The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-09-01
A Day Of Bitter Experience for Too
COnfding Creditors.
GREAT HOPES BUT SMALL MARGINS
The Registers Fat Fees the Main
Items Secured"
FAIR DEALING FOR THE FUTURE.

Tns Bankrupt Law expired Yesterday, after an ex-
issncs OF over eleven years, having into opera
iion in 1867 and been amended In 1874 Three hun
dred and nnetyiOur petitions we're filed yesterday in
this city. making the total number since the law
established 1880 These and also those which
were previously IN process OF settlement before the
different registers in bankruptcy will require At least
Two years. time before they can be ell wound up. An
estimate OF the grand total Of liabilities OF the bank
rupts, based on calculation Of average indebted
ness $50,O0O which the for the past years
Indicates, places the amount At 1915. 600. 900.
No estimate can be given OF the as
sets; as rule Ihey were very small, tho
great majority Of the petitioners having disposed
their assets either by assignment to the creditors
transfer 10 relatives and friends before they appeared
In bankruptcy. In cases whore there were small as
sets the expenses generally swallowed them up and
the creditors look in vain Tor dividend There were
numerous In which the creditors received only
ono per ocnt dividend and in some the dividend was
as low MS one-sixteenh Of ono per cent twenty-five
per cent was considered very large, atty per
IN exceptional and when the assets realized 100
cents on the dollar u Was isolated iuslaucs In
one case, brought by Messrs Chambsrain, Carter Il
Eaton last year, the creditors we're paid in iulL
These figures dc not refer 10 composition cases
where arms settled with their creditors and osnnu cd
10 business there 400 osmpost.on cases entered
ks
jeoon TO the law the heavy expenses attached to
the proceedings. which made impossible Tor really
cor debtor to take advantage Of the "bensht OF tho
act" Tho fees alone amounted 10 nearly 5000 before
discharge was granted, and thsn the lawyer had 70
Be paid hts tees in addition to that sum. The
average cost Of getting thrsush bankruptcy thus
about $500, whcn would make the total csst In this
city the law has been In vogue to tho
baakrupts, nearly So 600 600 This estimate does not
Include the expenses attached 70 realizing upon the
assets conveyed by tho bankrupts for tho benefit OF
their creditors One theasand dollars was frequent
Tee 10 prominent lawyers TO carry nrm individual
through, and prominent builder, who has just sp-
plea for relsf gave his attorney check Tor 81, 900
to cover all expenssG In composition cases the nrms
usually based their calculations on an expense Of
81 600 and In one prsminsat case OF shis Kind
Il IL. currently reported that tho expenses
Of the proceedings announced 70 S. ooo
IL oan therefore readily be understood
that lawyers VINO promised 70 get . debtor through
IRON $50 TO 500 knowingly deosivsd their clients
was trequsaty common practice 10 pay the nrst fas
Of $l2 30 IN order 10 have the entered o. die az
once, and then let the balance Of the Deposit amount
ing 10 $50 which goes to the register BE- charged
on account and to be pstd they could raise
the money. No 'nosce taksn Of . case ar The
ooes OF the registers until their Ice of $50
was paid. After that the expenses were swsiied up
By line marshsis Ices for notices to ersdisors advsr
tisemess Of meetings, o., fet for the assxnes and
also ihs cserks' isss nual discharge, al whsuh
came cut OF the pocket Of tho unfortunate debtor
that 10 II there was any pocket left foe for every
step taken was apparently the purpose OF tho law and
this was one main reason in urging IT'S repeal
Al the clerks ofRce o: the United States District
Court in Bankruptcy yesterday lawyers and their do
nqusns debtors made their appearance shortly after
tnuous stream OF bessgsd clerks 10 get their
petitions n!ed. ArrAngemsnts were made by which
they could pass in At door, Ole their petitions ana
then pass out ut another door. There were a many
dty people in line at time, and they stretched
far out In the hail. As they had take their .urn
many stood for an hour waiting. As they passed II
they handed their petitions to Mr.. Marshall, The
docket clerk, who entered the name In his book and
designated the register whom It would DO referred
BUS or cneess ior the lees the petitions
who entered the amount IN the cash book; q
large sum OF money was received and Mr. Patrick
made frequent trips TO the Central National Bank to
deposit he accumulatong and prevent any loss by
sneak thieves Mr.. Ball stationed the money
drawer aud Kept guard over tho contents Mr. vii
marth, the cn,sf clerk, attended 10 the involuntary
petitioners and administered the cath 10 the debtors
ana Mr.. Van Kuren assisted In Receiving the voIun
tho day looking after mis- cases, and Mr. Trimbis, OF
Register Dsytons once, remained in tho afsrnoon 10
receive pe,itions Many lawyers left their until
she last moment and then hurried to got them In.
Everything was carried In coed order, and before
several lawyers appeared with large bundles OF 20.
titions their hands, and flied at
The number Of pst,t,ens recorded durins shs ssy-
394-Is the largest umbsr ever fled u single day
ssns NOR. re. than w:rs a:s - SIX several years Prem
until Deee Der 81, 1857 626 psstons were fled IN
1905 s'r: ~.s: a 81 isss 1870
sso IN 1875, az; In 1875, asz; IN 1877, $40, in
The nrst petition nisd-No Twas tha. OF Aaolph
Baum, dated June l. 1857, snd thc last tbat Of John
". Mcrwip, OF vaistta, Coiausia cosaty.
KIRALrY ERornIRs
lmrs and Bolossy klralfy have gone into voluntary
bankruptcy before Register Little MI Richard s.
Nswcomee their s,ornsy. s.ys.hey Invested $780, 900
s.'s; s:s': ~: ;ss rs s:.: ~ s 81.
vas ssstrsysd. rhe known li.Sii,.,es amo saa
70 s1oooo. ana there are many claims
nrse,rs; esssor. are k:. p sso.S sr:' IS:
for heating sppasstns; Ledger Job Pratins company
~ s!s; Charles D. sspp,oe, - Sss Marsars.,a R.seft
S,2So h Park. 81 so loans; HARE Kiraly. $500
loans; Elise Kirsny, ei,coo Ioss:; Henry Myers.
William r Brock. 5000, judsm ent; W. II. Brock,
SIC. 60 judsmsot: Charles - Devlin 81, 100 There
produosd Tor ssrvcsr &c, wnisu are Dot given, pess
IN aispcs They owe large smoun's tor advertising
oo.ss 81 ..srs for
IaH yAnEs q. DUFF
A voluntary petition IN bankruptcy has been fled
bsfoss Register Allen py James G. Dan, me theatrical
mssagsr HE liabilities, a. tar A. known, amount 10
ot17vO, aod wsro oil contrscsed IN 1878 There are
ssxsy crsoisort. among wbom are the, feiiovtae.--
John A. Dub, 5000; John Bssvards tSOo; xsx stray
oscb, $3.50; Cnanoos Futon, $685. y. H. Wstus, 500;
b. y. RiugsoId, $3.50; Charles Leclefoq, 500; Mss
Jcnreys- Louis, $3.50; Miss Ada fillmore, 500; b. r.
solomon senr 500; Fred PsrkIns, $225; Hoy
Buder, $3.50; Psuldy a Moore, $3.50; CaIcim Light
COMPANY, s25O; Halter h Bcrg. $3Is; II. J. Raves,
5000; NsDas,tsn Gas Company, $500; Municipal Gas
Company, $3.50; Joseph Gorsoo, $3.50 James w. Nox-
r,ssey, $500; Charles Rockwell, 500; g. b. waidron,
500; Joan McCisve, 400 He owes considerable for
adv srt,sins, she amounts nes Appearing ~ Me
sch sducs. " ava u
voluntary pett,en IN bankruptcy nss been hsd
before Register Dayton By samuel Lynch builder, OF
NO o46 West Fifty stscst, Who has debts 10 the
amount OF Alsoo0 OF which s3is 900 secured. ssd
no has no assets fhe principal secured creditors are
the New York Lie Insurance Company. $50 900;
Charles GIL, SIC, 900; Elton Walker 1894 estate
Manhattan savings Ins,ituuss, $4,000; estate