John H. Hail. tho chairman
ot the committee, submitted the report The COM
rnittee gave In detail the result Of thor threo woeks
investigation They found the books great disorder
balanco sheets having bcen mado out since 1873,
and the books not having beon made up last
March. In the judgment Of tho committee the bus-
ness had been managed extravaganty, but they con-
siderod It paying one. ME Leslie had drawn out
OF tho funds worry heavily, upward Of $4,000
u year, which in excess Of tho profits
The committee believed that the business could
DO 80 conjnctcd, with proper management, that Is
Of three years. and ther oSinson that u was the
bust policy Tor the creditors TO consolidate their inter.
ests ana intrust tncm TO a board Of managers con-
sisting of i've OF the principal creditors, who should
have authority TO act Tor tho general body or creditors
IN such manocr ns they deemed advisable rho copi-
mittec accordingly commended that tho business be
carried on n the interests o tho creditors by tho
Board OF Managers Tor three years from January 1,
1875 that Mr. Leslie have supervision Of the
details and be allowed as salary proportion OF the
profits equal to twenty per cent that The money be
divided among the creditors quarterly fast tho
pronts OF the bunoss warranted and that at the end
OF the three years the property DO returned
TO Mr. Leslie vote takon on tho
recommendations, and they wcro unanimously
adopted by tho meeting, which empowered The COM
mittss-conssting OF William H. Parsons, OF w. II.
Parsons Brother; Governor Rice, of Rics Randall
Go, o Boston; Edward Goodwin. Jr., oil Perkins l.
Goodwin; John IL. Hail. of Campbell Hall Co.,
and w. d. Wilson, orW. D. Wilson Il Co.-to carry
out the recommendations and act the Board OF
Managers. The creditors, by this action, take their
chunccs OF bong paid IN iu, and Mr. Leslie said he
gave his cordial assent TO tho plan ahi would do a In
his power 10 have tho business carried on success
fully. Ia closing the meeting Mr.. Parsons tho ch arr
rnau. congratulated the creditors on the universal
harmony which had unanimously brought about the
settlement.
OTHER EMBARRASSED coScKRSa
Frederick LOWS, who appointed receiver OF the
hrm oi lsaacs hackes, Wholesale clothing msnuinc
turers, At No. al Broadway, by Judge Donohuc has
realized sufficient funds from Tue the nrm
declare dividend Of one hundred cents on the dollar
TO each creditor, which will be paid In q days the
creditors agreeaby surprised The dividend and
the rapidy with which the affairs have been wou nd up
Alexander X. Spencer, better known as .Sandy''
Spencer, who keeps eating saloon corner OF
broadway and Fulton street, has boon adjudicated
bankrupt on his own petition by Register Dayton Tho
| ciainis enumerated In Tho schedule aggregate
about $22,tOO and no assets are mentioned. A
majority OF The claims Ia the OF promissory
notes, gwen tor cnsh loans and judgments obta ned
against him IRON 1869 10 1875. Many Of his busuc
transactions are ~ relation 70 tho management Of tho
Globe Theatre and tho Theatre Comique, In partner
snip with Hannah White and Il. W. Butler. Tho prin-
cipsl creditors the following :ExecutrIx o Wiley
s2sy3 ~; Charles u. Bolneislcr 81 TOO; George III
CIarkson, OF Chiffon. N. j.. S4.o34 81 Samuel K
A. Spencer, $l000i Martin Lane, OF Philadelphia
,6S3 40.
The following assignments were yesterday nIed in
the County Clerks office Max woln and Perez WolT
TO Joseph Frankie, and Leo kaufman solomon and
Ferisksnnor 70 Ernest Werner.