The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-12-31
Another comn,erOiaI Misfortune.

Another Commercial Misfortune.
This morning it was rumored that the
extensive notion house Of Field Bros. had
made an assignment The announcement
was hardly credited at first, but investiga
ton proved that there was at least foun-
dation for the statement, and that the
house was in financial trouble. Desiring to
place the matter before the public as near
ly correct as possible, the members Of the
6rm were interviewed and the following
facts elected. The trouble is on account of
the shrinkage in values and the difficulty
of making collections, and dates back to the
winter of 1875-lS76. which was a muddy
one. making it impossible to sell goods, in
the small towns, by team. The firm had
bought heavily in anticipation OF good
sales, but on account of the roads their
teams were idle most of the time, or at
best were unable to visit only part Of
their customers. In the summer of 1876
there was heavy shrinkage in all kinds OF
goods, especially in woolens. and to meet
their paper the firm was obliged
to use accommodation paper. In lS77-7S
the roads we're very bad and again the
firm were compelled to carry. an immense
stock over, which shrunk in value, finally
Inecessitating mortgage OF $4,000 to
Mitchell & Lynde, as security for accom-
modations necessary to meet paper
promptly. This mortgage was not recorded
until $3.50 O'Clock. yesterday Judge Lynde
evidently not wishing TO injure the firm s
credit abroad. Following the constant
shrinkage in value of all classes of goods
was the depression 10 trades that the firm
which has practically been carrying a heavy
stock, and unable to realize upon it, were
} forced to mortgage their property to make
? their payments promptly. Last nigh
. Judgement was confessed in favor 0
Mitchell & Lynde, the First National Banl
J and Alvin Hull, 10 all $4,000, and thi
0 morning Sheriff Perkins levied on thu
Q stock and took possession, ant
J, at this writing still holds tn
key. The liabilities of the firm
I are widely scattered, it being necessary
: in order to carry full line of goods t
8 purchase at different points, and, strang
:. as it may seem, the firm do not owe an
one creditor. for stock, over $1,000. TIL
!. assets of the firm consists of;
II ckooI- --olr,oJ h., :rro;nn oooL
% hgureS about. $5O, w
Real estate, cash price. ........... 1900
= Book account. mostly good. ....., 23,OC
e Total. ..................$ $685. 90
n The liabilities will reach about $4,000
$. to s84, 900, though just what amount, it
to impossible to state. The firm has bee
regarded as one of the strongest in Roc
" Island, is composed of upright, houorab
of business men, and there are none but W
ne wish them safe issue out of their prese
I'd difficulty. They have worked hard, d
ill all, or nearly all their own Office work, al
are just such men who are credit cor
to mercially to ans community. 1t
err impossible to say at the pre-
er ent writing what will be don
be but this much is certain, or W
a at 4 o'clock to-day, that no assignme
VS. has yet been made, but what to-morrt
m may bring forth is not known aud Deepen
ut. largely on negotiations now pending. 7
lot firm will probably be able to get an exte
he sion or failing, may be compelled to ma
in an assignment for the benefit of all ere
he itors alike. The ARGUS records II
yet matter. with sincere regret. not only
3 a cause the firm has always been good Oh
BILE and Individually good men, but because
the disastrous effect on the commerc
lat credit of the city. 1t is sincerely to
nit hoped that they my be able to efec
To- settlement which will enable them
be continue.