The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-04-23
JOHN S. SCHLEY
IN BANKRUPTCY
RESULT OF PARTNERSHIP
WITH t. j. DAVIS, RECENTLY DE-
CLARED BANKRUPT.

Petition of Mr.. schIey in Voluntary
bankruptcy Filed in United states
COurt-TotaI Liabilities Amount to
Nearly SGO,O00-TOtnI Assets Are
| Placed in Petition at $4O,255.
Greater Part of Debts of Mr..
schIey Are Result of Partnership
With Mr.. Davis.
AS a result of the bankruptcy pro-
ceedings of Mr.. T. ]. Davis. which
were filed several months ago, Mr..
John Sullivan Schley, a partner of
| Mr.. Davis has filed petition in vol
untary bankruptcy with the clerk of
the United States court. The petition
was filed at 12O o'clock yesterday aft
ernoon.
The failure of Mr.. Schley is based
almost entirely upon that of Mr.. Davis,
as the schedule of assets and liabili-
ties shows. While part of the liabili-
ties are made up of personal debts of
Mr. Schley, the greater part are those
which are laid upon him as partner of
Mr. Davis.
The petition asks that he be made a
party to the bankruptcy proceedings
in the case of Mr.. Davis. No inven-
tory has been filed by either partner
according to the petition of Mr.. Schley.
The petitioner does not file an inven-
tory, but asks to adopt the inventory
which is to be filed later by Mr.. Davis.
Mr. Schley's petition was filed through
his attorney, Mr.. William P. Hardee.
Secured Debts Reach 100000.
The schedule of liabilities show that
there are no debts to be paid in full,
save those claims which are made upon
him through his partnership with Mr..
Davis. The secured debts, as a result
of the partnership, amount to $4,000
and the unsecured debts resulting from
the same cause aggregate a little more
than $4,000.
Under the assets the petitioner
states that he holds no real property
save what comes to him as a result
| of his partnership, a full statement
Of which was set forth at the time
that the Davis bankruptcy proceedings
were filed.
Under the assets the largest item
| consists of insurance policies held by
| the bankrupt, valued at $33000 The
remainder, aside from that which he
| holds as partner consist almost en-
tirely of household goods, personal
property and wearing apparel.
Owes Savannah Firms.
OF the liabilities almost the entire
amount is money due Savannah con-
Germs and railroads running into the
city. There are some few small debts
| outstanding to firms from distance,
| but the greater part of these are the
results of debts contracted through the
firm of which the bankrupt was a
| member.
The following is a summary of the
assets of the bankrupt as set forth
in the petition filed: Bills, promissory
note, securities, ETC., S1,170; household
goods $3.50; books, prints and pictures,
| $500; policies of insurance, $33, 900;
| property in reversion (held in trust
| for debtor from estate of James M.
Schley), $685.. This makes the total
assets $40255.
| The following is the summary of the
liabilities: Secured claims, individual
| ly, $4,000; secured claims as result
of partnership, $4,000; unsecured
claims, individually, $6,719.37; unsecur-
| ed claims as result of partnership, $15,-
1866; notes. bills, etc, which should be
paid by endorsers, etc, $1,37O.95; and
accommodation. $14O This fixes the to-
| tai liabilities of the bankrupt at $780,
S17.0S.