, 1881-11-27
4. RECEIVER APPOINTED
FOR TIE AMERICAN BOOK EXCHANGE.

Special Dkpatea to Tic Chicago Tribune.
New York, Nov. .8.-The financial unsound-
ness OF the American Book Exchango in
this city had been spoken Of in business circles
for somo two or three months past. and the mat
ter today took detlnit shape in the appointment
Of a Receiver. Tho exact amount Of the dabili-
ties Is not stated, mud there are conflicting re-
ports US to tho ability Of the managers OF the
company to cxtrcatc themselves from this
financial embarrassment. 1t is conceded ty
those who arc In position to know all OF tho
fucts that tho exchange has, since its orEaniza-
ton, been doing a very larga business on
comparatively s.nat capital, and tha fact thl,t
all Of its numerous publications have been put
upon the market Mt extraordinary low prices has
not only aroused the nniuosity Of many rival
publishers but has given rise to quite general
belief that
No MONEY WAS BEING MADE EY TIE con-
I.1SY.
It was on the application Of Mr.. E. B. Mack to
Judge Donohuc, in Supreme Court Chu1npcrs,
this afternoon. that the Noccivcr was appointed.
The appontcc, Mr. Sands F. Randall, was re-
q,lircd to give bonds to tho amount OF $50,0O0.
Tho American book Exchange was Incorporated
i'll Nurch. 1878, with capital stock vi 5.UuO.
Tho Trustees for the flrst year were John B.
Alden, John X. Anderson. and Francis Euuoss.
Mr. Alden WIS chosen President: anu hus ever
spirit Of the company. III fact tho cSchunsc
w.s u1l ou.grtwth VI Mr. Aien's private; t;., hufi-
hee hces t.1 here IN ISL witb csh catl ot bt ~
Mr. Alden previously WIS engaged i'll business
in Chlcngo in connection with the West
ISIS, it IS said, amounted 10 $;9.0J0 tlrto tho
fall Of TINT year the institution conEucd its
transactions to
EXCHANGING SECONDHAND BOOKS
and selling miscellaneous books, but ~subse-
uuout to the latter period preparations were
made 10 enter tho murkef as publishers of
standard books at lower rates thau THO Older
ton d the cscn:,,,Ec vas ;.cnambers Eneyeo-
pcdia.'' with - '.Au,crican Additions tho lirst
,snms Of wnch 1a;s anpsaroa in 9%ua
larger inau tho orirlt.,l "Cha,ubors' WIS
sold at astonishing!y uw figure, aud I: wn4 ful
lowed by other inl,oriant work. 1t yer, r;,pld
that tho safes Tor 1s79 were about sA1hD,
while those tor ISsS footed up over $4o9>e0j.
fsr u , W hase @ ofe er nge .asn 10 IN r H
fore delivery. Tho Gust Of advertising fur
lSst. We arc informed, was over $500,
machinery book plates, etc, wero schctlt,lrd at
$:i;.1. cash on hand s.: or. nn. bills receivable
~ ": capital stock w;,s sis:i iW oslss pay.
The total cash snlcs during 1850 'scru $4l4 ,Na
IN TIT: TI:-tD;
today it was learned that the Exchange bad
bceu Carried Tor several months nas1
c,,iss HSsd's1sf e over Of e'esjsts es afa &h1y
hayc cndcavorcd to rescue tho institution III
that their own Interests might bc protected Il
is understood that the cectrutypc plates Of
many OF the publications Ut tho Exchange, to-
.ycthar win Utner property. havc been put slp as
to secure the crctlitors as far Ne posi-
uIc 1t is elalu.et that it will u to their Interest
to come torwnrt1 and provide theans Tor ths
,z,scue ot air. .Altlon's enterprise as il is pre-
iictcd tt,ht ttuy will do. Further liabilities are
1uutel Ut upward Of S5otOo III debts. aud there
are continscnt
.1Artt,1rlI:s 'rO AN AMOUNT UNKNOWN,
there being Il iegnl question as to thoir canrac-
Icr Complaint is made that since the co1l1-
Inrucemct,t Ut tho enterprise *taudcr has bccn
used by opposition publishers pelsistently tyr
the express pnfisusc uf b:cakiug down the
IsYchanvr The nnnnrels Ut the latter
,rr,r. aucuscd OF de:raullnR inuocont people
III inducing them to Invest In the stock Of the
rosnpany. 1t WIS assorted that the Exchange
,yns publishing bu0ks 80 cheaply TINT tt must
la,l Such statements as these, Manager Alden