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![handle is hein.bank/ntlbknpts0001 and id is 1 raw text is: NATIONAL BANKDUPTCY NEWS.
VOLU-ME TI-SlII-MON'rHLv.
THE NATIONAL
BANKRUPTCY NEWS
IFntered at the I etrit Po 0t Office as second-cIasinatter,]
WILLIAM C. SPRWtUE, EDITOR.
GRIFFITH OGDEN ELLIS, Assi'rAxT EDITOR.
Published on the rst and irth of ehl month bt,
THE COLLECTOR PUBLISHING COMPANY
TELEPHONE BI,DG., DETROIT, MICH.
VILLIAM C. SPRAGUE, President.
GRIFFITH OGDEN ELLIS, Vice Prent.
J. COTNER, JR., Sec'y-Treasurer.
Address al Commun'jat ions to The Collector Pubg. Company.
VOL. I. DECEMBER 1st, 1898. No. 1.
THE NATIONAL BANKRUPTCY NEwS is issued promptly on the
1st and 15th of each month, and will spare no endeavor to fur-
nish valuable news and information to those interested profes-
sionally or incidentally in bankruptcy matters. Persons con-
nected with bankruptcy matters will confer a favor by sending
news from their sections of country, particularly individual
theories and experiences of practical value.
Subscribers and others having questions they desire
answered by letter or through THE NATIONAL BANKRUPTCY
NEWS should place such queries on separate sheets of paper,
and not include them in business letters intended for the sub-
scription department. If so written they can be sent with
business letters, but it is better to forward them under sepa-
rate cover, marking plainly on outside of envelope the name of
reply by mail should be accompanied by stamp. The large
amount of correspondence reaching this office makes compli-
ance with these requests absolutely necessary.
SUBSCRIPTION RATES,
THREE DOLLARS per annum in advance; sample copies twenty
cents each.
MAKE ALL REMITTANCES payable to THE COLLECTOR PUBLISHING
COMPANY. Currency forwarded in unregistered letters will
be at sender's risk. Postage stamps are not desirable, but
if necessary to remit them, one-cent stamps are preferred.
ADVERTISING RATES:
ONE PAGE, one time, . $78.00
ONE-HALF PAGE, one time, . 9.00
ONE-QUARTER PAGE, one time, 19.50
Less space at $2.00 per inch per insertion No discount for
greater space or longer time.
The value of THE NATIONAL BANKRUPTCY NEWS as an adver-
tising medium is unquestioned. Circulation considered, it is
the cheapest journal in the United States to advertise in.
Advertisements, to insure insertion in any issue, should reach
this office not later than five days previous to the day of issue.
T is customary in placing a new publication in
the hands of the public for the publishers to
rise and explain. The publishers of THE
NATIONAL BANKRUPTCY NEWS, however, do
not need to so introduce themselves, as the reason
for the existence of this paper is self-apparent.
No sooner had the National bankruptcy law
received the signature of the President than half a
score of publishers announced new bankruptcy
books, and in the past ninety days as many more
books on this subject have made their appear-
ance, or have been announced. This indicates a
demand for bankruptcy literature. We believe
that current decisions, rulings of referees, opinions
of judges and lawyers, bankruptcy news in gen-
eral, will be as much in demand as text books
which at this time at least can do no more than
publish decisions and rulings inder former laws.
Being the first in the field with a periodical
devoted to the subject of bankruptcy we expect to
thoroughly cover the ground, leaving nothing in-
DETROIT, DECEMBER 1, 1898.
done or unsaid to present a paper that shall pre-
empt the territory.
While our decision to publish tHE NATIONAL
BANKRUPTCY NEWS was made not over three
weeks ago, and while at that time we had made
no preparations for the obtaining or furnishing of
news, it will be seen by a reading of this number
that we shall be able to fill our columns with mat-
ter of the greatest interest.
We have the capital and machinery necessary to
the successful conduct of the enterprise.
Our success with three other publications, two
of which we have been publishing for over eight
years, should be a sufficient guarantee that THE
NATIONAL BANKRUPTCY NEWS will be pushed
with vigor. The credit man of The John S. Brit-
tain Dry Goods Co. of St. Joseph, Mo., voices
the sentiments of many a credit man when he
writes, under date of November 17th: I wish
to congratulate you upon inaugurating 'The
National Bankruptcy News', which I think will
be very valuable to creditors generally. You
undoubtedly will make this publication a success
and equal to that of your other efforts, and I
have taken pleasure for this house in subscribing
for the paper. As an example of what lawyers
who are acquainted with our methods think of the
new enterprise, we quote a letter from J. H. Rich-
aLS, all t 'iA aL . Ve , i C; , Ia., Who 1,'S
inder date of November 15th: You have with
your usual promptness caught, I think, an oppor-
tunity on the wing.
Our first day's subscriptions came from some
of the most prominent law firms and mercantile
houses in the country, indicating that there is a
demand on the part of business men generally for
a publication in this line.
We propose to make THE NATIONAL BANK-
RUPTCY NEWS a necessity to courts, '-elterecs
lawyers, and business men generally, a'nd we
solicit the patronage of these classes, promising
faithful service in their behalf.
The paper will be issued semi-monthly.
Subscription price $3.00 a year, payable in
advance.
We are perfecting arrangements by which we
shall have periodical reports from all the referees
in bankruptcy throughout the country, giving stat-
istics of their offices and minutes of their opinions
and rulings. Every bankruptcy referee in the
country is expected to read the National Bank-
ruptcy News.
4r
Between Aug. 1 and Nov. 1 there were filed in
the United States District Court at Chicago 154
petitions for voluntary bankruptcy, involving lia-
bilities amounting from $200 to $400,000. Except-
ing in emergency cases where absolutely neces-
sary that action be taken to preserve the assets
until the court could adjudicate the matter, noth-
ing during that time was done with these peti-
tions, owing to the fact that the Supreme Court
had not provided rules and forms.
So many papers are born only to die that the
business public is often suspicious of new enter-
prises in the publishing line. That our readers
may have confidence in the continuance of the
National Bankruptcy News, we desire to say
that it is being published by a company that has
been engaged in a successful publishing business
for ten years, and that the National Bankruptcy
News is one of four papers and magazines which
it publishes, two of the four being over eight years
old, and leaders in their respective lines.
$3.00 A YEAR-NuM,,R 1.
The Topeka, Kan., Capitil, under date of Nov.
17, complains that the bankruptcy law came too
late; that the majority of those who have been
laboring tinder a load of boom debts in Kansas
have already been relieved by the statute of lim-
itations; and that lawyers in Kansas who expected
an increase in business by the passage of a bank-
ruptcy law have met with disappointment. There
is not enough bankruptcy business in Kansas to
kop one lawyer at work. But we shall see.
40
The first subscriber to the National Bankruptcy
News was J. S. Leisenring, an attorney-at-law of
Altoona, Pa. The second subscriber was Marshall
Field & Co., of Chicago, Ill. Both Mr. Leisenring
and the firm of Marshall Field & Co., have been
subscribers to the publications issued by the Col-
lector Publishing Co. for years. Among the first
one hundred subscribers to the paper are found the
names of Marshall Field & Co., Steele-Wedeles
Company, Reid, Murdock & Co., Western Electric
Co., Phelps, Dodge & Palmer Co., Pettibone, Mul-
liken & Co., Allan B. Wrisley Co., Guthman, Car-
penter & Felling, J. Friedman & Co., and Selz,
Schwab & Co., all of Chicago.
In view of the fact that the decision to issue this
paper was arrived at by the publishers less than
three weeks ago and the further fact that durimg
the greater part of this three weeks the editor has
been unavoidably absent from his office, the
amount and character of the news furnished in this
number -of the paper may well surprise our readers.
Our machinery for obtaining bankruptcy news was
in motion scarcely a week prior to the date of this
issue. What the publishers can accomplish when
the machinery is in good running order, and par-
at work on the law and t public begin more geh-
erally to use it, may be determined to some extent
by their success with this first number amid un-
favorable circumstances.
Down in Fort Worth, Tex., a State senator has
just gone through the bankruptcy court and come
out a whole man. His scheduled assets amounted
to only $10, while his liabilities aggregated $300,000.
I- A 'in=ey maker and will make money in the
.ft4-e. with ,Vhtc., he will pay off his obligations,
or some ct'thefn; 'hich he never could have done
wliie. burdened, with a big debt.
A0,
n n Lie tt tne'hundred subscribers to the Na-
ti6naf bank1i lte News there were subscriptions
from mercantile houses in Chicago; New Britain,
Conn.; Montgomery, Ala.; Boston, Mass.; Detroit,
Mich.; Louisville, Ky.; Marshalltown, Ia.; Des
Moines, Ia.; Baltimore, Md.; New Bedford, Mass.;
Brooklyn, N. Y.; Cleveland, Ohio; Hamilton, Ohio;
Toledo, Ohio; Kansas City, Mo.; Milwaukee, Wis.;
St. Joseph, Mo.; St. Louis, Mo.; Jackson, Tenn.;
Columbus, Ohio; and Knoxville, Tenn.
Fifteen a day seems to have been the average
number of voluntary applications under the new
bankruptcy law since it went into effect last
August. That a law, applicable to all parts of the
country and furnishing relief to those unable,
from stress of circumstances, to pay their bills,
was needed, is abundantly proved by the seven-
teen hundred and odd attempts that have been
made, according to the report of the official who
has charge of bankruptcy matters in the attorney-
general's department, to take advantage of its pro-
visions.
The bankruptcy law of July 1, 1898, is a vast
improvement over previous legislation. It has
profited by the experience gained under the earlier
laws and retains their good features, while many
other important and valuable provisions have been
added by the present need and demand of the
people. The system as found in this law is most
complete, even to many of the minutest details,
although some minor amendments may be sug-
gested, and others will be, as the actual workings
of the law demonstrate the necessity therefor.](ViewImageLocal?handle=hein.bank/ntlbknpts0001&div=1&collection=&method=preview&ext=.png&size=3)