New-York tribune., 1877-06-13
TITO IMPORTANT FAILURES.

FREDERICK PRENTCE's SUSPENSION CONFIRMED
EMBARRASSMENT OF VI. !. srEISBERGER's SONS.
A reported failure of Frederick Prentice was
confirmed yesterday Mr.. Prentice stated to TRIBUNE
reporter last evening that he had been disappointed in
obtaining funds that lie had expected 20 receive and
that on Friday last he had been obliged to stop payment
and TO allow some OF his paper TO be protested Ills
son he added did not know Of this until yesterday His
failure caused by bad debts and the great decline in
the price OF OIL which 100 per cent higher last year
taan ut the present time Mr.. Prentice said that his
liabilities we're very large but they nearly all
cured lie had been able yet to fix the amOuni
but he hoped 10 satisfy even the claims OF those
creditors whose notes were not secured II they
would only gave him time To dispose OF me assets
t. the best ADVANTAGE. Mr.. Prentice added that he re-
signed the presidency OF the Producers Consolidated
Land and Petroleum Company on Friday, ana MS aus
pension would not affect that company in way The
company nto Sol 'he le9uc1 n,lel3 'i1 tne nch'n
County Pipe Lane Tor T4OpOoo, casn rus gave ~
large cash surplus over and above all it, debts ana ~
selling the OIL which il had on hand, al the present
niee, II would be enabled 10 declare GVdebd ot IRON
Is 50 por cent In regard 10 his previous financial
depression of financial affairs IN 1857 he had been
obliged to suspend IN 1859. In 1860 he compromised
with his creditors by paying 90 cents on dcar, aud re-
su!1ed business In l@13 he pd lhe balance Ia ini 10
AL his Od creditors, with interest at the rate or 10 per
An asst gnnent 20 Morris WcriheLcr for the benefit of
creditors. by Jacob Hermann, and Adolf ph sten1crger
nineg at M. 500 Broadway aud No. 81 Mercrr-st.,
was fifd yesterday with the County Clerk. A TRIBUNE
=
stated that the Liabilities OF their firm amounted to
S1j00OO while their assets were 100000. Among the
principal creditors are &. \. iinOrdt ~ Co. - 600
Haddcn q CO.. 5000; BALDWIN ~ CO., 81, 900; Wm
Schroeder $1,000; Hodges ilersey y Co, $500 :
Field, Norris Fenner Y Co., $1,000. 1nrcc-
quarters Of the assets consist OF stock. The
failure Is attributed tO tie great depreciation
OF millinery goud especially silk ribbons The safe O
these goods Tor some time has neon dl. The Hrm also
has "a large number Of bud debts. Om firm u II 20
years old and nave awaye paid creditors" said
NI. Stc5ubcTEcr Inls failure is caused by the general
depression III business Tomorrow shall begin 10
f.{t slack a he tp
we Eha nave meeting with cur creditors. We hope to
nuke sat ,iaciory sct cmcn with creditor, and
tLcu 20 resume business MI stcinbergcr SAID tuat II
Impossible 10 til at tins ge how much the dol
lar the rm could pay II tner stock be fOld u
auction not more than Ouc-trd Oi ls value could be
rci iiZrd
Mr. Slernherger Informed the reporter taat BambeTg
Hal Co., dealers IN millinery, al NJ. 40 Broadway ana
No. A. Melccr-st., had suspended, their liabilities
amounting 90 10000 They had called Tor meeting OF
tIeir creditors to-day.
A iamecuns Of tnc creditors OF David Tyntag, paper
collar manufactures, OF No. II Malkerst. ana M. ~
Wet INenty-si1ttst. yesterday, before ReEaicr
Ketcuum tie composition Ui 80 cents the dollar was
confirmed. The liabilities are 100000.