The Morning herald., 1875-10-28
= 2 TIVT n" = -T,TT.TI VII
A Heavy Suspension.
Philadelphia lnquir~,nd sg94 q III.


Some excitement was created in business
circles yesterday afternoon by tho + an
nouncement that Mr.. William N. Toy and
Mr.. James F. Morrison, surviving partners
Of the firm Of Lee & Walker, the we'll
known music publishers, on Chestnut street,
had made an assignment for the benefit Of
their creditors to Mr.. John c. Sinclair,
lithographer, No. 506 North street. One
of our reporters called on Mr.. Morrison in
tho course Of the evening to learn the cause
Of the bankruptcy of the firm. He found
the gentleman busily engaged addressing
envelopes, large number Of which were
lying on his desk, sealed. Lying open be-
fore him were several books, towards which
he frequently directed his attention. On
making known the purport Of his visitour
representative was politely told by Mr..
Morrison that he would bs but too happy
to give to the public all the information in
his power. "Of course" he added, "the
newspapers will tell all about the matter
sooner or later, so may as we'll let you
have it now, as not" "In the frat placer
said he, II want to tell you that the brief
statements in the afternoon papers, con-
cerning our suspension, are very ipaccu-
rate. They say that our assets will reach
$4,000 and our liabilities $25O,0OO. Who
ever gave them such information mialed
them. When Mr.. Julius Lee died in
January last two experts, who were APP
pointed by the executors, went through the
stock and valusd it at $lS5. 900. 1t has
been very much increased since that time.
The figure Of $3.50, 900 for our liabilities i
entirely wrong. If they amount to 3l7o,-
900 it will be big figure, and much |. .ryer
than I anticipate. Our troubles culhlinated
yesterday (Mohday,) though there was,
nothing presented that We did not pay.
None Of eur, bills were protested; perhaps
some have been to-day. The cause Of our
suspepsioa is q peculiar and delicate mat
ter to speak Of, yet ! will tell it to you.
Mr.. Lee managed the business Of the firm
very successfully until within the past few
years. You nay remember that he died very
suddenly. Well, at the time Of his death
there was over $4,000 Of the paper in the
market, and shout $1OA 900 Of that was for for
borrowed money, and that at an average
high rate Of interest-twelve per cent.
There was an accrued debt of $35, 900. That
has been the elephant upon eur shoulders
under which We were staggering, and
which has finally brought US to the wall.
Mr.. Toy and myself are, comparatively,
speaking, beth young men. Though We
had slight interest in the firm, yet until
Mr.. Lees death, we we're never connected
actively as partners. We were only clerks
till then, and were called on suddenly to
run the concern. This was the only es-
tate that Mr.. Lee had, and at his de-
cease the only support for his family. We
work daily from seven o'clock in the morn
ing until seven o'clock at night, harder by
long way than we did when we were on
ly clerks here The stock or catalogue; call
it what you may,is betterby far than when
he was living. We have opened up new
branches Of our trade, which were Just Be-
ginning to prove Profitable. Il can honest
ly say.that we are really LOW in q better
financial condition than when Mr.. Lee
died. There was 4 r1nlor ctlrrcnt then that
he was aEermou,l! wlalihy,l ] cosId lave
gone on the street to-day and borrowed
S25, ,oo0bat I.haya some stlsrtsyypcct aua
J would not dot. Had I borrowed tllat
money. 20 ray somebody e!e?I wo,!l of
e,""c, Led t@ :oTsy :t,aa:! (? 70 ws-