The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-08
BUSINESS TROUBLES.

An OLD FIRM ENGAGED IN THE CHINA TRADE
MAKES AN ASSIGNMENT WITH PREFERENCES
William W. Parkin George w Talbot, Hobart sey-
mour Gcary, Talbot Olyphant Tobias PIN, of Bel
fast. and John +. Seaman of Newburg. COM
posing the firm of ELEPHANT Il Co., of New York
and China commission merchants made assign
ment with preferences, yesterday, to Henry NJ.
Olmstead. The house is one of the oldest in the
China trade having been in existence over half cen
fury, and it has always enjoyed excellent credit.
Their business was very extensive, embracing
besides China, Australia. New Zealand and Peru.
They imported commission mainly teas silks and
frecrackers and were large exporters of American
goods consignment but did very little in the lat
ter line on their account. They Were the agents
in the United States of the government of Peru for
the sale Of nirates and used large capital in adj
and freight payments which caused some ac-
ccptances of theirs to come on the rect Formerly
they strong banking firm i'll the China trade,
issuing circular credits for the use OF travellers The
main house is in China, the New York Office being at
the of Wall and Front streets. Messrs. PIN
and Seaman. of the firm now in China. Mr. Parkin,
the senior partner has been in the house thirty years.
Their failure is attributed to the general depression
in trade aud the desire the part OF the firm to
iquidate and close up the business which has not
been profitable for number of years Their labili-
ties are not known but the lowest estimate is
S25OcoO At the Office. it stated yesterday that
the assignment was very sudden, and it would re-
quire considerable time To adjust differences and a.
Drcxel, Morgan Co. and the government Of Peru are
the first preferred creditors but the amounts OF their
indebtedness will not bc known until the accounts
adjusted The total preferences are sll3 $50 and
include the Observation-Disclosures? notes held by
Forbes Forbes Co.. 80; promss"ry notes, dis.
notes, discounted by the Second National Bank OF
Cleveland, $40 900; promssory notes Endorsed by the
National Bank OF the Republic $3.50 promissory
notes. Endorsed by d. L. Suydam. $4,000, and nine
drafts of II. Atkinson OF Lima, Peru for S43.sa0
ceped by the Arm II is stated that these drafts have
be- DrOVideQ themselves.
Mr.. William w. Parkn OF the firm, also made an
individual assignment to Henry Rogers.
OTHER ASSIGNMENTS.
Hunt & Duscnbury. hatters. made an assignment
yesterday to Gilbert Canning This is Of the
Oldest stands down town and was established forty
years ago by Leary 4 Co.. who succeeded by
the present firm, brought up in the business with
them The immediate Of the failure is said to
have been the threatened attachment by creditor
who had claim for about $500 The firm has been
struggling for several years and were under heavy
expenses. The liabilities WILL it il thought amount
$4,000 and the value Of the assets is not known
Frank W. Felch Co.. dealers in wooden and will
low ware made an assignment yesterday to Luther
A. Cummings, giving preferences to six creditors in
Guiding the rm Of looping lsle wh nr they
Bank Their liabilities are reported to be about
$4,000
solomon Bloomfield. dealer in boots and shoes.
made an assignment yesterday to Mayer Katzenberg,
preferences being given to three creditors for
S6l62 "A.
The following assignments also flea in the
County Clerks Office: Charles r. Barto. Alexander
Wright, Jr.. and John Barbanson comprising the firm
of Barto Wright Il Co., to Frederick d. Barto, with
preferences amounting to nearly $1,000.
John s. Davenport, stove dealer. Of lNo. 655 Full
ton street. Brooklyn has made general assignment
for the benefit OF his creditors to Daniel H. Way.
William A. Fowler was yesterday appointed by
Judge Gilbert of the Supreme Court Of Kings County
receiver Of the Accomac Lumber Company. Mr..
Fowler was formerly member Of the Brooklyn Board
Of City Works.