The New York herald., 1876-02-10
BUSINESS EMBARRASSMENTS.

The announcement of the suspension OF three large
coal firms which made yesterday morning created
quite degree excitement in business circles These
unfortunate parties Messrs. A. Packer 4 Co.,
E. B. Ely Co, and Braman a Harlwel, all Of the
Trinity Building.
Mr. Packer, Of the first mentioned firm, stated that
on Friday last he had idea Of being compelled to
suspend payment On Friday night he received
despatch from s. r. Smith Co. OF New Haven, TO the
effect that that house must fail If Packer Co did not
.'carry" them. This Packer & Co. agreed TO do;
but nevertheless, the New Haven house had
to suspend on Tuesday. Their suspension, caused
Packer Co. TO payment for The present
Yacker Co had special interest in the firm oil E. B.
Ely Co to the extent Of $50 600, and were their ad
diional creditors for $33 600 Mr. Packer is uncle
10 Mr. Braman, OF Braman X HartwclL ana his nrm
furnished his nephew Is with capital The New Haven
house owed Braman * Hartwell S2S O00 MI Packer
said that the suspension OF bis firm was only tempo
rary and he had no doubt that they would pay 100
cents the dollar In a short time and continue the
business If they went on now they would be obliged
TO take up large amount OF protested paper and that
would be very Injurious 10 the creditors. They were
carrying about 30 900 tons OF their own coal and about
the quantity on which they had made advances.
Thcy had long been obliged TO receive coal under con-
tracts which they were unable TO place on acco unit OF
the dulness Of The market Most Of the coal was in
transit and soon as II arrives will be weighed Until
that time the accounts OF the firm would not be maio
up, and he unable 10 give any idea Of the
liabilities or assets. Their assgnees arc William T.
Carter, Charles b. Platt and Frank !. Robinson:
~
trade in this city for ten years past ana au business
OF 500 600 tons year Their assets include valuable
property in Pennsylvania and Virginia. MI Packer
said that their Suspension IS an advised step as
of precauton TO protect her creditors Their
assets being largely IN excess OF their liabilities
Mr. Ezra b Ely, Of Ely 4 Co, said that he preferred
not To furnish statement OF his affairs as had not
vet becu shown 10 his creditors HIS reasons for the
suspension Of his firm were Numerous, but INC prlnc
nal one was the universal stagnation OF trade Ely K
Co invested IN colliery IN the Ichigh region in the
latter mart of 1874 and during the cessation OF work
which occurred from January TO July OF last year the
firm was compelled to cxpend large amounts on it
without receiving any return. The paralyzaton OF
mining interests the mdncss OF the present winter
thc low prices OF coal and the difficulty OF making col.
lect,ous all contributed 10 the misfortune He did not
desire 10 saw whether his would cover his iabu-
ties or not OF anything else pertaining 10 his affairs
until his creditors were made aware OF their state
II is estimated that the liabilities or s. r. smith 4
Co coal dealers, OF New Haven, are 500 OOO They
own n large amount OF real estate 10 Conuccticut
which thoy unable TO carry In the dull state ofthe
coal trade.
The Grst composition meeting OF the creditors of
Messrs Alexander Stein Co.. winch was to have been
held ia the ohce Of Register Fitch No 345 Broadway
yesterday, was postponed until Monday next at two
p. NJ
The sheriff seized the stock OF scheuer 4 Herman OF
Church street, cloth jobbors, yesterday.
Assignments were fled w the County Clerks Office
yesterday BY Henry selling 10 Moses Hatch Brlman h
hartwch to William ID. Marvel and John II. 'soldsmid
TO Charles r. Haddcn
Mortimer ID. Couklin dealer In prodnce No 16I
Chambers street, who recently made an assignment
James II. Siartup, has made compromise with his
creditors al thirty per cash. ho has resumed
business His liabilities were estimated at over
$4,000.
meeting Of the creditors OF Henry schwarz, manu-
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