The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-03-21
JOHN SHERMAN'S WORK.
BUSINESS DISTRESS.
THE TIDE OF FINANCIAL RUIN EUE-
MING HIGH.
ONE DAYS RECORD.
OLD FIRMS FALLING IN NEW YORK.

From the N. Y. Herald March 8.
The leading subject of discussion
on Wall street yesterday was the
winding up of the affairs OF Messrs.
Greenleaf, Norris & Co. by the re-.
ceiyer, Mr.. Selah Chamberlain, of
Cleveland, whose appointment by
Judge Robinson on Saturday last was
duly recorded in the Herald OF Sun
day. There was manifest lndlsposl-
ton on the part Of almost every per-
son interested to talk freely in regard
to the matter, but it was stated that
the firm was crippled in the panic OF
1873 and that since that time, though
it has done q paying business, 1t has
never recovered a perfectly solvent
position.
At the death of Mr.. Norris, on the
18th ult.. it became apparent that
some arrangement would have to be
made for the fOrbearance OF creditors
if the business was to continue.
While negotiating for such an ar
rangement Mr.. Augustus w. Green
leaf was himself taken i'll, and his
death within two weeks of the time
Of his partners death preclpltated a
calamity which he might possibly
have averted if he had lived. What
proportion the assets will be found to
bear to the liabilities cannot yet be
told; but it is thought that a hand
some dividend can be paid by care
full administration OF affairs.
THE OFFICE.
On the doors of the Office of the
firm at No. GO Exchange place were
yesterday pasted two sheets of paper,
on one of which was the formal an
nouncement of the closing OF the
office on account of the death of the
two partners, and on the other were
the words 'sSelah Chamberlain, Re-
ceiver.'' Inside were the receiver
and a knot of brokers discussing the
affairs of the firm earnestly, but
quietly.
THE RECEIVERS CLAIM.
Mr.. Chamberlain was evidently
engrOssed with the manifold cares OF
his new position, but paused long
enough to listen to a series OF QueS.
tons which the reporter had to ask.
These were in relation to his trans
actions with the firm, the amount and
the nature OF their Indebtedness to
him, and the reason for his selection
as receiver. To all these questions.
however, he made only one answer.
which was to refer to his counsel, MIR.
+. N. Bangs AS to the balance
sheet which he is employed in making
up, Mr.. Chamberlain said that he
would have it ready in two or three
days. He said that the report which
alleged that he had 5000 shares OF
stock deposited with the firm was
wrong They had held some stock OF
his, but no such amount as that.
According to the complaint i'll the
suit brought by Mr.. Chamberlain the
stocks of different kinds which he had
in the keeping of the firm aggregated
in oar value over $500, 900, and on
these he had received advances OF
$l92, 900. Mr.. Bangs said, in relation
to this, that the market value of the
stocks was about $4,000 more than
the advances. Mr.. Bangs said that
after the death of Mr.. Norris Mr.. \.
w. Greenleaf found that unless Mr..
Chamberlain would agree to deal
leniently with the firm it would be
useless to attempt to continue in buSi-
friend, and Mr.. Greenleaf sent to him
to come to New York to discuss the
matter Hs told him that he had it
in his power to smash the firm. He
frankly avowed that the firm was in.
solvent. but claimed that it was doing
a business that would in time clear
away the old debts. AS to the origin
of these debts Mr.. Bangs professed
ignorance.
Mr.. Chamberlain came on ut
once" said Mr.. Bangs, land began
looking into the affairs of the firm,
but Mr.. Greenleaf was taken in short
" after with Il brain fever. produced
by his worry and anxiety, and was
unable to attend to his business dur
ing his illness, so that at his death
the whole responsibility devolved
upon his son. who was unable to as
sumo it. 1t was one of those cases
where business goes on well enough
rs long as the parties live, but when
they die the closet door flies open and
the keystone comes in sight. There
is, however. no foundation for the
story that the practices of the firm
were irregular or dishonorable. They
were nothing that was not sanctioned
by usage"
SUSPENSION OF THE OLD FIRM OF
JEWELL, HARRISON & co.
The suspension of the old and well
known firm of Jewell. Harrison 4
Co.. dealers in provisions and cotton
Mt Nos. -3 Water. 0S New Church and
60 Greenwich street. was announced
yesterday. The notice of their failure
to meet their obligations was given
early in the day to the Produce and
Cotton exchanges and was received
with genuine surprise. The house is
one of the oldest and Vest known in
She trade. the members-Abram $.
.,Jewell. stephen F. Harrison and
Cornelius d. Van Wagemen-having
been in partnership continuously for
ThnV EQTp. very