OCR Text |
Show Frank Leslie's Failure. New York, 5. The creditors of Frank Leslie to-day adopted the re port of the cocnmitlee appointed to devise a settlement. - The report advises ad-vises the creditors to consolidate their interests and entrust the entire business busi-ness to the board of management consisting of five of the principal creditors. The books were found in great confusion. No balance Bheet has been made eince '73, and the books had not been written up since March last. Tbe business is considered consid-ered a paying one. Leslie had drawn very largely upon the resources of the establishment, the amount being about $75,000 per annum. The business busi-ness had also been conducted very extravagantly. The committee believed be-lieved that the indebtedness could be paid iu three years. The plan pro posed was that Leslie have supervision supervi-sion of the buaiquss and be allowed 20 per cent, of the profits as a salary, 80 per cent, to be divided pro rata quarterly among the creditors. , |