The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-04-08
Broken Down Hen In New York.

The New York correspondent Of the Troy
Times writes as follows Of the broken down
men Of that city:
The broker, down men to whom we have re-
| ferred form the best p,ssble help in the great
mercantile concerns Of this city. A. L. Stew
| art, the merchant prince has been tor years In
the habit of picking out among this class such
| assistants as he might need; and we presume
that there may be found under hls roof to-day
| the wrecks OF twenty different dry goods houses
that were started with good prospects OF sue
cess. For instance, that grave and dl snified
gentleman of ffty-fve years, who occupies the
position Of general manager and oyerlooker OF
the wholesale warehouse, is Mr.. Brown, for
merly dry goods jobber Of the house OF
Brown & Co., Cortlandt-street He is first
rate business man, and Stewart knows it; and
perhaps it is but an incident IN life that Brown
is not Stewart and that Stewart is not Brown.
AS it is, Mr.. Brown is to certain degree Stew
arts lieutenant, aud as the latter ls much en-
crossed by the leading facts in his mammoth
business, no one is allowed to address him per.
sonally until his errand has been communicated
to the lieutenant aforesaid. So, also, this tall,
line looking gentleman who has the manage
ment of the credits. Mr.. Libby, who looks after
all references, and without whose approval no
man can get bill Of goods on time, Is 6roken @ IN
! down merchant Twenty years ago the firm OF
Hastings, Libby g. Forby struggled for wealth,
but il vain. They sank in the general vortex
OF commercial ruin, and MIR. Stewart, who dis
cerned Mr.. Libby's talents, has made good use
Of him. Mr.. Libby is highly gifted business
man, and has made himself 80 necessary IN
| Stewards concern that, If report be true, ne
has now partnership in it. We might go on
and call over Stewards check-rol, and lind
many other similar cases; and so, also. VIC
might find Just such class of men selling
goods for Claain and other large houses.
When man has once failed in any kind OF
business it is very seldom that he attempts to
recuperate in the same trade. He is generally
sick of the effort. He will work for others IN
that line, but has fear of attempting it per-
| sonally again. Hence men who fail in New
York seldom get on their feet. Their custom
ers are drummed away by other houses, and
the current of their business is so broken that
it seems impossible to be rcsuscitated.
The customhouse Is great gathering OF
broken down men, and besides this, one finds
them in every petty birth which they can get
into Most OF the insurance Offices are manned
| by this class, and in many instances insurance
companies have been formed for the express
purpose Of affording snug harbor for some
such characters. Most of the merchandise
brokers are of this class. If a wholesale drug
eist fails, he is apt to turn broker in drugs; if
O. wholesale grocer fails he will naturally turn to
his own staples. We have said that men who
fail in New York seldom got on their feet again.
To illustrate this statement, we may call over
q few names. Where was there more famous
house than that OF Bowen, McNamee & Co.!
And yet the colossal business which required
twenty five years to build it up, went in one
fell swoop when that firm failed. II you were
| to look for the head of that great concern you
would not find him in the world Of silks and
satins. On the other hand, Mr.. Bowen is now
the publisher OF the Independent. Among
other great firms chat have gone out OF exist
ence, we may mention in dry goods the
Moores, who we're in trade thirty years, who,
| from small beginnings, at last occupied
Broadway store OF a rent Of $1,000. per an
mum. In the grocery business We might
mention the name OF j. &. Place Co., which
failed last fall. This house was estimated as
being worth million OF dollars. Their credit
stood so high that they could purchase bill
of coffee and give note tor 1t to the amount
of one hundred thousand dollars, and yet, now
that they have faIled it IS not probable that
they will pay their creditors much, if indee!
anything. Probably in short time we shall
see these very Places, who once were merchant
princes, running round the streets with boxes
of samples, aud taking the chances among
the legion of merchandise brokers. To 20
back to tho house of Denison e. Beden, from
which the Places sprung. This concern failed
a few years ago. and although 1t possessed an
immense trade, yet it was never resuscltated.
| So. also. when Simeon Draper filled, although
he announced in his card that lie woul pay in
full, vet the Herald contradicted this assur
ance, and stated that be would never pay
dollar, and be never did. So, also, the great
| barklng house of Prime, Ward s. Co.; they
paid nothing.
Stepping into large concern. some time ago,
we entered into conversation with the book
keeper, man apparently of sixty, and found,
to our surprise, that he once was partner in
heavy clothing I'M .T,rting house, whose sign
had been familiar to us for years. A conscious
ness of the difficulty Of retrieving ones for
time was uttered in the language of William
Burger. who, few years ago. was one of the
heaviest wholesale dealers n lrugss in the city.
After his failure, which wound up his business
experience Of thirty years, G friend asked him
how old he was. The reply was, too old to
fail in busincssl" and so it proved: We have
seen the broken merchants of this city reduced
to keeping boarding houses. We know of enc
who made his bread out Of model artist exhi
bitions, and another, who was once among The
greatest business men of the day, was recent
" picked up in the street at night, drunk
ell vagrant, and as such was taken to the sia-
! tion-house.