The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-23
ONE SIDE or THE STORY.

ONE SIDE or THE STORY.
Mr.. stokes declares that these houses, which are
ufaclurers, nave been or less dependent on
bis firm Tor long time Stokes Il Co. supplying Them
with the raw ma,erIaL 'In return We accepted their
since 1873 and renewing them Tor sccommoda-
iioa sake. The failure all around was caused
by HummelPs inabiilty TO meet our demanda Their
paper went 10 protest on Friday last, and was io.
lowed at once By Baker and stewart Humme has
been engaged in building operations at a loss, and
this diversion OF his money from his business mas
caused their aiiure II is said. ''We have been keep
ing these Trims going Tor years., Er. Stokes con.
tinusd land found at last that We GRIPPING our
selves Notes Tor 500, 600 mako too much OF bur-
don any hrm to carry over from year 10 year. We
had 10 push lnom at last, and they Jailed and we have
tons from ole to the other and We may have " SO
through the bankruptcy court TO settle 1t up"
THE OTHER SIDE
Mr. Hummelps STATE msut does not agree with that
OF Mr. stokes. He declares that The failure caused
by The Messrs Stokes negectng to take their notes
as accommodation paper. he asserts mat T. T.
Stokes partners with Hummell l. Co., and
therefore liable urst tho makers and then the
indorsers OF the paper that went to protest.
Another Instance OF the contradictory stories given
out Is the assertion Il Mr. Dccmer OF Deemcr's sons
who says -..Our liaoiliLics are considerably moro
than $50 600 TO other creditors, but the Stokes
are creditors To US to the amount OF $50. 900
way or accommodation paper. They could not pay
u. and this we went TO protest They pulled us
down We did not pull them down."
The firm OF Stewart a. Co. also deny an Indebtedness
They cay that when affairs are adjusted between the
houses this will be seen. rhey also declare that
the difficulties were caused by the Acssrs. stokes a
to meet their paper, Oh which tho smaller hruis
depended
WHAT OUTSIDERS SAY.
''rhc whole OF this Is wild speculation" said
. morocco dealer, who Just escaped "fhe Nessrs
stokes made lois o money during the war, but alter
had many losses, ana they went inio specula-
The like, to recover themselves. They borrowed
from the until all hanJs became
30 involved that one house was bolstcring another
up, and, OF course, when those people went to the
Messrs Stokes for return assistance it mad ortn
coming There is IN tnis thing probably s., 00O. QUO
Involved, whio the lablites oil n. q. stokes IN
Tins CITY will reach $500, 600 They also have very
heavy creditors in New YORK, Boston aud Whining
ton. They themselves claim have Jailed tor
100000 Perhaps one OF their largest crodnors is
the hrm of 4. A. Smith Brother, OF New YORK, who
have been gooa friends 10 tho stokes Brothers. It's
understood that the Stokes have, tor money ad-
vanccd, morlgaged to the Smiths enough OF their
properly TO cover the full amount oil their indebted-
ness which probably takes all tho real estate they
are possessed Oh"
Another business man said:-''E. 4 c. Stokes on
Saturday last had ners from parties New York
city 10 keep them on their feet tte while longer.
but they eit convinced that IL was useless hold
Several notes vent 10 protest, ana the Messrs.
Stokes declared II their determination TO longer
help the trns that wcro bearing upon tnem for sup
port and down went the whole io. rig ut after
The other. Why, L. x q. Stokes have stared a hail
oozcn concerns IN BUSINESS, consisting Principally oil
Journey men, anu these are the fellows That leaned
stokes aud nad 10 80 down There was meeting Of
the New York creditors yesterday, and the proDab-
tiles are that arrangements Will shortly DC made Tor
general meeting
prominent morocco dealer alQ.-"Ine TACT Is Tor
years past The manufacturer who had pltal
IN The business has found that his capital has been
gradually disappearing, IN consequence OF beng
forced TO compete Win tnose VINO operated without
capital, and were enabled to unacrsel by handling he
money received from these sales. he Messrs stokes
started several such IN business, VINO ved IRON day
day on trude OF nifty per cent less Than were
able SELL ana this selling VI goods below market
prce oy really irresponsible men has run the trade
down aud brought all this trouble. ln the matte
OF accom- Odatiou paper TO Stokes, am involved To
extent-I prefer not 10 mention the amount-but a
greater part oil their Indebtedness hold coIlaters
security Ior. DO Know all who arc involved No,
nor does any csc he nrm got Accommodate OH
paper whenever they could, anu no one can say Just
who not involved. The only way to find this out
10 by the firm going into bankruptcy.h