Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-01-03
BrOken-DOHn Men IN New York.

BrOken-DOHn Men "a New York
The New York correspondent Of tht
Troy Times writes as follows Of tai
broken-down men Of that city:
The broken-doWn meu to whom W,
have referred form the best possible heli
il the great mercantile concerns Of thi.
city. A. 7. Stewart, the merchant prince
has been for years in the habit Of pick
ing out among this class such assistants
as he might need, and we presume that
there may be found under his roof to-
day the wrecks Of twenty different dry
goods houses that were started with good
prospects of success. For instance.
that grave and digniled gentleman OF
ffty-fye years, who occupies the posi-
ton Of general manager and CyeI.ooEer
OF the wholesale warehouse, is Ir.
Brown, formerly a dry goods jo5ber OF
the house Of Brown < Co, CoTtianjt
street. lie is a irSt-rale business man,
and Stewart knows It, and perhaps Ii is
but an incident in life that Brown is not
Stewart, and that Stewart Is not Brown.
As it is, Mr.. Brown is TO a certain de-
gree Stewards lieutenant, and. as the
latter is much ~engrossed by the leading
facts in his mammoth business, no one is
allowed to address him personally until
his clrauG has been communicated to
the lieutenant aforesaid.
So, also, this tall, f~ne-looking gentle
man who has the management Of the
credits, Mr.. Libby, who looks after all
references, and without whose approval
no man can get a biz Of goods on time,
Is a broken-down merchant. Twenty
years ago the firm Of Hastings, Libby &
Forby struggled for wealth but in vain
They sank In the general vortex Of COM
mercial ruin, and Nh. Stewart, who dis
cernel Mr.. Libby's talents, has made
good use Of him. Mr.. Libby IS a high
liz gifted business man. and has made
himself so necessary in Stewart concern
that, if report be true, he has now a
partnership in it. We might 20 on and
call over Stewards check-roll and fuG
many other similar cases and so, also,
We might find Just such q class Of men
goods for ClafiI and other large
houses. When q man has once failed IN
any kind Of business It is very seldom
that he attempts 20 rccuperate in the
same trade. He Is generally sick Of the
effort. He will work for Others IN that
line, but has a fear Of attempting it per-
again. Hence men who fail in
New York seldom get on their feet.
customers are drUmmed away by
houses, aud the current Of their
business is so broken that it seems i'm
possible to be res tscitated.
The custom house is a great gathering
Of brokcn-dOWn men and besides this.
one finds them in every petty berth
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 X
press purpose Of affording a snug harb0r
for some such characters. Most Of the
merchandise brokers are Of this class.
If a wholesale druggist fails, he is apt to
turn broker in drugs If a wholesale
fail he will naturally turn to his
own staples. We have said that men
who fail in New York seldom get on
feet again. To illustrate this state
ment, we may call over a few names
Where was there a more famous house
than that Of Bowen, NcNamee & CO.?
And yet the colossal business which re
twenty-five years 10 build il up,
sent in one fell swoop when that firm
If you were to look for the head
Of that great concern you would not
End him in the world Of silks and satins.
On the other hand Mr.. Bowen is now the
Of the ~IldcpeRaeat.
Among other great firms that have
gone oat of existence. we may mention
n.dry goods the Moores, who we're IN
thirty years, who, from small be-
yinnings, at last occupied a Broadway
at a rent Of $1,000 per annum. In
he grocery business We might mention
he firm Of j. X. Place < Co, which
last fall. This house was esti-
mated as being worth a million Of dollars.
Their credit stood so high that they
could purchase a bill Of coffee aud give
D note for il 20 the amoUt Of one hun
lred thousand dollars, and yet now that
hey have failed, it is not probable that
they will pay their creditors much, If 10
Iced anything. Probably in u short
time We shall see these very Places, who
once were merchant princes, running
round the streets with boxes Of samples.
and taking the chances among the legion
Of merchandise brokers. To 20 back to
the house Of Denison q Belden, from
which the Places sprung. This concern
a few years ago, and although it
possessed an immense trade, yet It was
never resuscitated. So also when Simeon
failed, although he announced in