The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-19
THE OUTLOOK OF TRADE.
FAILURES OF TWO WHOLESALE HoUsEs-THE
CAUSES AND EFFECTg.

FAILURES OF TWO WHOLESALE HousEs-THE
CAUSES AND EFFEcrs.
Two prominent dry goods firms failed yesterday,
and they attribute their failures TO the shrnkage OF
values. The firms involved are Emery. Ivey Lee,
wholesale dry goods, No 1851 Broadway. and spelman
Brothers, No 800 Broadway dealers in fancy goods and
notions The former firm SUCCESSORS OF Gasherc,
Emery lvsy who failed IN 1873, ana compromised
with their creditors at seventy-dv cents on the
dollar The concern which is embarrassed
failed for 5000 000 Their loading creditors are Joy,
Langdon Co., Of Worth street; Faulkner, Page Co.,
Leonard and Church streets; Wright, Bliss Faoigan,
Of Thomas and Church streets; Woodward, Lawrence
Co.. Broadway, and others The firm, acting
through its lawyers, Messrs Chamberlain. Carter q
Eaton OF No $40 Broadway, invited Mr.. Page. OF
Messrs Page Bliss l. Co.; Mr. Lawrence, Mr.
byers OF Parker, Wiet Il Co.. and Mr. Lang
don, Of Joy, Langdon 4 Co., to advise with them
as to what they should pursue, and, after hold
ing meeting they selected Mr.. Horny H. stotesbury,
Of the late firm Of Cochran, Mclean II Co., to have
charge OF the settlement Of the entire business An &C
curate statement Of their and liabilities Ia In
course Of preparation and will presented to the
creditors somc time this week. The failure OF
the firm occasioned q good deal oil sur
prise, its paper having ready sale IN the me
amounts TO about SlOO 600. Mr. Lee speaking to the
HERALD reporter said SIT is true we have failed, as
many mon have failed before us, but the square
thing all the time with our customers have nad
number Of people call to-day with oilers OIL SYM
patty and help, and know that we will be on our
legs again In very few days The real cause OF our
failure attribute to a shrinkaec OF values"
Speiman Brothers, of No. 369 Broadway, VINO also
and ss.s 81 and
Ties rs available but the latter are believed 10 pe aeout
100000
THE FAILURE OF GAMKwELL L co.
HERALD reporter called yesterday on Mr. JOSIAH
p. Fitch the legal adviser Of the arm OF Gamewe.l
Co., to obtain statement OF the financial position OF
that company. Messrs. Gameweli L. Co. were tho
builders Of tho Fire Alarm Telegraph ana were
the of several valuable patents Tor
telegraphc instruments and methods OF applying teIe
graphy to the purposes Of Dire alarm. Mr. Fnch SAID
that about TWO months ago the firm OF Gamewel "
Co.. consisting Of John Ganewell James W. Gardi-
ner and H. Bruins, discovered that their affairs were
IN embarrassed condition. They immediately de-
would be OF best advantage to their creditors and
accordingly accepted AN offer to buy 1t by the 'Game
under the presidency OF l.. G. Tiotson They
accepted In payment tho stock OF the new
company at par value. They then suspended payment
and commenced the work Of arranging their affairs
with a view TO settlement with their creditors. They
have not yet concluded this undertaking, but expect
be able to tell what their position really is
They expect to pay their creditors in full, II not IN
cash least 10 shares OF the new company. Many Of
the creditors have already agreed take these al their
par value In reference 10 tho attachment recently
made the business Mr. Fitch said that he attributes
Importance TO it, as Is founded on claim that Is
BUSINESS TROUBLES.
There were filed yesterday in the County Clerks
office the assignments OF Frederick N Coffin and WILL
lam Roscoe Lyon to Josiah 7. Vanguard, and Of Tim
othy N. Spelman and William G. Speman to Horny
Z. Herbert
The failure of Porter cambridge, card manufac-
turers at No So Boekman street, is reported. Their
Liabilities placed at about $4,000, while their
nominal assets are IN excess OF that amount The
present 0rm has been IN existence since July, 1873
when they succeeded W. ID. Porter General business
depression Is the principal caasc of their failure
Robert MCGruW. physician.
first street. has been adjudicated voluntary bank
rupt before Register Little. His schedules are very
indefinite; there six creditors, whose names
gven but to three of these he has no idea OF the
amount he owes; one IL Jamcs II. Ingersol who has
advanced HIM money for the past ton years; Bacon
Brothers starr brokers' have claim for 80 900 on
stock speculations; p. c. Kingsiand for $1,000 and
John Harper 5000 His assets are merely nominal,
and include 300 shares of the Arctic Ice and Reriger
atng Company and 800 shares OF the Great American
Oil company.
James 4. Miller, hotel keeper, who thrown into
bankruptcy by h,s creditors few months ago, owing
$40 OOO applied for his discharge to Register Little
yesterday ana as there was NO opposition 1t Will be
pran