The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-12-16
NEW YORK FAILURES.
Suspension of Richard Patrick ~ Co.--Thirty
Years Of Mercanttle strife-The status of the
House-OIher Wrecks.

SuHpeuStOn
Years Of Mercantile strifc-The status of the
Householder Wrecks.
The failure Of the Old established firm OF Richard
Patrick y Co., hardware merchants, OF New York,
was officially announced yesterday afternoon. The
news OF the failure created great excitement in
mercantile circles, for the hrm in It's peculiar
branch of trade bore as high reputation for pro-
bity and success as the houses Of A. II. Stewart
and ii. b. Cla1in. over thirty years ago, Mr..
Richard Patrick, the senior member of the
firm, commenced life as clerk in Erastus COrnlngs
hardware house in Albany BY unceasing industry
establishing an influential business connection, prn-
cipally with English houses. He came TO New York,
opened an establishment in Pearl street, under the
style of Richard Patrick and company which has
since remained the name OF the firm. During the
continuance OF the business in Pearl street, Mr. Pat
rick became connected with the famous English
hardware house OF Joseph Farrell Sons, of Wover-
hampton and acquired large wealth by the cOnnec-
ton Some idea may be gained OF the standing OF Mr..
Patrick when it is stated that his retirement from
the business fifteen years ago. he was possessed OF
fortune of over sl0O0,O0O in gold Soon afterwards,
however, Mr.. Patrick embarked in the Pacific coast
hardware trade, and was one OF the foremost mer-
chants in San Francisco, the firm name being VIII
liam Alvord a. Co., San Francisco Richard Patrick 81
Co., New York. The firm controlled the hardware
trade of the entire Pacific coast, and Mr. Alvord re-
tired from the firm about two years ago, immensely
wealthy. The firm then became Richard Patrick Il
Co., New York and San Francisco MIR. Patrcks
younger brother managing the California branch.
The house always was regarded as the first one on
the Pacific coast II made specially of nails, the
same as A. II. Stewart does of gloves, and Claim of
linen OF. cloth. The house frequently caused the
cent. in single day. through its holding back stock
and rushing up the market. Mr.. Patrick, who is
one of the leading directors OF the Bank OF the
State of New York, is said to have made over
s2OOOO0O by the California trade. Therefore there
was much wender and sympathy expressed when
the failure was announced. The liabilities Of the
firm cannot at present be estimated, but they are
heavy. Mr.. Patrick stated yesterday that his sus-
pension was chiefly owing, or rather was brought
ON, by misunderstanding between him and another
partner of the firm. He needed but short time to
redeem all the paper Of the house and pay one hum
dred cents on the dollar. Mr.. Patrick stated that
he had been in business thirty-nve years. success
fully weathered every mercantile storm, and never
suspended. lie was certain he would clear the pre-
sent gale. -
During the day Mr.. William b. Wiltbank, the bro
ker announced to the Stock Exchange his inability
to meet his engagements. Much sympathy was felt
for Mr.. Wiltbank through the street; he was con-
nected with the Sub-Treasury for six years. and has
always borne high reputation. Mr.. Witbank
states that he only requires time to clear his debts
The failure OF a prominent firm in a particular
branch of the dry goods business was mooted
through Wall street yesterday, but no Official an
nouncement OF the failure was made.