The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-17
BUSINESS EMBARRASSM ENTS.

LUMBER DEALERS IN OBSERVATION-DISCLOSURES
sIoNs AND OTHER TROUBLES
The report telegraphed from Atlanta, 10 the effect
that firm Of X. W. Adams L. Co, lumber DEALERS ut
No 1l2 Wall ST.. mad iaiod, caused unusual excite
tho lumber trade. Upon making inquiries at
tho office Of the firm It was stated TINT the rumored
failure was incorrect, and that the nrm had failed
but at the Same time IL was admitted that they
were IN financial difficulties which they hoped
would prove 10 be merely temporary The
accounts being made up 10 ascertain exactly how
tho firm stands, and ut present they arc unable 10
give a statement OF their assets liabilities About
SIX months ago The firm reported 10 have assets
worth about $4,000 and liabilities amounting TO
about $500 OO0 representative OF the Grm said yes
terday that their embarrassment was prcciptated by
the failure OF Peter Herdic .he well known iumDer
operator oil wIlliansport. Pa. urge amount OF his
paper had come back upon the Hrm, estimated at
about $lc0, ooo Included In this amount were
certified checks Tor $4,000 on a williansport
bank, sent by Herdic to take up paper in-
dorsed by him In New York, which tue Hrm
deposited and drew their own cbccK; In the mean
time the Wnlamsp0rt bank Iaied and tho cneck
protested the suspended bank holding Adams Co.
responsible. 4 number Of real estate transfers IN
Brooklyn were recorded within the past two weeks,
but II was stated that this was correction with
old matters. The firm have large utnou nj OF real
estate in Brooklyn which Is valued ut upwards of
5000 900. The yard property on Seabrng street was
conveyed In December last S2S SUO the
upon u amounting 10 $4,000
Mr. Il. W. Adams has been In the lumber business
for thirteen years, and has been iainiarly known
both IN TINS country and CANADA NJ 1.-The KING of tho
lumber trade" AT one time he was wvr. b. 500 900
hv lost $3UOo00 by Tho chicago IRE by the
NV York ting frauds. When tho lun.ber comDina-
ton, oi winch ne vas leading member iailcd three
years ago, lie os very largo amount but exiricated
himself from bis financial troubles anu pad hs cred
tJrs IN uL IL 10 also stated that he paper
OF White CO., oi Albany. Tor 500, 600 when they
Iallcu, and although tho Courts dcc'1ea lie not
legally bound 20 pay. yet considering himself morally
Responsible. lie paid oil that enormous sum. Mr.
ADAMS was stockhodcr IN the Nicholson Pavement
Company and In October last he a. sued 10y Charles
T. JcuKns for the ueb,s OF the company, Mr. jenkins
having bought up The claims against mat concern.
yesterday, and u 10 generally believed that will DO
able TO tide over the present financial emUsrrassmcnts
oil the Tim
rKouBLgs or orHrR yIRxs
A meeting oil the creditors ol William Brinckorhon
Co., wholesale dealers ~ hats ut No. 472 Broadway
on the proposition made Dy the arm for cou,po-
sition. schedules were presented showing the
amount OF claims oi escu OF tue twenty-cight credit
ors anu aggregate Liabilities uno ing $50 SOL %.
Inc offer o The hrn was submitted. tue terms being
thirty i've cents on The dollar, twenty i've cents
ana i've cents each Ia notes al nipe and wclve
months There was no opposition OH the part OF tho
creditors and the onsr was unanimously accepted.
Tho nrm VI Kislsy x Burris, manufacturers OF car
street. have become embarrassed ana bsvo submitted
Their AFFAIRS to meeting oi tner creditors. Tusir
Liabilities amount 10 500, and their real assets
taken ut low figure, ar. placed ut Sl2, VO0 me
creditors recommended the a RIM TO make assign
mcnt The Irm - composed VI u. Il. IL lsley, n. II.
Burris anu h. X. Tucker, wus established III Nay,
1876, and manufactured the kingston" road wagon
as a specially
The New York Hardware Board oil Trade, OF No. 4
Warren street, have received nouce OF the suspcD-
SION oil Chase sprnguc. hardware dealers. AZ West
Mcriuen, Conn.,. who propose comp rom,se bank
ruptcy. The Board has decided to send It's agent 10
investigate The affairs OF tne arm, rs there 10 constd
cradle indebtedness ~ this city.
George Webster Peek, dealer In hardware, ~ No.
lilo Cham bcrs street, made 40 assig nment ysstsrsay
for tho benent OF his creditors " DaIzo L. Harss.
His Liabilities are about 5000.