New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-13
J Fl. BONNELL'S TROUBLES.
HE FILES A BANKRUPTCY PETITION
WITH LIABILITIES OF S740,19l.
TT RELATES TO WINDING Up AN OLD con-

|
Germ. HE SAYS. AND HE WILL CON
T1NuE TO MAKE PRINTERS INKS
The friends and business acquaintances of
John Harper Bonnell were surprised to learn
Yesterday afternoon that he had filed petitlon
IN bankruptcy. vita liabilities Of $40, 30 ana
with estimated assets OF S6JO,OO0. Word was re-
ceived from Mr. Bonne last night that the pet-
ton in bankruptcy in no wise appertained to
the J. Harper Bonnel Company, manufacturers
~ pr,nters' ink at No. 80 Nassau-st., which
| he established some years ago. few doors from
the place once occupied by the defunct firm OF
J. H. Bonne & Co.. Limited. The petition was
filed. he said. merely to protect himself and re-
lated entirely 10 the failure OF J. H. Bonnell IL
Co. Limited and the subsequent developments
Summed up briefly. the concern which Mr.. Bon
nell established several years ago is in n flourish
ing condition and the cum OF $40, l9l 40 given
as the liabilities In the petition Of bankruptcy
was mostly liquldated some time ago, leaving
only about 500 900 yet to be paid off, OF when
Mr. Bonne said he was liable himself to the
extent OF about 20 per cent. He said that ne
sold out his Interests in the firm Of j. II. Bon
nell & Co. Limited. some years ago, receiving
In part payment a mortgage for SlJoWo lie
gave his successors the power Of attorney and'
owing to that fact. he was responsible TO GER
tain extent TO meet whatever debts they con
tracted His successors failed. and those who
then tried TO carry on the business got in worse
financial strats he said and, in view OF these
facts he was called upon to pay thousands or
dollars
EXPECTS TO BE CLEAR AGAIN.
Mr. Bonncn said last night that he would soon
be clear OF the financial difficulties growing out
Of the failure Of J. II. Bonnen & Co. Limited.
and the efforts OF others to conduct the business
Il started some months after the failure of J.
II. Bonnell & Co. Limited, once more in the
printing ink trade" said Mr.. Bonnell. under
the name of the J. Harper Bonnell Company The
j. H. Bonnell company started with capital OF
1900 and overtures were recently made by
the Ink Trust to accept 1t as a member of the
trust on a rating OF $1,000. The firm Will
probably become a part Of the trust at an early
date. wish you would place my position in a
clear light and emphatically say that the petit
ton in bankruptcy which hed in Brooklyn
solely relates 10 old business matters OF ]. II.
Bonnell & Co. Limited"
Mr. Ronnell spoke freely about the causes
which led TO the failure of J. II. Bonnell Il co..
Limited He attributed his financial troubles
solely the fact that he gave the power of at
torney to the persons who bought from him his
stock in j. H. Bonnell & Co. Limited.
The firm Of ]. II. Bonnell s. Co. Limited.
failed" ne added "in July 1891. but the bust
ness was continued after the failure under the
old name. warned the creditors Mt that time
that the assets were being eaten UP. and got an
Injunction restraining those who were running
the business from using my name. other IN
terests were then combined with the business OF
the old Arm. was told that the liabilities for
which | was held would be paid, and among
other things that my real estate, which had
parted with to iIudate my debts. would event
ually he returned 10 me. But the business was
not a success and was called upon TO pay my
liabilities | liquidated most OF my debts by
raising a mortgage on some real estate IN
Fifth-ave. =,
When | sold my interests In J. II. Bonnell
p co Limited the business Of the firm was
rated AT more than S@DHo"
MANY BANKS AMONG THE CREDITORS
The petition sets forth that OF the liabilities
sii3gOO is secured 10 three creditors by prop
erty estimated to be worth the S6JOrD which Ia
given as the assets There are eighty-six cred
TORS many Of whom are National banks and
banks doing business IN this city. Among the
unsecured creditors are the Western Natlonhl
Bank So 449 81. the Chatham National Bank,
S31 $50 50. the Merchants Exchange National
Rank SlOlJ44i the Washington National
Bank $500 % and the National shoe and
Leather Bank 81 0l6 So other banks having
claims are the Bank OF New-York the National
Ranking Association. the Market and Fulton
National Bank the Merchants Exchange Ma
,ional Bank the Hamilton Bank Of Brooklyn,
the National State Bank of Camden. y. j.. ana
the Second National Bank Of Red Bank. y. J.
Mr. BOnnel's home IL at Dongan HiIl, staten
Island and the petition In bankruptcy was HE'D
IN prooklvn because Richmond County Is In the
Brooklyn Federal district.