The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-05
BUSINESS TROUBLES.


MEETINGS OF CREDITORS Ao-
cEPTED AND AssIoNEEs APPOINTED.
A meeting Of tho creditors OF John s. Proutt hard
ware merchant, formerly At No SO Beekman street,
was held yesterday ut the ONCE OF Register Flch.
Tho schedules submitted showed liabilities amounting
upward OF $163 000 the assets consisted mainly OF
real estate, nominaly valued at $780, 00O and mort
gagged for over 100000. Twenty-iour claims were
proved. aggregatng s55,ooo the following being
tho largest A. q. Davis, S1l.0I4 SO; David Hynes,
$4,000; James X. Cox, $4,000; John Brainsrd,
1886 IS; Walter b Gray, 5000; George Cramer,
$4,000; Charles s: Strong, EXECUTOR 1856 ~; f. A.
Doolitile. $2,O42 q, and Halbert Eckcrson,
sl73S o. Several claims were objected TO- and there
was an exciting contest over the election Of
s,gnee, which finally ended In The selection oil Mr..
John Il. Rlsley.
The creditors OF the McNab Harlan Manufacturing
Company met yesterday ~ the Office OF Register
Dwight Additional claims were proved by the fol-
lowing Sensational Tube Works $40 500 90;
Peoples Bank, s2l, 45o; First National Bank OF
Paterson, 500; W. Il. Taylor, $4.2I2 50; Second
National Bank OF Jersey CITY. $4,000 80 Alter con-
siderable discussion tbs composition Of seventy-fve
cents on the dollar, in twelve payments extending
over period Of three years was accepted ss
Co, wholesale jewellers at No. IL Maiden lane,
held yesterday at the ofics Of Register Dwight.
statement presented showing liabilities amount
lag $l4S949 80, Of which $ll7,S00 SO IRE unse-
cured and $6oS 50 contingent rhs total assets are
couats, S9,0S6 IL; cash, sl72. An offer sub
mItted Tor composition at twenty-five cents on the
dollar in SIX, Twelve, eighteen and twensy-four
months, which was accepted.
Al = meeting Of the creditors Of Erdman A. Herz-
berg yesterday, at tho Office Of Register Fitch, Nj.
Albert G. Aubery, OF No. Beekman street.
elected assignee IN bankruptcy.
A meeting Of the creditors OF Thomas l. Higgins
boiler aker, No. 10l Watts street. held yestcr
day 81 the ONCE OF Register Little and an offer Tor
composition OF fifty cents on tho dollar. secured bg
property, was considered. There was y long contest
over selection OF trustee TO carry the terms
Of the compromise. Fourteen creditors, representing
S. 1O0 IN favor Of Mr.. Horn and len creditors
representing 81, OU0 voted in favor Of Mr.. Cooney.
II was finally dccided TO leave the appointment to
Judge Choate
A petition in bankruptcy has been filed against
Joseph J. Hamburg, commission merchant, by SIX
creditors, whose claims aggregate $lo.sol 81 nsid
zsi, ST, 0o4 90; Edward N. Newman, $500; Bernard
Charles ". Low, wholesale dealer in millinery goods
at No. sos Broadway, made assignment yesterday
for the oenen. o. ms creditors 10 Charles Kis,ng
Ginnoccno and continued the business alter It's dis
solution In July, 1872
The schedules IN the matter of the assignment Of
Ebenezer Valentine 10 James l. Wells wee filed yes
terday in the Court OF Common Pleas me liabilities
are stated at S. OCT 13 assets $335I &c. and
real assets, 81, o99 A..
IMPORTANT TO CREDITORS.
A petiIion Was some time ago presen ted 70 Judge
Van Hoeseu in the Court Of Common Pleas by Ed
win sherman, assignee Of James A. Day, TO bo re-
lieved OF his trust In hts petition he states tbat he
was assignee of Mr.. Day the 28th OF January
1870, aud that he entered upon his duties and per-
formed tho Same for the interests Of the crodl
tors On the 18th Of March last. and before his duties
had beon wholly performed petsion In involuntary
bankruptcy lied against Mr.. Day In the United
States District Court and order show cause why
that petition should not be granted, was issued by
Judge Batchford Further proceedings in the bank.
ruptcy matter had. and the 23d Of March the
Clerk Of the United States Court called meeting Of
the creditors Tor purpose oil considering compo-
sition 10 be offered amounting to twelve and halt por
cent their respective claims, and such composition
was hnay accepted by the creditors, the same to be
paid within thirty days Tho Register iouna that the
proceedings In due form OF law and that ~ COM
position Tor tho best interest all concerned.
inc petition states further that the estate oil the
bankrupt cannot pay more than ~ Give and nall per
cent for the best interest OF the cred-
that he allowed TO surrender the assets now III
his nSnds Tor the purpose OF carrying this compost
ton iEto effect rained by The creditors and d.
rscted by the United states Court He, therefore,
asks to be relieved IRON his trust and also asks the
release OF the surelies his bond his
missions be paid.
Judge Van Hoesen, in u decision rendered yesterday
DENYING the petition says:-sUnder the Laws oil 1877
land the acL 1873, winch has yet gone INTO
operation, will be 10 the same enec4l a credltor VINO
not asscnicd 10 the composition Is entitled to the
share would have claimed II CON position mad
been effected. The Bankruptcy act d lficuH In IL
PROVISIONS. 1 am here 70 execute the state act
cannot do anything TO impede tho proceedings In
bankruptcy, but 4 au not compelled TO forward them
by violating the la~ OF New York. viii not make
the proposed order uatil II shoAn 20 that non-
asscnting will receive their share, as the
state law provides This Court Is annex 10 the
Coort OF BankI uptcy, bound TO make such orders as
ties seek the and Of the state Court they nust Gerry
out the SUITE law"