New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-08

QUESTION AS TO THE BROADWAY AND LEONARD
ST PROPERTY MAY 60 TO LAW
The receivers for the firm OF T. 5. Jaffiiy & Co.
have applied to William ". Lyons referee. AM
1t is likely that on and after Monday next d'Vi-
dend Of co per cent OF the amounts due VIII De
paid the creditors OF the firm: The payments might
have been begun to-day. but so far no 'ord has
been received from Mr.. Lyons. and tho sh there
is doubt OF his granting the Necessary Ter
it cannot well be done before Mond.y.
The whole hitch now in the matter Of f-f ling
UP the affairs Of the firm OF +. s Janray - Co.
is over the question whether the equity IL the real
estate the big store situated at the corner OF
Broadway and Leonard-st. IS the property o. the
creditors Of the firm properly belongs TO the
personal estate OF the late T.. s Janray. The ex-
ecutors have been informed that the building be
longs to them and that the firms creditors have
no claim whatever upon H. The receivers say that
the equity In the real estate must help ~ pay the
firms debts.
The Broadway and Leonard-s;. property Is set
down in the inventory at $4,000. II this amount
can be realized on H. not only would TIE creditors
have no possible loss to fear. but tnere would as
certainly be a round sum 10 De paced to
the credit Of the creditors Of he Jaf-
fray estate after paying lo on
the dollar This $4,000 is the origin. cost Of
the property. There Is a mortgage o @@..ob on
IT, but 1t is said that during his lifetii r. Jaf-
FRAY estimated that the properly had IN Ascd In
value more than enough 10 counterpal lce the
mortgage and that the property Is worm iuliy us
inventory price Indeed, II Is SAID ina l,2JcV'
was offered 20 the firm for the store within
year and half.
The real estate was carried on the bool in the
name Of f. s. Jaifray. This IS though by some
TO be a proof that the store really Tss his per
sonal property Lawyers say, though ina II is IL
legal TO give title TO real estate In fl name
in the East although this s done gieats to The
benefit Of the legal profession. when . ates come
70 be settled up In the West. ana tat all real
in New-YQrH Is carried for INNS DC doing ,
the two principal members OF the concern. 1t APP
Janray affairs there was other real cstfe carried
on the books Of the firm. a.so IN tho naiIt 81 l.. >,
Janray 10 the amount Of $1,000 This properly
vas situated in different parts Of the country ana
has been counted In with the other assds invcn-
was question but this real esia,e was .he
property OF the firm although appearing on inc
II is likely that there VIII be an interesting con,
test over this question as TO the Broadway and
either on tho part OF the receivers to have tie real
estate in question conveyed TO them. or by the cx-
ocutors. to have 1t adjudged mat the receivers
The proprlcty or mproprieiy Of the much criii-
Marine n per cent OF their Gains creditors
of f., s. Jaffray Il Co.. IN immediate setlement
store The point made by the people who criticised
this circular Is that statement mad been made
aIyd-si real estate was not only figured n as an
asset. but 4, appeared as an asset at the valua-
have been made on It. II Is said that rot many
Of the creditors tok advantnge Of the 70 per cent
dend and a long lawsuit in the immediate pros
meet Il is said that some OF mem are asking them
p,,.e ~ n would not have been well to have
go go ON behalf OF the executors who offered
the compromise. 1t is said mat naturally they dh
The gcneroslty to advance thelr money II they dd
not expect to be able 10 '''"Ne something VIII" IT,