New-York tribune., 1878-04-02
SUSPENSION OF BOOTH & EDGAR.


SUSPENSION OF BOOTH & EDGAR.
THE CREDITORS CHIEFLY BANKS AND SUGAR M
PORTERs-TIsroRY OF THE FIRM-ITs LOSSES
STATEMENT or WILLIAM T. BOOTH
The suspension Of the old and much re-
spected firm Of Booth & Edgar was announced yes
terday, and attracted much attention in mercantile
and bank circles The liabilities Of the firm arc
thought to be nearly $75O,OOO, and the claims of
creditors principally confined to about ten
banks and few sugar importers inc mousse
OF Booth Edgar has been engaged in business IN this
city for quarter of a century and Is composed OF
w. A. Booth, w. T. Booth and j. IL. Peters. Mr..
Edgar, of the original members OF the firm, died
n few years ago, but the firm name was not changed
The business office is at No 100 Wast. and the re-
nnery, which ia known the New-York Sugar Re
nnery, Is at No 132 Klng-st.
The refinery has been greatly improved
since 1t was erected several years ago, and
contains largo quantity OF improved machn-
cry 1t ia estimated that this building represents
nearly 81 100000 and 1t Is regarded as one OF the most
complete refnerics in the country. One OF Its chief
drawbacks was its distance from the river, making
necessary expense for carriage all sugars arrv-
ing mt the landing, as well as the rehheu
sugars for export, which caused extra cost
TO the rciners over those whose WORKS are nj
the water front The recent disastrous season
TO the sugar trade generally, caused, it Is said
by hao th'"iNN i'''N'
Booth & Edgar that they could not bear MP
under longer without sacrificing the interests OF their
creditors william 4. Booth. the senior partner, mas
long been prominent In the business life and the DeneVo
lent work OF the city. He has frequently nlieu
uositions of trust in banks and Insurance
companies and when disputes have arisen
in the sugar trade he has frequently been selected as
arbitrator lie has also been actively connected Win
public and private charities aud he Is now president OF
the Childrcn's Aid Society.
william T. Booth said last night '',Our suspension mas
been caused by the losses In the sugar raue. IL
has been "A "cut-throat" business for some umo'
We imported largely in 1876. and made
great deal OF money out OF IT, During
the last season when speculation was so heavy we ala
not import extensively and suffered no losses by
n Tho price OF sugars has been 30 Iow'
tnat i'm payIng cents for raw aud getting
only 10 cents FOR refined sugar there was not sufficient
margin To make it profitable. We struck DaIahco On
March and found that were not making any money
We concluded TO rerench and durngthe month OF Marc"
We conducted business with great economy VIC
cnIoyed unlimited credit until Saturday, wheh
we found that wo had gone along about
aa far as We thought IL was prudent OH
our own money and determined TO pay our losses
and quit business. We entertain old fashioned NOTIONS
about honest dealings in trade and we rs hoe'
men continue business and jeopariize the money OF
other people. Rather than pay some OF our cred
IN lull ns thclF paper HidAui'u' huu Wa''
others with only q percentage OF their JUST
auc. we decided to call all our creditors together AMI
to Law before them the condition Of our ~
aIrs and secure their advice rs TO the course
20 10 pursued. II is impossible 10 state with
any degree OF accuracy what tho total Iabil
it,cs OF the firm will be. Some have placed them at
500 900 They may reach that amount, but am in
cincd 10 think that II Is little in excess OF the true
figures"
"N we have anything like fair show"
Mr. Booth continued. :" sure that our as
sets Will meet our liabilities, and nave handsome
surplus with which We may engage in other
business As the sugar trade IS now conducted
and at present prices, We nave no u'SiFe
70 continue In IT, II our creditors force
n sale Of our property cannot hope to
realize 80 much at private sale. We could
have mortgaged our refinery and continued IN
bnsiness but we preferred 10 face the music
and settle our bills in full Ourdebts are due principally
to banks and importers. None OF our CONNER
c,l paper has gono to protest. and tho last
note We gave was sold ut per cent, the
note preceding 1t selling at Ala per cent One Of
our notes fell due Monday, and the i'm
porter who held It. offered an extension
and further credit for all tho sugars we
might require Other importers have mado similar
offers which we declined"
A prominent importer In referring TO the suspension
and its causes said: "rho firm OF Booth & Edgar.
,r,s one OF tho best known houses In the
traJe and had been engaged In refining sugars
in this city for many years. @ Their h,rs SUITS
o over the country No house enjoyed better credit.
or was more highly respected Ia yhe mercantile con,
trade. and have avoided speculation Their
imporlaiions have been very moderate ana solely Tor
tneir own manuactory. In all the years Of ihelr
bn,lness career their character has been above
rcproach, and they have never Geen pee, s snspe''ra
tho United States revenue IN any way. Their snspen-
sion may De directly traced to causes over winch they
a, .fpaI hoy
Into unjust combinations. The tendency to ao-
sorb the refining OF sugars on gsanc M Scs
amenities daily, seeking market Whero n
slight fraction would turn the scale, ana Ile
and more conservative houses from tho trade
all these thlngs had tendency TO force OUT oL lne
mate business In recent years there have been many
opportunities for TIE various rcilners TO com
form aud remuncr,tiyo prices for their sne.Hs; 1;
The lack of such acton has resulted ,,rn IN gtat d
occurred where least G1peSgd 6Ses aomS a. the wnn rf
Iiy' & "VniS William. William Molicr s sons, tho Greer
Turner Sugar Refining Company, Ockershausen Broth
sgs Adama q Ier m the @ retiresnt BoH'n iro brsInc ss
Of Bradish Johnson's sons TO the failures
Co. '|r and Ponvcrt CO.. Booth Edgar
enjoyed the confidence Of tho importers % %gener.
Co. Their notes we're readily discounted by the banks
pniIi'' position manifested by bank officials to
contract tho volume OF sugar paper and the lines OF
discount have been greatly reduced, and IN some banks
they nave been entirely Withdrawn To avoid mortgaS
ing their refinery aud contents for collateral security
as others have DONE Booth Edgar preferred to sete
With their creditors before their assets absorbed.
Most Of the capital of tho firm Is invested IN
frvy I'm thfs city, most of the refining
being now carried on in Brooklyn and Williamsburg.
For timo they have boen limited IN financial re
sources and were unable 10 purchase cargoes OF
sugar for cash which mado their stock moro expensive
than their fortunate compe titois Iho'r ss m
ia source of regret the trade generally, ndhey re-
ceiye much sympathy.
OTHER EMBARRASSED FIRMS