The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-15

Bcusssr Co. wines, applied for bankruptcy; B. ?.
Hardy. dry goods lated: a. A. Hlckox guas, failed
Jonu A. Reid jewoer creditors applied 70 f,rco ials
bansrupc v; = D. Schuyler. cloak dealer, faised.
lisbines Of $500 000 have been protested aud some
half dozen Others must be written down azsShakyn and
snsoand Taking The seIsrs average, 2 the week Pre-.
last week stands "a follows:-
n'.s.... ~
L,aol'"'n 81 900. 600
Loss 10 DC ais,r6a,:d $4,000
Aggregate loss for two weeks, ending Deem
These calculations inciad: only IL: .c;a. failure. Of
the two weeks Of December vhcn have already passed
tho statistics Tor November being Incorporated In the
table for the eleven COMPLETED months OF the year 1857,
d which, Of courss. Nevem6sF fesrps the last
Several other firms may BE- rated ~ sinking, but BE-.
yond the above no absolute suspensions havs occurred
or the failures which occurred during the past sx
months the percentage OF large and hcsy houses which
have suspended has exceeded that OF any six montns
during The panic o 1851 IN fact In the busness history
Of New York large . proportion or heavy and impor.
iani failures a. compared with the aggregate number,
WAS newer known or noriced within any six months.
The heaviest faiiure-though by no means the most
porant one In any bearing upon commercial principles
o. last week that Of 7. r. shsrwin Co, at Union
square; AMI probably mono have occurred for Some
years which have caused more litigation than likely TO
result from tho complications which unseenly haste
tue OF OF the creditors have enkrafed
tie legal dis ribuiion OF tho The ear st acton
the part Of tue creditors-an action suggested aud
by head or the bankrupt grm tho
camatipn by every separate creditor OF his goods by
means or he writ OF rcpegn. In replevn, however,
no goods except those which caa DO actually specified
and Identified be seized, and every creditor must
identity and take back tho goods actually sold and de-
hvercd Instead OF doing this, however, some few OF
somewhat 20 tho dstrment OF others and hence, the
probability &c u ted Gus litigation Some ground tor the
pea OF ,ranuniens preseneo IN ooalung .ns gooos ex
than for debt after The ordinary manner aud
upsn this issue will be decided tho legality or Iegaty
OF the action OF repevn under tho circumstances
II Is alleged that the firm understood to
have working capital OF $3.50 ooo and was go rated
and represented WHILE In reality such actual amouns
capital owned by or legally placed at the
disposal OF the hrm: that tho 1rm founded with
merely nominal capital ss an uptown rival TO A. T.
Stewart Co.. upon the OF OF the largest
wholesale houses down town TO the effect that all pay
ments should be mel BY tho backing house until the
rm should have established It's u upon sound basis,
that I'll .rofore, tie capital OF the arm moro
hypothesis b,scd upon verbal OF support and
not actuaii,y Of cash capital THIS IL suos analy
Tho legal argument upon. which the validity
OF the several writs Of replevln " based.
Sss. ea0 nav have been sS The
Tor the failure very obvious. In the urst
place abi lies TO the extent OF somewhat more than
$40. 900 ha. been incurred In the fltng up Of the
Quilting. while With gools to the amount Of Sl2O0)O
or more, by the DETECTION In prices los Of $4,000
was incurr IN this direction. sacrifice Of $4,000
was therefore, necessitatcd by the attempt 10 start
business Al time when prices were msnifessog Fai-
following EXHIBITS tho distribution -
Amoant expended in re1tting, &c. $40 600
Amount Of loss by fail OF prices during the time
os os :::o... - :cra =: Wv
assumed by The seeping panners or partner Of The
arm, wno however, wnen applied =, fatty refused any
left tho unfortunate irn paddle its canoe his
fu-s settled the question OF the perpetuiy OF the firm
the head OF whcn At once visited the leading creditors
hororab!y ADVISED them to tho silua ion OF affairs,
and suggested The pOpriety OF replevin-stnce tho
rm had actually done business OF any consequences.
aud many or most Of the deliveries could Be reclaimed
entire. BY the majority this Was deemed adj
vsaols, though minority io,ied on what
gal complca' Ion. weighing oil assets asains,
Gil liabilities, and adding thereto loss OF &2c, 900 by
the fall IN the price Of dry goods the firm might pos
siby pay sixty the d0llar-thougn shis might
be recsnned "a doubtful There IL, It may DO ADDED,
considerable indignation feis among business by
ed against hacker OF Msssrs sherwn Co than
sgainst the members Of tbs lrm, which has been made
tie cats paw Of . business rivary between two
leading houses Mr. Sherwn IS Il 10 stated originally
from Milwaukee. aod was induced 10 start IN business
Lere whont adequate capaapon the verbal
OF peculiarly support rendered him tue part OF
abuncanty able 70 fulfil " ths letter ell suarantcs Tao
liabilities the nrm viii probably run - high as one
hundred and thr,y thousand dollars while ASSETS Will
not oserun sevoaty.nve eighty thousand. The
failure OF this arm, receuv formed, has therefore,
been simply rne result OF It's formation upon unsound
business prnc Pies aud be addaced ind ing
ytling than that actual capital Ia somewhat
moro valuable "a basis basiuoss IL an arc guarantos
of support from any quarter, however soand and sp
Amons the isl OF failures for the week ending De-
cember 7 may be mentioned shat Of the wholesale
house OF Bonsley, Burton Co., Nos IL and 10 Beaver
street. rs by far The most important Of hate New York
suspenslons rho liabilities Of Grm reported al
sonch ing more than t~o hundred thousand dollars In
connection may be noted thai considerable coo.
traction credits has within the past week taken place
amo0g leading New York houses In this movement
ihs house Of A. r. Stewart Co seems TO have taken
msa on GOOD aatnar,ty IL Nh Stewart 90 his return
from Europe, issued the positive ussse-"No more
cseditx" The for THIS movement are based
upon tho arprehcns Of. coming crisis partially and
partially upoa The fact that large wholesale houses arc
making sales less than cost and cannot alord to tn
cur heavy losses Tee aoi left unpaid by suspen-
sios IN va.ious parts OF the country Tor the week
ending November a-e estimated by experts ut one
aud quarter millions, o. which The assets VIII Tall co.,
p6sssty ABOUT tary-hve Great s.riEgency Of credits
Is sey tie order therefore, tor the future until
business shall resume normal coudltionthe work OF
mDnths--eycu though no whirlwsnd u panic should
lvp,Ic the wnoo edilce.
There are o.ner indications, however OF coming busI
ne Decentralization wucl inay bo notsi ard compared,
and IN connection may be adduced the SATISFIES OF
failure throughout the country Tor tire Two nonhs OF
Nogembcr 1868, and November, 1851 During tho
month Of November Las. year the Damber OF nrns
porsed erder the head OF "F'-including firms s9ed,
sGsusndei ialrd, assigned suspended IN rating and
eu8bAsl aSssd-was Is foliows.--
week endEs November 9........................ AZ
Week enIins November OBSERVATION-DISCLOSURES. IS
Week ending November 5.... %
Week ending November 30. .................... %
Total for November. 1896 ACKNOWLEDGEMENTS. 22
For thc month Of November, 1867, the following are
the ngures:-
Week ending November ACKNOWLEDGEMENTS. %
Week ending November Observation-Disclosures. 103
Week ending November ACKNOWLEDGEMENTS. los
Week oadirg November 2e...................-... 70
Total fc- November, fss7 .............s $40
Excess o. November 1851, over November, 1894. ia
The increase Of failures for tho month Of November
1907, tho sem0 month 10 1se6 demonstrated,
therefore, 10 have been equal " OF seven
y-eght per cent 10 De added 10 the list Of the later
year an Increase which IL ssrsly indciai OF the by
pothests that many leading American firms are doing