The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-22
F. T. NELLY A BANKRUPT
WELL-KNOwN PUBLISHER FILES A
VOLUNTARY PETITION.
Unable to Make a satisfactory Ar
-ranScment with Creditors-hr'
NeeIy,s statement.

NEW YORK, Oct. 21.-F. Tennyson Nicely.
the publisher. Of ia Fifth avenue, hled a
voluntary petition in bankruptcy in the
United States Court to-day. The total lla-
bilities are placed at $3.50, 5S1. and the as
sets at S4l4, 739. OF this amount s3sl,oSo Is
the estimated value of stock, $685. open ac-
counts. sSS,955 bills and notes, and sloz cash
and checks.
Mr.. Nicely to-day gave out the following
statement: Il have to-day filed a voluntary
petition in bankruptcy. a proceeding due 10
the fact that one or two of my creditors OBJ
jected to an amicable arrangement which
my creditors and myself were e~ndeavoring
to make in order to carry on business ana
to insure each creditor the payment of his
claim in full. A short time ago / found
that l would be unable to meet all my ma
turing obligations in full on presentation,
and in order to determine upon the best
method to pursue l held a consultation with
the largest Of my creditors and stated fully
to them the condition of my affairs. AT
their suggestion 1 offered to transfer to a
corporation all my property and the good
will of my business, which for twelve years
l have successfully carried on, and all of
the principal creditors, with the exception
Of two, assented TO this plan. Besides
transferring my property L offered to de-
vote my personal service and attention to
the business Of the corporation. TIL two
creditors who refused to enter into this ar
rangemeht began proceedings, evidently
with the purpose of securing a preference
over all the other creditors. By the advice
of my counsel. and at the request of larg-
est creditors, at a meeting held in my office
to-day. / have filed a voluntary petition, as
indicated above. The statement of my af-
fairs shows that the assets of the business
If continued as a working concern would
largely exceed my total liabilities of every
kind. My. branch offices in London, Chi
cage, Philadelphia, will, of course, be at
fected by this proceeding.
THE action which 1 have taken to-day is
not due TO the Jack of business. On the
contrary, l have a large, profitable and
get a large amount of work with printers
and binders completed according TO time
contracts, and l have given obligations in
partial payment for this work, which OBJ
legations matured before / had an oppor-
tunity to convert these valuable assets into
money, owing TO the unprecedented trade
demand upon printers and binders. Had
this work been delivered on time, accord
ing TO contracts, there would a been
sufficient money realized from these assets
to have met all my obligations as they ma
tured, as l have always been able to do in
the past.
1T is my expectation and hope that some
adjustment may be perfected whereby the
seasons business will not be lost. The diff
ficulty could not have presented itself at a
cne of the busiest publishing seasons on
record. / have no doubt that at a meeting
of my creditors, which Will be called within
a few days, some arrangement will be made
10 continue and perpetuate my very valu-
able hllSinpsSp