The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-03-17
BUSINESS TROUBLES.
Investigation of the Affairs of
Henry, Curran 4 Go.
BANKRUPTCY PROCEEDINGS.
Receiver Selah Chamberlain's Answer 10 Dir.
SaltonstaDrS Petition.

tho investigation into the affairs Of John F. Henry,
Curran II Co, wholesale druggists, At No College
place. was resumed before Register Little yesterday
and Mr. Henry was examined. Previous 10 taxing
tne testimony ex-Judgc Hull made preliminary state
ment 10 the effect that persistent efforts had been
made TO rcprsssn. him az prosecuting ME- Horny this
be utterly denied aud said represented no one wuo
was trying 10 prosecute hrm all he wanted was to
asccrtan the true liabilities assets He had no
unfricndly feelings towsrd Mr. Tenney. counsel for
several Of the creditors and he amazed that the
gentleman should the foolish notion, which
had been freely circulated that he there TO perso
cute.
Mr. Tenney replied that Mr. Hull did represent men
Who wanted 10 destroy tho house and that they had
declared that such was Their intention.
The examination Of MI Henry was begun by Mr. J.
4. Smith, counsel for J. q. Aver Il Co, ind X. b.
Hall & Co, part Of tho testimony beng taken by
consent without Mr. Henry the latter being
afterward aworn by tho Register. he testified that
tho nrm was October 1. 1878; there three
general partners ana special, Charles Gillis the
capital was normally $685. 900, consisting Of mar
chandse, furniture, proprietary medicines, rights,
&c, something Tor the good will OF the former firm
and some stock IN newspapers they has little cash
capital they started but hs could not tell no
much.
MT. GlllH contributed nOmlnaHy 3lso,VUV, repre-
sented his interest aud good will in the previous
partnerships nearly al the Proprietary rights were
contributed by Mr. Curran estimated ~ $500 900, and
since then they had acquired the rights Denton 5
BAlam, whcn cost 50, 0O0 He thought the liabilities
the firm nearly 81 900 O0O, when included all
real iaDliles, tn0se which they were liable
indorsers aud the entre contingent abllties; this
was The ximum oi abilitIes; and he thought they
would have pay a dividend about $SOO,0OO u
WAS islr TO estimate the liabilities that figure
Tho assets were valued Ut $780, QUO, consisting OF
drugs, medicines druggists' sundries proprietary
N Hy tn n q
bills receivable and some Cash ne mud no definite
knowledge OF tue value OF each item but the sche.
oues would show, and they could be seen by any
creditor. He thought tho ncrchandlse, drugs, pro-
prietary articles and other materials were worth
$50 600; tho hands OF the assignee, $4,000
VI tho indebtedness there $3S4 0OO gu bills paya
bic, aud the aoIty rs indorsers was about $3.50 O00
THE SPECIAL CAPITAL
The examination was then proceeded with by
judge Hull, endcavored snow in the list Vt
liabilities Churies A. Gls who furnished the special
capital to the firm, put down unsecured
creuitor Tor the amount oi $lk50 900. Mr.. Henry
canned that IL was put down as u memorandum nj.
ward Dunning, Jr., the note broker, Mr.. Henry,
testified that thoy gave no'cs payable 10
Their own order TO Cunning 70 sell Tor the
purpose OF raising money, aud had strong suspicoa
that ne had hypotnecated SOM. OF tnem but they
pecteu 10 get Tho iul bencnt from them. He then
planned system Of hypothecation In waIl street,
and sud Dunning in tue nabit OF receiving
from The DrIu 70 sell or DISPOSE OIL These notes were
made payable TO them on 'ordcr. HypOtuecatiOn was
SIMPLY giving the paper 10 bank and getting what
was known Call loan ut low rate OF interest.
DunniDg did this tor the purpose OF gct,ing comm.
s.on or extra percentage Tuey expected 10 get
tho money from Dunning, less seven per cent per
unnum and commission Of one quarter OF one to
Que per cent, Hs uad no posit,v. kuowisdgs that
DunnIng used other portions o thd money obtained
Tor his own benefit ExJudgc Hull then enumerated
the assets they appear the scnedu es ugxregatg
$685., 100 50, anu asked u they were correct. Mr..
Henry said estimated tho assets about $500 000
He had put DOWN the schedules certain trade
marks, whicL had no market value, and figures
were put down, as he dd not know their legal value.
TRADE MARkS
O. Assuming that party would pay $125 900
for the marks. would not that increase the value
OF the assets BY SO muohY A.. cannot accept any
kuch assumption, as do not believe any sucn bond
tde offer would be maoe that question Is merely tor
newspaper effect
tiit occurred ut this point between OK Judge Hull
ana Mr. Henry to me creditors the former repre-
scented, ailer which the examination resumed.
Ex-Judge Hun asked the question:, "Do you efuse
to turn over the trauc marks Tor the benefit OF the
credtorsy"
MT. saunders counsel for Mr. Henry objected to the
question, as II was 100 inachuite.
Register Little decided that the witness nsed not
swer II ~ this time, aud Aaid thHt bankruptcy
sne trade marks do not pass 10 an assignee
Mr.. Saunders saad he wan wiling TO answer Tor Mr.
Henry that the trade murks would be used to Pay Oft
the composition and II tue composition was rejected
be does not intend 10 let au assignee bankruptcy
tsge advantage VI them. NJ. saunders subse ntiy
asked the question OF Mr. Henry, "Do you aeoiIne
SURRENDER to the creditors through this ompostion
In bankruptcy the trade marks belonging TO your
nrmy''
Mr.. Henry replied mo"
In tins room. within the past two weeks, that you
decI'ned 10 90 50? A. No, sir.
q Have you not alleged IN this room publicly that
the trade murks were not assIgusble and tnat you
were 30 advised by counsel ana that the creditors
were not entIied to themS A. thiuk not
Mr. Hepry then explained tuat he had said he did
not tnink they had any legal value ana that they did
MOI pass IN bankruptcy. Mr.. Saunders said while
they we're wiling, Tor the suks oi paying pen-
saton, 10 use All the trade marks they were not
willing, II put INTO bankruptcy, to lei the creditors
make anyt ny out OF them la relation TO tue capt.
In led " H,sN an la a,tu thutS
was CASH 500. 900 stock aha $1,000 second mort
gage, anu his capitai " the und called 500 0O0
The examination was adjourned until Thursday.
OTHER BUsINEsS TROUBLES.
Composition proceedings have been commenced
before Register Little BY Anhof, Bcrgman6 Il Co.,
wholesale dealers ~ toys Nos liz and ia Dunno
street, Tor settlement with their creditors Ut tnirty
cents on the doIlar In unindorscd notes NJ one eight
and twelve mouths. on Liabilities amounting 10
e2l1 704 Register Little has called the first meeting
Of crcdtors 70 act the proposition, to DO bed on
May T. sufficient time being allowed henr from tue
European creditors
Vogel 4 Reynolds, dealers in glassware at No IS
Murray street. have flied petition Tor a con pos,lon
10 bankruptcy which has vsen referred 10 Register
Fitch. The forms Oi their proposition are either
twenty cents on the dollar cash, twenty cents
IN at four ana eignt months, at the uption OF
the creditors A meeting OF the creditors has Deen
called for April to CONSIDER the Offer.
AZ meeting oi tue creditors Of the late firm
Of Lynch Embcrson, held at the Ollce ot
Register Dwight, tue assignee hied his nc.
counts showing thai there n balance OF
Sl.6s3 As; twenty claims had uecn proved
ugusnst the lrm Tor $50. l07 80; against W. Ember-
sou. individually. s. Az, an against H. v. Lynch for
500 30 making total OF $31 go 81 which a uivi-
dend was yesterday declared amounting TO iour and
anali per cent
AZ n meeting Of the creditors OF Henry Sturcke,
held yesterday ut the office Of Register dayton John
H. Putt was appointed assignee IN BANKRUPTCY
In the County Clerks Office there fled yester-
day the assignment OF Charles A. Stecke and Aug
D. y. Wannack, comprising the urm OF Sieckc II Wan.
nack 10 William 3. Kelley.
RECEIVER sELAH CHAMBEgLAIN DENIES ALL
The CHARGES PKsFERRED AGAINST HIM IN
Mr.. sALToNsIALLs PETITION.
Following close upon the heels OF tho petition oil
Francis g. saitonstalI prcsentcd on Frdnv to udge
Larrenore, tho Court Of Common Pleas TO have
Se.ah Chamberlain removed receiver Of Green eat
Norris Co tho bun rum broeors. a. tue war al