New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-23
FAILURES AT PHILADELPHIA.

agitated this morning over the troubles affecting the
houses In the morocco trade The principal house in
trouble E. c. Stokes importers Of hides and skins,
doing business at Third and wllowsts Mr. E. Stokes
said this morning that the firm had not yet decided
what course they should take, but would make
decision during the day. The firm attributes its trouble
to the failure of George W. Hummell Co., who were
unable to the interest Of their obligations,
and who relied L. c. Stokes to meet 1t for them
This firm indebted E. 4 Stokes to the extent OF over
100000. The following persons are also reported In
solvent
John sons $4,000 Edward Evans Co.. $50 0o0
WIN. T. stewart & Co. $1,000 G. Bocsens ;:;.;;; 10000
sarvey Lynch & Co. 1000 turing Co Of VIII ,oo nm
L. Stokes creditors for about threefourtns OF
all the liabilities of the above-named houses. They de-
cline state the total amount OF their own liabilities,
but claim to hold the aper OF other morocco firms TO the
amount OF from 100000 to 100000 .,o,. .o,,..o,
f. G. stokes In consultation with their counsel
to-day but it is known what course they intend to
pursue.
STATEMENT OF ELLIS STOKES.
Ellis Stokes his firm has been keeping the
other firms going for years, and Gripping them
selves trying to accommodate them We had" he said,
to push them at last, and the result is failure Our
annual business will probably amount TO $lOOO,O00.
shall go out o! business but only temporarily IL Is
an almost inextrcabic OF obligations one to the
other, and would he willing to 90 through the Bank
ruptcy Court to settle il up."
Mr. Geo. w. Hummell. of Huinmell & Co.. denies that
notes Friday prcclpltatcd
the trouble. He says the cause OF the trouble was tue
modao on paSer: lie fnrthsr saws that T. & C. stokes
partners In bis rm and are therefore liable hrt
went to protest
LEGITIMATE TRADE UNINJURED.
morocco manufacturer who appears to be well in
formed regarding the recent failures in his line OF trade,
says that the downfall OF the firms named Will have
beneficial effect There no trade IN Philadelphia he says,
in sounder condition than the morocco trade and the
hal ia IA rpad
will hurt only those who have failed This gentleman
saws The crash was caused by what he terms a kite
flying combination lone firm drawing INTO the trade
yeral inexperienced without capital, and IL had TO
carry their loads for them They all got mixed up III ac.
comnoda;ion paper In such way TIA. one depended
on another with "A central rest for all OF them.
VIEWS OF OTHER DEALERS.
Marshall Deemer. Of the firm OF John Deener & Sons,
said to a reporter:
This firm taken down by stoIes's, aud not the
cause OF taking them down Our liabilities are CON
sderaby than $50 600 10 other creditors but the
Stokes firm creditors Ia this firm 10 the amount
paper, aud IL this went 10 protest We don't
dispute that them some money, but we claim that
instead o pulling them downhey are doing that for rs
by no taking up paper which they got in
way ~ realizing the BEN III OF in thebus
VIM When we gave them last Of paper they pos
iiyey assured that they had sufficient merchandise
10 aud would be able Ia take the note at
turty. The Whole of this trouble has been Wild
udcious speculaons ia goods, or rather improper
business management They have not acted right all
By the firms reposing confidence In them.
Edward Il Evans. dealer doing business ut ST. John
and Wiow-ss said that the crash due to the
trance into the trade Of without either capital or
reputation to lose. lie said:
The fact Is for years past the manufacturer who had
capital In the business has found that his capt
"a, aS orcm 10 nnne With iin.e %n" "enr
without capital, aud were enabled 10 underseii
~ hnuns .s nycta ac v IN hnsIn sqs
lived from day To day oh trade of 80 per cent less than
able Ia SELL and this selling Of goods below the
htt
the trade down and brought ON all this trou.
stokes. | am involved to an extent prefer not
10 mention the amouut-but greacr part Of their in
dcbtcdncs- hold collateral Tor. 10 know who all
involved No. does else. rnc firm got
modaton paper wherever they could and 10 one can
lust VINO are not involved. Inc only way 10 find
this out Is by the irmgong into bankruptcy.
A CAREER OF WILD SPECULATION.
A prominent morocco dealer said
TIE whole OF this downfall is wild speculation.
During the war the siokcses made plenty of money.
Then firm young aud vigorous. ana success attended
Them at every turn 6ai Hst ate the war they went
very heavily In jate butts. etc, one operation
h aps They We're then u'' probably worth about
| 100000. but the decline In butts involved
hen loss beyond their actual resources, and 1t Is
that ioa they have been carrying ever since II they
had made an assignment al that time, as they should
pay creditors dollar for dollar. At they
had branch house In Calcutta, which proved very
There lis this thing probably S2,OOO,OOO involved,
while the liabilities OF l.. &. Stokes In this city, viii
/
NV York. Boston and Wilmington, and they themselves
| claimed 10 have failed for 100000. Perhaps
| OF their largest creGitors ia the firm Of l.. 4.
| Smith x Brother. Of Ncw-York, who have been
good friends 10 the Stokes Brothers. IL Is undel-
| stood that the latter have, for money advanced,
| mortgagcd To the Smiths enough OF their
property TO cover the full amount Of Indebtedness,
which probably takes all the real estate they are
posssessed Of Ellis Stokes has his private residence
| on the side OF BrOad-st., above Thompson;
Charles Stokes, his Germantown house. and then there's
the Railroad Hotel on sccond,t, which netted pretty
nice during the Centennial All this property or at
least the most Of IT, Is mOrtgaged 10 smith, or at least
involved that IL Will be vi little III the settlement Of
| claims.
On saturday last they had offers from parties New
York CITY To keep them their feet little while
longer but they seemed convinced that II useless TO
holi out longer Several notes went to protest,
| and the Messrs. Stokes declared IL their deter
| ninatiOn to longer to help the firms that
| were bearing upon them for support, and down
went the whole lot right after the other. Why Il.
G. Stokes have started half dozen concerns In business,
consisting principally Of joureymcn, and these are the
fellows that leaned Stokes and had to down. There
meetL Of the NewYork creditors yesterday and
the probabilities that arrangements will shortly be
| made for general meeting.