The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-08-10
HEAVY FAILURE.
Suspension of II Large New York Dry Goods
HOusc-The Liabilities over Two Millions.
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HOuse-The Liabilities over Two Millions.
From the " y. Herald Of to-day.
Great excitement was occasioned yesterday
forenoon by the rumOr that the firm Of Bowers,
Beekman IL Co., carrying on a very extensive
business in dry goods ut No. 81 Leonard street.
had been compelled to stop payment on account
OF the unexpected heavy fall in the value of
woollcn goods. This firm was one of the heayi-
est in the domestic dry goods trade. and it had
stood exceedingly well in the commercial and
financial circles.
For this very reason the rumor of their failure
was the more startling, and many were 10th to
believe it, subsequently. however the report
proved correct, and members of the firm them
selves give their liabilities as exceeding two
million dollars. The precise figure could not
yet be obtained, but the books are being now
posted, and III few days at the tlrthcst the
firm will be enabled to make out Il complete and
exact statement of their liabilities and available
assets and lay it before their creditors Much
sympathy is expressed for them.
In its Financial Column the following COM
mCnts on the suspension are made
The house was one of the largest and oldest in
New York, and ut one time stood high in the
estimation of bankers and capitalists,
although it is stated their paperhas not been cur
rent here for some time past, except ut extreme
rates. 1t is further stated that a Boston gentle
man offered to advance money sufficient for the
house to carry on business for year to come,
but after a consultation and review OF the situ-
alton the members OF the firm considered
III DcSI 10 suspend ana ask an extension. Inc llll-
ure appears to have resulted from cause which
has operated in more than one instance to seri-
ously cripple houses in the same trade domestic
woollens), if not entailng upon them cOnse-
quences so severe rs in this case. The house
having made large advances To the mills for
which they were agents, a decline in prices of
Woollen goods compelled them, to save those
advances, to take the mills and subsequently to
run them, which first absorbed largely of their
active capital and afterwards entailed heavy
losses upon them. 1t is estimated that from
one-third to one-half their paper Is ahoat
in this market, the larger amount, it is
thought however being placed in the
Eastern cities and with country banks in New
England near the mills from which they
received goods. Much regret is felt at the mis-
fortunes of the house, rs the members of the firm
have ever been esteemed for their high personal
integrity and worth. In the great panic of 1857
the house suspended, but subsequently dis
charged all its liabilities in full, with interest.
The friends of the firm say they can do the
same again, rs the assets are large, and the
wish is very general among all classes that such
may prove to be the case, and the house be
again restored to its former high position. The
market for discounts was of course somewhat
disturbed by this suspension and very little dry
goods paper was cashed, as it was not known
how far the standing of other houses might be
involved with this. In the course of the dav
other failures were rumOred, but the house
mentioned were small and of but little account