The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-03-08
HENRY WARD BEECHER's PUBLISHERS.
THE BANKRUPTCY CASES OF J. D. FORD co..
INTERVIEW WITH AN OPPOSING CREDITOR

THE BANKRUPTCY CASES OF j. D. FORD co..
INTERVIEW WITH AN OPPOSING CREDITOR
CURIOUS BUSINESS TRANSACTIONS.
The OF John B. Ford 4 Co publishers OF Rev.
Henry Ward Beecher's Christian Union, ''rhe Life OF
Christ" &c. have IRON time time excited consider
able public interest and invoked comments from
the press There seems, however. to have been an
pare view OF the matter furnished the public, and
order ascertain the real facts herald represcn-
tatve yesterday called upon Mr. Thomas withercd,
who is the only opposer OF the petition OF the firm to
DO adJudged bankrupt 1t will be noticed that some
curious developments were elected by tho interview.
"Mr. withered, have you any objections to explain
ing the circumstances attending your business rca-
lions with the drm OF John b. Ford 4 Co., publishers
Of the Christian Unions"
Mono whatever. Will be as brief and comprehen-
sive possible. Ny relations with j. b. Ford & Co.
commenced through my tenants, Il. W. Smith Il Co,
bookbinders. They did the binding for large portion
Of b. Ford's publications., and the habit OF
giving me Ford's In payment OF tho rent. They
often brought mo in Ford's paper, asking me to DIS
count II. refused several times, IT not my
habit discount paper for any But time in
March, 1875, Mr.. Baldwin, the financial partner OF
Smith Co., brought me paper OF Ford's to The
amount oil about 81, 000 He said 1t for work
done Tor Ford, and wished mo discount it. again
refused. as was going TO Europe IN May and needed
all the cash had Baldwin assured that
If would negotiate tue notes no would fur
nsh the cash to meet them during my absence. He
stated that the Mcssrs Ford doing good bust
ness. perfectly solvent aud their reputation
No. l. Upon these representations was induced 10
discount their paper. few weeks atcrward Judge OF
my surprise when Mr. Howard. of the firm OF Ford
Co., and said he had pa ntul Grand which
to inform that tho firm in difficulties and
cd n A | ref but
finally being persuaded that the firm would net honor
ably. consented. In July following Ford l. Co.
failed, and In October December went
through bankruptcy At this time I had
my suspicious that there some fraud con-
neced with the Affair." for tho that the
their creditors OF meeting in bankruptcy thcy did
not notify the law requires. This alter
ward explained by Mr.. Howard, who said that no had
notified the party to whom they had given the paper
and he did not know that held any of 1t. then ex-
ahmed schedule OF Ford Co.'s liabilities in the
Registers Once and ascertained that they had placed
the arm OF r. W. Smith Co. creditors to the amount
$4,000, being about onetnird OF their Liabilities,
aud representing aoout ffty-hvo out OF some sixty
creditors
WHAT THE FIRM PROPOSED.
II proposed that the creditors accept compost
ton Of thirty conts on tue dollar payable in sixteen
instruments, which majority did Alter this Mr..
Baldwin, OF Smith Il Co., brought me the composition
notes and asked me to accept them for thirty cents,
telling me that the arm not materially hurt, and
II time given they would be able to pay tho
seventy cents. Baldwin strongly urged
accept the composition; but / refused. Bald
win succeeded by this arrangement in getting
for seyony cents thus securing rosa
this little arrangement was perfected, H. W. Smith
\ Co. faed-asse!s yon may say NIL Liabilities large.
then examined the books OF Smith Co. to see what
their connection with Ford Il Co. was | discovered
that portion OF the paper had received had actually
been discounted for the benefit of Ford & Co. and
further, that in about i've months time Baldwin had
negotiated about $65 900 of the paper Ford Co.,
eighteen per cent. About si5,o 600 OF this was
due Smith l. Co. Tor work, at least their
books SO made II appear Consequently was led to
the market without value. This. Mr.. Howard tells
me, is not crime In law Perhaps not, but II does
not look very honorable next ascertained that Mr..
Baldwin had no interest In The firm OF r. W. Smith Il
Co.. he had drawn all his capital out before the fail
This seemed as If there mad been combination
between Ford Co. and Baldwin TO lend each other
their paper and when they could not negotiate any
amount Of 600 ior Which there was espons,.
biity Ford Co. had got their bankruptcy
affairs very nicely arranged But one creditor held
out. They could not prevail upon him to accept the
composition notes And now they find they cannot pay
their creditors this thirty per cent composition aud
go into bankruptcy again At meeting OF the cred
itors statement is made that they propose to pay
thirty per cent In certain nstamcnts, upon schedule
presen All the creditors agreed to accept
this compromise except myself. l objected, as
found they had entered me in the schedule cred-
tor TO the amount of thirty per cent OF my original
claim, nine per upon my whole amount. They
admitted my claim, and new schedule made Qua.
1t appeared to to be lutte bit OF sharp prac
pay thirty per cen. upon thirty cont and
believe II the plan hal not been opposed 1t would
have been carried out. | then demanded ex-
animation OF their books, and discovered that n
good deal of what might not be called really legitimate
business had been carried After obtaining a
knowledge OF these facts and their transactions with
Mr.. Baldwin. OF the firm OF Il. W. Smith 4 Co., | do
not think any ought to be surprised my oppo
sition TO the application Tor bankruptcy by the
firm Of John B. Ford Co.
TIE LATEST ExAxrS ALTON
John r. Howard, OF the firm OF j. T. Ford Il CO.,
was cxampcd before Judge Fitch, Register In Bank
ruptcy, with the following result
Question by counsel for Mr.. Wcatherel-What be-
came OF tho copyright OF Poetry and Songs written
by William G. Bryant? A. The copyright and plates
Of "Poetry and Songs" assigned to Mr. Saunders
on November 81 1876, In consideration of services
rendered.
q. Please give the names of the books of which you
had the copyright and the exclusive use OF prbca-
tion? A. '.Romance and Realities 'Princlpes OF
Domestic Sccnce.n ''New Housekeeper's Manual ~
"Beecher's Sermons from 1869 to 1874 ''rhc over
ture Angels - Bcechcrs ''Lifc of Christ" "Annual
Library OF Poetry and SOngs.u new, by William e.
Bryant; "Christ IN Art" 'History Of New York
State" and several other works
q. Are you selling these works nowP A. We are.
q. Who owns the plates of 'Christ In ArtY" A.. Ed
win Morey. Of Boston; but We have right OF redemp
ton them
The examination OF the witness further con-
tnued resulting in the answer the question whether
the value OF these copyrights aud plates bad been
stated IN tho schedule OF assets, and the was
"No but We will insert 50, 900 additional IN the est
- .