Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-20
THE LLOYD BANKRUPTCY.

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The greatest fraud that was ever palmed Of on
the people If this section Of Pennsylvania was the
failure of VIM NJ. Lloyd In 1876. The Altoona
Tribune, Of the 10Th inst, gives the details Of the
last movement in this celebrated case, as follows
" Yesterday morning important action was
taken In the United States Court at Pittsburgh In
the bankruptcy proceedings Of VIM. NJ. Lloyd, Of
this city. The debtor named, prior to October,
1875, carried on The banking business In Altoona,
Bbensburg, Latrobe, Tyrone, Pa, Eas, Liverpool,
Ohio, aad New York, under difcre D, hrm names.
To tina, month Lloyd failed to meet his Indebted
ness, and during the succeeding month, No,sm.
Der, The creditors filed a petition In the United
States Distrie. Court asking that be- be a~djudged
a bankrupt. Lloyd denied that the creditors
signing the petition constituted The legal quorum.
ard hled an answer or schedule showing bis la
biliiies to be 81 ,ol6, ote. The matter was referred
to Register shsner, who, after an examination Of
the petition, decided i, contained the namos Of a
legal majority. This report was overrnled by the
Court, the Judge deciding that The amount was
SOL ,OOl below the sum required by law. The
creditors then fed m additional or amended petit.
ton, in which claims representing $4,000 were
Rttached. Lloyd's counsel, Messrs. Blair, Of
Hollidsysburg, and Kennedy, Of Pittsburgh, took
exceptions to the report, and on the 18th Of Sep
TENDER last the exceptions we're overruled. On
ihe 18th Of December following the District Court
decided that the petition represen ted one.third In
amount and one-fourih In value Of the cred itor',
and was In legal shape for the aetio Of the Bank.
rup,ey Court.
"counsel for the debtor then carried the case
into the United States Circuit Court, Judge Me.
KEENAN,, on a bill for q review Of the proceedings
In the District Court and this bill eame on 10 be
heard yesterday morning. Messrs. George NJ.
Rsade, Of Ebensburg, and George shiras, Jr, Of
Pittsburgh, shpeared for the petitiouing creditors,
and Messrs. Bhb and Kennedy for the debtor.
The ease vas ably argued, and Al lie close Judge
the District Court on the question Of a quorum Of
creditors not having been obtained would lie, and
dismissed the bin. The proceedings were At ono,
certified to The District cesrt, asd Judge Ke,chsH
issued an order on the debtor directing him to
make answers within six days to the petition for
his adjudication 10 bankruptcy. or show eausc
Why the rale Of the i7ih Of September last should
not be made ahsoluie.
"As stated shove there are over a million dol
lar. involved 10 the above case. snd the people
Of TIL. city aud the other places namai where
Lloyd dd bu'iness are deeply interested In the
proceedings. II 70 alleged that before suspendinr
In October. 1878. Lloyd transferred a large pro.
ponion % bic available and ss,sshis sssei,. 10
maud Of hls creditors. and ths, shortly prior IA
the fiipg q the petition In bankrurisy he made
a ,olunisry assignment, and the debtor viii b,
required 10 give m account Of all The a''c,s. Ia
eisdiss ,he~ Transferred fpvdulen,ly. a. Il
alleged" Nt .i.