Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-09-26

senator Harry V. OSBORNE, Leonard "A.
Duncan, formerly of Senator Osborne's
office; David Booker, of Senator Os-
borne's office; William P. Sutherland,
jr., a clerk in Referee Adams's office,
and J. Tracy Horton.
A composition of thirty per e was
effected between Barney Wolf, bank
rupt, trading as the Newark House
keeping Company, and his creditors.
In this case the term of the trustee.
j. Tracy Horton, was cut short by the
settlement. The records of the bank
ruptcy court, howver, show that Hor-
TONS total receipts we're $4.S94.10. His
disbursements aggregated 81, 529.50.
OF the latter amount Bilder and
Bilder, as counsel for the p~etitioning
creditors, receiver and trustee. were
allowed $762.20; j. Tracy Horton, re-
ceiver and trustee, $2S7.30, while Ref
cree Adams's expenses and fees were
$115.1O. These fees, with those of the
bankrupt's attorney, appraisers, auc-
tioneer and other incidentals brought
the cost of administration up to
/ ,529.5 80. This left the creditors with
allowed claims of $9.746.53, the sum OF
3 ,364.6 for distribution among them.
The Harry c.. Kennedy bankruptcy
case furnishes another Instance where
the creditors received but a small per-
centage of their claims, averaging
.OS93 per cent. The scheduled assets OF
the bankrupt, trading as Moot & Com
pany, were $3,411.04. The trustee. e.
Garfield Clifford. a a balance OF
81, 1851 for distribution at the final
meeting of creditors. The fees OF the
trustee, his attorney, the referees ex-
penses and the commissions
to $751.SS. This left the creditors but
$685. 81 for dividends.
Final Accounting Soon.
Creditors of Spielman, Burns & Co,
mems outfitters, who filed a petitien OF
voluntary bankruptcy on March 2, J 1910.
and were released from bankruptcy in
November of the same year, are sur
prised and delighted to learn that an
effort is soon to be made to have a
final! accounting made and that a
definite move toward that end will be
made on October 5.
Carl Saenger is the trustee in this
case and Senator Harry Y. Osborne Is
attorney for the trustee When the
concern went into bankruptcy the ac-
tive partners were Cornelius A. Reilly
and Lawrence j. Burns. At the time
they made the application they were
positive there would be enough realized
from the settlement of the business to
pay the creditors 100 cents on the dol
Lar and also have a margin of ses eral
thousands of dollars left over for divi-
sion between Messrs. Reilly and Burns.
So far the creditors have received
but twenty-five cents on the dollar of
their claims. Rumors were circulated
that there would be a further dividend
of but % per cent. and Captain Reilly
of the bankrupt firm, expressed his
surprise as follows:
81 am morally certain that our as
sets were not only ample to pay our
creditors 100 cents on the dollar. but
to leave several thousands of dollars
for Mr.. Burns and myself.
THAT will be the case unless a por-
ton of our assets are in the same po-
sition as the $4,000 of the American
Vacuum Cleaner Company, which APP
Epears to be unaccounted for. Mr..
Burns and myself have made repeated
unsuccessful efforts to secure an ac-
counting. All we have been able to
learn up to date is that Senator Harry
v. Osborne, who is counsel for Trus-
tee Saenger, was allowed a counsel fee
of $1,000 sometime before we We're dis
charged last November.
Learn Nothing from Osborne.
1--WE called on Senator Osborne on
different occasions and were unable to
secure any definite information. If It
is true, as one of the counsel for the
creditors says, that our creditors may
expect only fifty cents on the dollar
then another expert accountant will be
called upon to find where the balance
of our assets have gone"
Creditors received notice of the new
move when the following was sent
them by Referee Edwin :. Adams, be-
fore whom the case Is pending:
DISTRICT COURT OF H UNITED
STATES.
District of New Jersey.
In the matter of Lawrence j. Burns ct al,
ind. and as Spielmsn, Burns g. Co.,
bankrupt.
Notice is hereby given that the trustee
/ of coi1 ho nkfnpff= estate. has made anpIi-