New-York tribune., 1874-11-21
FINANCIAL CURRENTS DISTURBED.
SIX COMMERCIAL FAILURES.

SUSPENSION OF THE HOUSES OF ERASrUS s. BROWN,
wM. EVANS, 4. a G. FRIEND CO., &. 4 b. LIssNER,
AND OTHERS - SATISFACTORY ARRANGEMENTS
WITH CREDITORS MADE IN NEARLY ALL CASES
A series of failures was announced in COM
mercial circles yesterday. Prominent among them was
the formal announcement OF the suspension OF Erasts
s. Brown a produce dealer, and ex-PresideDt OF the
Produce Exchange An investigation was begun into
his affairs In consequence OF the complalnt OF
Armour P,ankinton & Co.. produce dealers OF No.
129 Broad 81. From their statements before
authorities OF tho Exchange 1T would appear that
Brown held warehouse receipts for quantity Of pork
These receipts he hypoihecated with Armour Pankn-
ton & Co. Just before he failed he presented q check
to firm for about 5000 the amount he had bor-
rowed, and obtained his warehouse receipts. for al
though the check certified the firm believed
Brown to be solvent. As soon as the ware
house receipts obtained Brown hypothecated them
elsewhere and obtained the hut did not use the
thus obtained to satisfy the check he had given
10 Armour Panknton Co. The latter found that their
check not good and feeling aggreved brought the
action against Brown which resulted In his formal sus-
pension Tho matter created great deal OF discussion
where Brown has been long and favorably known. He
stated n defense that wledged the debt and In
tended to pay it, but did not have the money.
The other suspensions were mostly OF small houses
and not serious failures. Arrangements arc ho"
making or have been made already with the creditors
which in almost every case seem satisfactory 10 the
persons themselves.
William Evans, grocer. successor to Janes b. Evans
Brother at No. sc Fulton-st stated that he suspended
payment owing to the dcues into which the dullness
of business and the slow payments OF customers had
led him. but he had already explained his affairs TO MS
creditors and had made satisfactory arrangements WIN
them by which his business would continue without I'M
pediment. He intended TO pay 100 cents ON every
dollar he owed.
Stanbury & Fox. grocers at No. % Parkpiacc were
forced by the hard times suspend and their creditors
are now examining their aiirs They cannot yet tell
the amount their liabilities assets, and cannot
foretell when they will resume business Everything
will be determined by the beginning Of next week.
f. & G. Friend & Co., tobacco dealers at No. l29
Madenane, only ready to say that they had suS-
pended payment and that their creditors we're looking
over their books. They did not know the amount OF
their but supposed their liabilities would reach
nearly S225OOO He knew OF special causes OF their
failure, but attributed 1t TO the current hard lines
w G. Van Der Roest. dealer in flowers and feathers
at No 40 Mercerst suspended on the Atm lnst' ana
pan of settlement now pending He should not discon'
tnue business and he expected settlement a&reeaoe
to himself and his creditors alike He wished to make
No nubc abatement of his affairs He has been IN the
business % years.
SAB Lissner, millinery. No. 52i Broadway, said that
they had obliged suspend through the influence
specially OF the depreciation OF goods III tner me-
whether or not they should resume business would de-
pend entirely upon future developments in the trade.
Goods had been constantly falling until prices were
now on most OF their goods, barely nan
the figures of 1872, and unless an I'M
provement should result there was no inducemeht
for them TO resume business. Their creditors Mr. SS-
ner said were well disposed towards them, ana were
advising with them cordially and lie had no uouot no
settlement would be equitable and satisfactory lney
had been in the business several years and had at no
preyious time owed so little now. showing that the
cause of their troubles is not heavy Indebtedness Ihe
liabilities are estimated at s5S,0N