New-York tribune., 1874-06-17
THE DAYS FAILURES.

RECORD OF TURNER BRoTHERs-rHEIR DEALINGS
WITH THE INDIASAPoLls, BLOOMINGTON AND
WESTERN RAuROAD-FAnURE OF A GOLD BRO
KERAGE HOUSE.
The Stock Exchange was very much surprised yes
terday at the receipt of notice from Turner Bros,
bankers, at Pine and Nassau-sts The notice, sent
early in the day created considerable excitement,
but as is usual IN such cases gave clue az 70 the
causes of the suspension. 1t was as follows:
To the President Of the ye,c York Stock Exchange. erR:
We we are compelled, justice 10 our cred
itors 10 announce the suspension Of our house. We
hope 10 resume payment short time, and IN the
meantime beg the indulgence OF creditors until
complete examination Of our affairs can be made.
Yours respectfully TURNER BROS.
Neto- York. June 49, 1874
Application 70 the members of the firm elected
the statement that their failure attributable TO
heavy advances in aid OF railroads. They were
engaged IN making up their accounts, and were not
prepared TO present any statement, but hoped TO DO
SO soon. 1t was generally understood however.
that the failure of the firm was due TO
advances TO and Inducements of the
paper Of the Indianapolis, Bloomingto
and Western Railroad The firm had taken an ex-
tensive interest in it, furnishing money and credit
to aid in its construction and other payments until
it is supposed they had advanced nearly $500
necessity for the suspension.
The history of the house. as related by its friends
is good. Several brothers began business in 1874.
making speciality of cordias, liquors, and fruit
srups shipping large quantities of the latter TO the
West Indies and they were very successful and as
their resources increased they expanded their bnsi
ness, taking large interest IN petroleum, which
amply repaid them for their ventures.
The firm increased in prosperity and numbers until
there were eight brothers in IT. They had begun
banking business, and from shabby little offices
they entered into the large marble building IN Mas
sau-st.. between Pine and Cedar, which they had
erected themselves, and which 1t was understood
they had afterward sold at a handsome pront
"a the Fourth National Bank and a Life
Insurance Company, now occupying 1t. They
dealt largely with railroads, and generally sue
cessfully until the coming of the panic, which they
succeeded in wthstanding up to this time, when
they felt the necessity of suspending. The firm
failed with proprety, for while they had money
wherewith TO have continued for some time longer,
they did not see their way of their troubles, and
they concluded that in justice 20 themselves and
their general creditors they would better close I'M
medlately and find out their true position. They
were known 70 be large holders of real estate. and
the present disturbed state of that market precluded
the negotiation of their property.
The Indianapolis Bloomington and Western Rail
road to which the failure of Turner Bros. is at
tributed, is consolidation Of the Indianapolis,
Charlottesville and Danyille and the Danvllle.
Urbana Bloomington and Pekin Railroads 1t
extends from Indianapolis, Ind, VIA Danylle 10
Pekin, Ill., distance of aO2 miles. The capital
stock is S5,O00,OOO; the funded debt consists OF
S5,OCOOOO first mortgage per cent gold bonds and
81 500 900 second mortgage per cent currency bonds
On the Gold Exchange there was some excitement.
and a small brokerage house of 10 consequence
failed for limited amount.