New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-02
SCENES IN THIS CITY.

CROWDS AT THE BANKRUPTCY OFFICE, AND TBREE
HUNDRED AND NINETY-FOUR PETITIONS FILED
HISTORY OF THE LAw--ISCIDEKTs OF ITS oP-
GRAFTON.
The repeal of the Federal bankruptcy law
went into effect at midnight Saturday under the act
passed at the last session OF Congress The Law went
into operation on June 1, 1867, and, with various
amendments had been in existeDoe eleven years am
three months. The original enactment was made in
order TO afford general method OF settlement OF
large number OF complicated and tnsolvent estates.
struggling under incubus Of debt and litigation under
the of tho various stees Some Of these bus
iness complications were OF long standing aud
many were the legacy Of the war. The State
laws were conflicting, and in some In
stances unjust aud oppressive to the debtor class
The need Of general uniform law was felt to be i'm
perave and in compliance with the popular wish, Con
gress passed, March q 1867 the Bankruptcy Actwhch
has now expired BY the repeal OF the Federal law tie
adjustment Of nsOlveDt estates has been remanded TO
the statutes Of the various States These State laws
have been modified aud improved in many OF the States
during the existence Of the Bankruptcy Law and have
lost in many States their harsh and barbaTous fea
lures.
The expiration of the general law was marked by a
haste on the part OF embarrassed debtors TO seek
refuge behind its provisions In this district the final
rush began Thursday, when seyentyeght petitions
were received, then the largest number remembered
70 have been fled in day This followed on the
next day by the offering 135 applications, and on the
last day the number Of petitions fled 394, making
total Of COZ for the last three days
During the existence of the law, 1880 applicants
have fled petitions in this district; the first that
Of Adolph Baum, No. 159 East Thrty-thrdst on June
L. 1867 and the last that Of John W Merwin OF Vaate
Columbia County. The cases now pendlng VIII REQUIRE
i thought probable az least two years in their settle
ment. There are many cases on he IN the Registers
offices In which no proceedings have been taken Tor sew
efa years and IN some eases the DankrptS nave ded
during the tendency OF their actions In other eases the
debtors did not have sufficient assets to pay the fees
necessary TO the prosecution on thelr cases 10 nhal
discharge. Some general order II IS thought Will he
issued by the Court in order to hna closing OF these
Al the clerks Office Of tho United States District
Court Saturday. che first petition received about
q. m, ana for twelve hours the ap Hcants maintained
an unbrOken line before the desk At times the line
stretched far ont into the corridors u the Post Office
nearly nty persons az one tlne aWM5lEg lheir tulD'
Some obtained chairs, winch they moved forward as the
head OF the column slowly melted but the most OF the
crowd stood during the delay. IL motley thrOug,
composed OF law Students office clerks aud boys with
debtor. Who saw before him "a new way
to paw old debts" OnlY one clerk could re-
utiVe order with tho hour Of fling and TO be
ferred to the Registers alternately Each petit on was
$40 So the amount Of The clerks fees when the last
clerk bad made the final entry ana securely locked up
the fees the paOer tossed his shoulder 10 the
growing heap behind hiIn The process was slow, and
while waiting their turn the boys ana clerks vented
other Of line, The applicants who appeared IN per
Son wore ioyous faces and an AN the long shifting line
there hardly suggestion Of the gravity OF the bust
ness which had brought u together ~
The discrepancy between assets and liabilities in the
schedules submitted in these last days has been
cessivey large To b. almost udCTOus. Few articles
OF clothing some worthless stocks and securities or
small enuiies in rel estate were all tue assets many
laid claim to, while they confessed to vast, swollen
debts. A dividend as low as onesixeenth Of one per
cent has been declared and pald in adudlcated
under the Bankrupt Law but It seems probable that IN
receive not that shade o! a fraction Nearly one
half of tue recent applicants declare tha heF nave no
assets OF any nature or description or only OF nominal
value