The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-30
AN ECHO OF THE SCANDAL.

THE FAILURE OF FORD & CO.. CAUSED BY THE
BEEcHER scANDAL-MEET1NG OF THE CRED
IToRs YESTERDAY MoRNING-sTATEAfENT OF
TIE LIABILITIES AND ASSETS.
The failure of J. B. Ford & Co., publishers at No.
~ PARK place. has excited considerable interest in
the publishing trade. Yesterday morning at
eleven O'Clock, the creditors OF the firm met at the
rooms OF the house TO taSe some action in order
to protect their interests. ABOUT thirty gentle
men were present, representing three-fourths OF
the liabilities. IL was moved that Mr.. W. d. VIII
son, the Pearl street ink man ufacturer, take the
chair. The motion was carried The counsel of
Ford Co. then presented a statements OF their
liabilities and assets. Tue meeting was a secret
one; but, although the firm refused to give any
Of the figures, except the bare fact that they had
$ss,OOO over ana above their liabilities, all its in
teresung points were subsequently ascertained.
SUBSTANCE OF THE STATEMENT.
The liabilities in this statement were given at
1926, ass 90, and the assets at 1924 95I 49, showing
an excess OF SIS, 495 II. An examination OF the
statement shows that the assets however, al
though, no doubt, valuable to firm continuing
in the publishing business, are not Immediately
available for paying debts. They are mainly COM
posed OF machinery, fixtures, about $50, 900 worth
OF books on hand or in process OF manufacture,
and stereotype plates, furniture and accounts
ones. The statement was received rather sadly
by the creditors, among whom there were such
well known gentlemen as Mr.. Merriam,
the editor OF the Christian Union (who repre-
sented mis- father, the publisher OF Webster's
Dictionary, John =. Trow, the ''Oity Directory"
publisher, and Mr.. Bgelow OF Welsh q BigeloW
University Press at Cambridge. MIR. Bgelow
moved that committee OF three be appointed to
examine closely into she affairs of the drmand to
report to future meeting OF the creditors the
best course TO be pursued. The committee was
appointed as follows:-n. w. Sage, the rich lum-
herman and principal stockhoider Of the CHRIS
tan Union Publishing Company, as a representa-.
! tive OF the latter concern Theron Baldwin, OF
J II. W. Smith Co., binders, and G.. P. Rowell OF
! @. p. R0Weu & Co., the advertising agents.
! Throughout the meeting the creditors, some Of
whom felt their loss most keenly, expressed
desire to aid the firm to the best OF their ABILITY
but they did not conceal their appre hension that
they would probably not get over fifty cents on
the dollar at the utmost
THE CAUSES OF THE FAILURE.
The nrm Is composed OF John %. Ford, Samuel
Wtkeson, John X. Howard and Edward /. Ford
Several OF the creditors openly expressed their
CONVICTION yesterday that 1t was their connection
with Beecner as publishers OF the christian union
and the "Life OF Chrisn which was the cause Of
their failure. The firm seemed extremely anxious
yesterday to suppress all the facts and even went
so far as to propose TO the creditors That they
should nod secret meeting in another than
the advertised place, In order TO mlsead the repre-
sentatlves OF the press. The leading creditors
considered this policy OF "nest hidlngr III advised,
and refused TO accede to the proposal Mr..
Howard, one OF the members OF the nrm,
when asked whether it was true that
Mr.. Beecner was as the bottom OF their
4 fallure, declined TO commit himself by
Inf m, ha IN cd n
such was the fact. To the question, "ls the Life
OF christ not @failure ~ ne evasivey replied that
no DOCK published Jour years ago was selling
largely now. The firm In their formal statement
ascrIbe the causes OF tha failure to tha aanwssson