New-York tribune., 1888-04-15
HAS GILLIG SAILED AWAY (!
HIS FRIENDS SAY HE Is ON THE ETRURIA.
FIRNoN H. BROWN DOESN'T THINK so, HOWEVER
-RFlSOSe Fop urc nrpxpTuRE

VERNON II. BROWN DOESN'T THINK so, HOWEVER
REASONS FOR HIS DEPARTURE.
IL was reported last evening that Henry f. Glllig,
the author and fnisher OF the American Exchange in
Europe, had sailed for Liverpool at daybreak yester
day on the swift Etruria His counsel and defender,
william " Cromwell was the authority for the state
ment' out Vernon II. Brown, agent Of the Cunard
Line, declared that to his knowledge Mr. Gllig had not
Saiicd on the vessel The ex-manager's friends, how
ever insisted that he went to the pier Just before
thc Etruria swung out and bought his ticket on board
Eecauso OF this they say, his does not appear
on tho regular passenger list OF tho steamer
Mr Gllig's departure unexpected According to
Mr. Cromwell no went In response to kilograms re-
ceivcd by him from Arthur Cooper, who was appointed
llquidator pi the affairs of the London house by the
English High Court of Chancery, and Others urging
him to como and attend the meeting OF creditors Ind
assist In Strengthening out matters. Ho IS needed
there said Mr. Cromwell and he not needed hero.
This Office was only branch and Mr. Boone does
not need any assistance In getting everything In
shape No, l can't say much moro about the sus-
pension yet except that mall this morning brought
In $4,000; II We had had this yesterday 1t would
have STAYED of the CLOSURE
Mr. Cromwell added that Of the principal causes
OF the collapse was that the Exchange had grown be-
yond the reach of its own capital The number Of
places where there had to be a certain amount of
capital locked up had grown that the capital which
NOulu nave Decn abundant Tor single DauR " WIS
spread out too thin for so many places" He still
thought that business would be resumed and all would
be well, except that the stockholders would lose some
thing. meeting OF these will be called IN few days.
as soon Receiver Boone got a statement Of the
companys affairs prepared The general feeling Is
that tho assertion that the liabilities S40OOO0O IS
absurd. Some of those familiar with the cOmpany's
methods say that onetenth Of this sum would be a
The report that Mrs. Fran, Leslie had lost $4,000
in the failure was emphatcaly denied by her yester
One reason for the secrecy of Mr. Glllgs departure
was the snit threatened against him by the customs
penalty for which is $4,000 fine and two years I'M
prsonmcnt. Tho fact that the case was
Collector Magone and his assistants pretended
gers departure OF which they were fairly warned by
an anonymous letter on FIidly night
One OF the aIiuncts Of tho ExchanGe was the World
Travel Company. Broadway and Fulton-st., which car
rles on railroad, stcaml oAt and ocean steamship
company owned by the American Exchange and
has been undr Its management since APRIL lss6
undpr tlc laws OF New-.Tersey with an authorized
capital OF S250O00, of which IT. was claimed, $4,000
was pad in c,sh portion Of tn the G stock was S,, Is
ness OF Leva & Alden and OF the American Exchange
Travellers Rnreau which were merged with the now
president. Charles A. Nichols, vce-presIdent,
and George II. stayncr treasurer Augustus F; Hggs
succeeded Mr. Boone rs president and retired when
The American Exchange I'm Europe assumed con,
troll two years ago. At the office OF the World Travel
Company business went on as usual yesterday with
out Interruption Manager Orr said that 1t was not
affect d by the embarrassment OF the American Ex-
change In Europe although they were Intimately
nected in business and Mr.. Gilig interested I'm
Doth He could not say how large Mr. Cilligs inter
est was Mr. orr also said that the world Travel Com
panv merely used the American Exchange
bank. that he had been successful In securing all the
cporS, and that tho American Exchange did not owe
his company anything
Mr. Gilles representatives also asserted that tho
travel company was not affected by the Exchanges
failure.