The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-06
BUSINESS TROUBLES.

FAILURE OF THREE OLD ESTABLISHED FrHMs-
THE BERRY 4 HEIsER EXAMINATION.
Barton Co. manufacturers and dealers In guns
and cutlery at No. 1877 Broadway, have gone into vol
untary bankruptcy As the nrm has been IN business
twentyeven years. and has enjoyed the highest CON-
mercia credit this proceeding has caused great sur
prise In the trade. Mr.. John Barton. tho senior
partner. said yesterday that tho primary cause was
the sudden demand, without warning OF creditor
for large sum OF money, and which was pressed oy
SUIT the day following which tho demand was
made, and this necessita,cd the ming OF petition In
bankruptcy for the protection OF all the creditors.
Other causes were tho depreciation In stock and heavy
losses during the past nve years OF bad trade. Ho
said that II the lrsl time The lrm mad been
sued In the OF tweniy-sovcn years
OF business, and that the firm had never
allowed note 10 go 10 protest, all having been paid as
they became duo As lar as possible they had paid
all monthly accounts ana there very lev arrear
ages and consequently majority oil the debts were
for small sums II tho Grm allowed time by tho
creditors he had doubt OF their ability TO pay one
hundred cents the dollar Mr. Barton has no per-
sonal liabilities Mr. Waldegrave Harock, the attor
ncy Of Mr.. Barton, has prepared the schedules from
which II appears that the liabilities do not exceed
$40 00 distributed among largo number OF creditors,
the following neng among tho principal oncs-
W. Il 5. Horrabin. OF sheffield. England, $1,000;
Caroline +. Ashmcad, OF GAINESVILLE. Fla, $1,000;
ADner p. Mcrri man, OF Baltimore. 81, 5l2; Thomas
n. chubb, 81, 352 IL; estate OF Walter A. Proc,
81 545 49, men, Arms Company. 81, 1857 80 Tho
Chemical National Bank claim Tor discounts, but
the amount is not yet known. The assets large.
They OF stock trade, nominal value, 500 900;
machinery Tools used IN the manufacture Of rifles, &c,
cost a2U 900, valued At $1,000, book accounts homi-
naIiy $4,000 exclusive oil claims against Mr. - 7.
Waller, ormer partner, tor $4,000, anu due from }.
W. Cock 81 1000. IL ia expected That the creditors
will steps toward compromise, instead ot
allowing the business 10 be wound up through bank
ruptcy. The has boon referred 10 Register Day.
Ton TO take further proceedings.
Tho failure oil Henry Simons Brother, manunc-
turcrs mud wholesale dealers IN clothing al No. IL
Walker street, was announced yesterday aud subse-
quently the Arm mado AN assignment Tor tho bencht
OF the creditors 10 Frederick Lewis. Tho exact
amount OF tho liabilities Is not known, but They arc
cs,imai Oh at $oU,Uo0 Tho failure ~ mainly due
10 the runners which have been In circulation during
the past two weeks concerning their condition,
which caused their credit 10 be cut on, anu ricnds
" no had been IN the habit OF Advancing them money
refused 10 loan any more. Tho irm has been IN ous
ne for twentysx wears and was originally In HART
ford Mr. Lew SAID yesterday that he could give no
estimate Of the assets or liabilities until the book
Keepers had completed tncr accounts, us tho assign
ment had been hastily made AS soon as possible
would call meeting OF tho creditors 10 get their
views 10 the course 10 be pursued IN settling up
FREDERICK Graf, whose failure was reported Sat
urd1y, not the person oi that name al No. % lis
pcnara street
solomon Strauss l. Co., dry goods jobbers al No. 60
White street. have failed, and yesterday afternoon
they called meeting OF their creditors at the Astor
House, AZ which ABOUT nifty merchants attended. The
nrIn has business Tor over twenty tour ycara
and excellent credit that their failure was
great surprise the trade The failure Is due to do
PROBATION values, sisgnai0n III trade, bad debts
anu heavy losses Al the meeting Of creditors Nj
Townsend was elected chairman and Jerome Hill
secretary. Tho nrm submitted the following state
ment-Liabiiics, $l39, 800 49, assets book scaonn!s
$35, 1919; merchandise, So, l3s; bills recelvnole.
1896 ~; cash, So 1879 81 total assets, $l06 1858 -
Alter very short consolidation Mr.. Mclean, one Of
tho largest CREDITORS moved tho appointment OF =
committee OF 1vc creditors 10 investigate the
coants, make tar valuation OF tho assets
anc report upon proposition Tor compromise. THIS
was unanimously adopted ana the CHAIR appointed
Mcssrs. Mclean, Hili, NORRIS Turnbuli and Miikcn
as tnc committee.
a meeting Of tho creditors OF Joseph David, manu-
facturer oi clothing AZ No. Z0l Church street. was
held yesterday at inc Onlcc of Register Dayton and
Henry dc Zavae was elected assignee IN bankruptcy.
HIS liabilities amounted 70 about $4,000 Sixteen
claims we're proved, Of which the principal ones arc
| the ioliowing:-F. Mayer 4 Co., 5000 o.; Fred.
Lewis a ssssnsv $500 al oolssr aa, oo cS
slaue & Co., 1870 10 Watson, Townlcy Co.,
81, 2Sa 40; hunt Catln Valentine 81 1877 so; Good-
| urd Il Bother, 81, l44 10; May Mayer, 81, l2O L.
1he cxaninaI,on oil certain contested Charms In the
matter Of Berry Hoscr. bankers, formerly Of all
lore Register Fmch on objections made ny counsel
| Jay Could. Mr. Thomas g. sherman, counsel Tor Jay
! Gould, conducted me exam nation IN behalf OF his
Client Tho first witness BIO testified was Anthony J.
Thomas, oil Drexel Morgan Co., Ia relation 70 claim
OF that arm when had not bsen proved before
tho Register He testified that she debt out Of
| TRANSACTIONS on gold lonn In september 1873 tho
] nrm borrowed $250.O00 from Berry hclscr during
| snat month, Tor which they patu ana halt
psr Tor sixty days USE Berry Heiser receiving
So $50 the oan aud the latter did not agree 70 pay
anything TOR the OF currency advanced Before
allowing examination Of other Witnesses Register
Flicn notified parties who had already proved their
claims that not necessary Tor them 10 oner any
| further substantiation OF their claims unless they
| voluntarily chose 10 do The claim OF The Ninth
National Bank Tor 81 OSs 10 was next taken up and
| Mr.. John p. HUI, the President was placed
1 on the stand. lie testified that the bank had
/ transactions with the firm oil Berry dcisef
during 1873 anu received $500 900 currency IRON
nrm In October OF that year Inc agreement madc was
the rm was to Two per cent interest to the
bank currency advanced on gold Tor the time the
loan had TO rum the bank rested It's claim on oblga
lions gwen by Berry Hoiscr, and banded In dus
| bull but there nothing IN the banks books 10
show tho consideration for the due bin President
Hill WIS questioned by Mr.. Arnold the banks attor-
ney, and further said That the $51O 600 currency ad
vanced $500. 900 gold as collateral; Berry 4
Heiscr did not pay tho amount OF interest DUE 0u,
! the duo bill previously handed IN as cvidcncs was
gwen by nrm 10 tbo bank the gold deposited wnf
paid delivered 10 the nrm or thor agents. aud the
bank not since hold any collateral Alter some
discussion tho legality OF certain questions
| the examination was adjourned