The Savannah morning news., 1902-01-29
M. BOLEY BANKRUPT
RETAIL GROCER CAN'T PAY CRED
ITORs WHAT THEY ARE DUE.
HE OWES Fifteen THOUSAND.
WHILE ASSETS ARE NOT WORTH
MORE THAN ONE-THIRD.

Meeting of Creditors Held in Morn
ing and Involuntary Bankruptcy
Petition Filed During the After
nOon-Creditors willing to Accept
Offer of Compromise, but None
Was Made-AttOrRey for bankrupt
Threw Up the Sponge-United
States Marshal John NJ. Barnes
Appointed Temporary Receiver
and His Deputy in Charge of the
Business.
A petition to have NJ. Boley, who has
for some time carried on a retail gro
Gerry business at Broughton and Bar
nard streets, declared an involuntary
bankrupt, was filed by certain of his
creditors, in the office of the clerk of
the United States District Court, yes
terday afternoon.
Upon the application of these cred
itors United States Marshal John M.
Barnes has been appointed temporary
receiver of the business. and the mar
shal's office deputy at Savannah, Mr..
| Furman B. Pearce, has assumed
charge.
For several days it has been gen.
orally understood that Mr.. Boley's
financial status was exceedingly I'M
satisfactory, and attempts have been in
progress to induce some of his friends
to underwrite his agreements, and thus
place him in a position to make an
offer of compromise to his creditors.
On Saturday it was thought that such
an arrangement had been made, but
on Monday the friend in need, who was
to have been a friend indeed, backed
out of the bargain.
A meeting of the creditors was held
yesterday morning at the office of Mr..
Emile Newman, who represents the
bankrupt, at which from one-third to
one-half of the creditors were repre-
sented personally, or by attorney. Mr..
u. H. McLaws was chosen chairman
of this meeting.
Mr. II. M. Boley. who has been the
manager of the business and in COM
plete charge of it's operation, was pres
ent at the meeting, and made state
ment of the assets and liabilities to
the representatives of the creditors.
This statement showed that the liabili-
| ties amounted to something more than
$15 900, while the assets represented
possibly one third as much. The esti-
mate that places the value of the as
sets at $4,000 is liberal, but not per-
haps, excessive. The value of the stock
in trade is placed in this estimate at
$4,000, that of the wagons and live
stock at $500 and the accounts,
good and collectible, at $1,500.4sGl %
At the meeting Mr.. Boley was still
confident he could secure financial
backing that would permit him to
make an offer of compromise to his
] hut nj hot fiY1aa h
attorney held no such glittering de-
fusion. During the afternoon Mr.. New
man became convinced Ii would not
be possible for Mr.. Boley to secure
the needed financial backing and
therefore addressed a note, conveying
his convictions on this subject, to the
| chairman of the creditors meeting.
At the meeting it had been general
ly agreed it would be for the best in
| terests of all concerned If "a compro-
mise could be arranged, and it was
| the consensus of opinion that Mr..
| Boley should be allowed at least a day
| or two to see what he could do. The
note from MIR. Newman, however, en-
tirely changed this view of the stu
alton and at o'clock Messrs. O'Con-
nor, O'Byrne 81 HaTitridge, representing
| creditors whose claims aggregate in
amount $1S42.3S filed a petition in in
voluntary bankruptcy against Mr..
Boley.
The moving creditors and the
amounts of their several claims are as
follows: Garrett & Co., Weldon, N. c.,
| S45.77; Godillot e. Co., New York
$147.74; Meierdircks & Co., New York.
| $S4. 50; Anderson Food Company, Cam
den, N. j., $50. Is; d. c. Reynolds &
Co., New York, $50 10: A. L. AL
brecht, New York, $32.75; Oscar Firm
nell & Bro, New York. $50 .25; An
|
| Chase & Sanborn. Boston. $6S. 25; Bren-
nan & Co., Savannah, 1926. "a. One of
! the claims is for a check given by the
alleged bankrupt in December, which
when presented, was protested for nom
payment.
The act of bankruptcy alleged is the
payment by M. Boley to certain of
his creditors of certain amounts on
account of their claims, which pay
ments were made during the past four
months, and at times when he was
| already insolVent. The creditors to
whom these payments were made are
named in the petition; the amount of
the preferences thus alleged to have
ben made, is $3.50. As; and it is charged
! that the payments were made with in
tent to prefer the creditors thus fav-
ored above all others.
In the absence of Judge Speer the
clerk of the District Court passed an
order directing the defendant to APP
pear on Feb. IL, and show cause why
he should not be adjudged bankrupt
Soon after the petition had been filed
an application was made to Hon. A.
H. MacDonell, referee in bankruptcy,
for the appointment of temporary
receiver, and Judge MacDonell named
! Marshal Barnes. The order of the
referee permits the business to be con-
| tinued. pending the orders of the court,
and Mr.. Pearce assumed charge with
this purpose and end in view. 1t is
not believed Mr.. Boley will interpose
any objection TO his being declared
bankrupt, and to the administration
of his assets by the bankruptcy court.
and the stock will probably be APP
praised and sold as soon as is practi-
cable.
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