New-York tribune., 1878-02-18
REYERSEs IN BUSINESS.

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REYERSES IN BUSINESS.
EMBELLISHMENTS OF X. w ADAMS 4 Co.-siIRlNK-
AGE IN REAL ESTATE-EFFECTs OF THE SILVER
AGITATION.
The brief announcement in Saturdays lElB-
UNE OF the reported embarrassments OF X W. Adams %
Co.. lumber dealers is verified Their liabilities to the
trade will not aggregate much II excess OF S1OOOoO
and could be easily arranged they claim If it were not
for heavy losses other quarters. member OF the Im
said TO a TRIBtNE reporter:
"Unless we receive promised assistance within few
days VIC shall be compelled to make an assignment Our
troubles began in May last, when our mills and lum-
ber settlement at Clinton, together with fifty
four cottages, destroyed by fire. Our total
loss beyond insurance nearly 100000 In
January We met with loss OF S10O coo by the failure OF
Peter Herlic and a few days later OF $4,000 by the
failure Of the Taylor Bank, both at Wiliamspor'' rem
We have large sums Of money locked up In real estate
and values have declined so ff3r'Ty, sen' sem for or
many instances the property WI not sen iorod ro
the face Of the mortgages we, .l hae",u ,'rnn "
er;y in Brcokyn and Now-Jersey to the institutions
and individuals holding the mortgages proNlieu ~!
Mould geeSs ss S% nn% Ee M Emd onves S Five Greatly
barrassed. We promised ad from gentleman m ol
300 600 accepting as security the equity OF redenp
ton bonded Yards These are along hne and
second and Thirt-ayes, BROOKLYN. Thcy are 2oO lcet
wide with river front OF 200 feet ana eos, 10 NJ n @
NJ hnt we hope TO secure lis assis early in the
week Failing in that an assignment is a rho on
The sirinkage in values OF real estate ana lhe c
prinous Aong the Brooklyn Boulevard have S100.
600 invested in real estate, which is not worth one dot
lar with the present assessments upon It, Wllam r.
COO. Henry W sage 100000. and William NJ. Evarts
and Others are among the sufferers In many cases me
owners have refused TO pay any further assessments
and have abandoned the property to the cllh'
Our property on Van Brant'si near Hsmii- sad
GOO ON when there is $50 900 mortgage. II forced
on the market now 1t would not realize mucn over owe,
ii 900 The silver agitation has contributed largely 10
bring about our ombarrassments. We deal heavily III
Canadian lumber for export, and we have now III our
Of the effect of the passage the silver BILL and the pos
sibty of all future payments beng made III uelier
ated currency, have prevented saies ana explorations
have almost entirely ceased, causing the ,alue VI
lumber to de Gms at at fPs ods 81 f tdS s few ays
ago that he also had been ruined by Tie same msiOr-
tunes that have overtaken us, and his failure Is only
Sr. Adams claims that the assets OF the firm are
abundant provided they can be converted into cash, To
meet all the liabilities in fuli and leave handsome
surplus aud if promised assistance reaches mem III
Their failure, Mr. Adams says, will not affect other
lumber dealers in the least. The losses ANA ilabiues
generally OF the firm, as far as can be learned al
present, are:
Failure OF Peter IOotW0
Ioul ward prop ''' '''''' 4"og
0ieT real estate 2oOooo
rota, @7e.o0j
Tie assets consist Of real estate mortgages.
counts stock OF lumber on hand ana suils Tor S-VooO
against various insurance COMPANIES.
Nr Adams tar'cd IN tEe lumber business over thirty
years ago ana years afterward was ncd by Charles
T. pcers under The present irmn name lhe business was
extended by degrees until tie firm become one "I Lc
tDrec ar-est lumber cDuccmS IN he United states. III.
Adams lost S300,o0o by Tie Chclg" fire. lie was
member OF the great lumber combination WIich failed
three wears AGO and he then lost fHu OF money,
which, lie rali in lull. When NLc & Co.. OF Albany,
became inso,vrut, Mr. Adam, was on th,ir commercial
uepcr Tor $500 OOc and. notwithstanding the cou {, d
cidcd Thai Ia not legally hOuna jo pay hc made
every dollar good. lie is "A pf0nncn; member - tbe
Methodist Church. and his nchey has always Occh htcy
bestowed Ia church extension enterprises.
OIHFR EMBARRASSED IlEhS.
Tho agents in this city Of S.Erppcr Brothers Of Phia-
Gclpa. state that tcir suspension. which occurred or
Saturday VIII only he ten mpOrary nud "a believed thar
AZ meeting % creditors to be held today settlement
will be Schcpper Brothers very large manu-
iacturcrs worstcd goods. They suspended four years
ago with S9OOO 900 Liabilities ami have since paid NJ all.
except about S~OO0O Their present Indebtedness j.
thought hc about Sl,o0O00O.
The creditors OF william Briackerhof Co., whocsae
dealers in hats, az No. Az Broadway' on Saturday,
accepted pr position 10 pay 30 cents on lAc uOlIal.
The liabilities amount TO SJO,yDl.