New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-11-04

EMBARRASSED IN BUSINESS.
FINANCIAL TROUBLES OF CHARLES KNOX AND THE
M'uLLoP q sPgAGUE AGENCY.

FINANCIAL TROUBLES OF CHARLES KNOX AND THE
M'EILLoP q sPRAGUE AGENCY.
Charles Knox, the well-knOwn halter, has
made an assignment to Charles j. Abbott. The naDiL
ties are placed at 100000, and tho nomi-
nal assets are reported at $4,000. Among
the secured creditors are J. ID. Bird Il Co.,
81 500; Mrs. Emellne Sinclair $1,000; Charles AK
man & Co.. S. 600 and the Mechanics Bank Of Brook
lyn So 500 Mr. Knox's failure is attributed to the
shrinkage In real estate. He owned lessehold
In the buildings at Nos $40 and COB Broad
way, and some other property on SpringstH
in the rear of the Prescott House. He bought the
latter building In 1874 and reed 1t at cost OF Sl25
OOO His lessee becames dissatisfied and sued him, and
Mr. Knox surrendered his In the building losing
Sl25OOO Mr.. Knox also made unfortunate real estate
in Brooklyn, aud one piece he was held
responsible on a mortgage bond for S3oooo'
Mr. Knox was born In Ireland Coming to this city he
twelve years Apprenticeship he started In business ID
Duane-st He next moved to No. 1872 Fultonsi ana
later he took more comm0dious quarters ~ ruton-st
and Broadway His burned out Mt the fire OF
Bsruums Museum In 1865, when he leased the land and
erected the site the building which now bears
The Commercial Agency OF the McKillopsprague Com:
pany financially embarrassed and the large force OF
employees been paid for two weeks The onees
the company declined 10 furnish any Information
gentleman well acquainted with the manaseins sn,
OF the company said on saturday. :. The present
company organized in 1877, John r. Tappan OF .nd
Boston Betting Company. beug the special partner anu
capitalist The hyaws required that there shouiu DE-
auditing of accounts every year ana though
ayers reporting increasing business Win large
profits. Mr.. TrDpan in 1870 ordered an , ch-
animation OF the books OF the company: Inc
capital stock placed az 100000, WIN no
entry on the books show what represented ny
The officers then made statement shownG the assets W
be Records aud books Sl.U,cOo iuiuuie ana part
TONS $4,000 and type and material, $50 900 III was
shown that MIR. 1appan had loaned TIE com
pany the Boston Betting Company paper Tor
large amount. tho time ot INC failure
Of he latter company reaching Sil3,OOo The prescott
McKillopS rrague Company capitalized rs 90 iEalon
thus increasing capital stock from $2OOODo tn S6OO
600 Mr. Tappan TUNED to tbs CreCilorS OF the
Bpltiug Company his clam tho commercial agency,
and tbe Efforts OF The receiver 10 fratZ" on
This debt haN0 caused tac embarrassment oi
lie MoKilop-Sprngue COinrany. A..srs Clarke ana
SpTngue the present manacefe-air. AchlllOpp having
retired frOuI the company over year Lgo.haye Dcen
negotiating with the receiver 10 buy out the lappa
clam. 100000 at first demanded, auu
finally It agreed that they should ry
S25 900 cash for the clam, anh spOuli run
the commercial agency. Thus far they have not
been able 10 raise m money The payment oI snbscrp-
tOns the July publication, due ~ JanunryhaSe pee
anticpated ana the company Is without means even 20
nav its hands The liabilities understood 10 De; Bos
ton Betting Company, Sl5 OOO sbce and Leather anu
other CITY banks S7 OUO. Estate OF =. Hart Tor PRINT
ing $4,000; Employ e. $4,000; total S3O',VOo'