The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-02


expected to be- the heaviest many years tho OK.
perence OF the past three months shows that there
were an extraordinarily large number Of failure s.
Firms tha, had been shaky for long time, nnding
their antclpations OF prosperous season not rea-
ized, and seeing no hope OF redeeming their misor-
tunes, have gone under, and others which had been
regarded as strong and commanding good credit have
fallen suddenly 10 the great surprise OF their cred
tors ana the business community The agitation for
the repeal OF the Bankrupt law had much 10 DO with
Increasing the lumber OF failures, as many trims and
persons FASTENED 10 take advantage oil It's provisions
before II could be repealed.
During the year just ended there were si7 failures
reported in this CITY, in which the aggregate liabilities
to the OF s5i, ds7, COO and the
total assets $50 $40, 500 giving average indebted
ness of S6l,024 The large amount OF liabilities Is
sweiied by tho failure OF banks trust companies und
insurance companies. Five savings banks and one
trust company have failed during the year-the
Cairmont, Clinton, German, OF Morrsania; Oriental
and Yorkvlle, and the Nariona! Trust Company.
Nine insurance companies have passed INTO the hands
of receIvers--the American Popular Lie, Guardian
Mutual Lie, North America Lite. New York State
Lie, Reserve Mutual Lie, Widows ana Orphans
Life, World Mutual Lire Brewers and Masters Fire
ana the Metropolitan Fire.
Tho bankers and stock brokers have suffered the
most as regards total liabilities, there being
thrty-ive failures, with Liabilities amounting
10 s6,o6oooo and assets S2,5o5, ooo Among
the failures were those OF Kennedy Co.,
Eugene n. Robinson Co., Rufus Hatch. George I.
Plume; Grecnebaum Bros Co., Meter & Co., John
Bonuer Co., and the Bankers anG Brokers' Assoca-
ton
MANUFACTURING AND TRADE.
Manufacturing interests have been greatly de-
pressed during the year. and iorty-four failures
m n IN lei m mt ing
to 81 500 900 and the S73sO00 Thirty deal
wines and liquors failed, one-thlrd oil tho tall
being manly due to the enforcement OF the Ex-
else law. Their liabilities amounted to $685.. 900 and
assets 10 $265, 900. Among dealers in fancy goods
and notions there have been many failures, twenty
nine reported having liabilities OF $1.0l9, 900 and
assets $372, 000 Tho clothing trade has suffered
much, the unusual climate OF the year having
prominent cause. There were twenty failures,
with liabilities aggregating ST. Ole 900 and only
$443 900; this includes manufacturers aud dealers.
Among the failures were those OF Footo g. Richard.
son, Freeman & Woodruff Charles Dahlmann & Co.,
Simons & Brother, Adolph Stelnberg, and George E.
Shortridge Co.
Tho dry gooos line comes next In point of numbers.
Vwenty-six failures were announced, with liabilities
amounting TO S2,295, 900 and assets ST. O37 OoO Tho
prominent firms tnat failed were George II. Wolf L.
Co., Rothschild Hyman, Emery, Ivey s. Lee, Adr-
ance, Robbins L. Co., Snlomcn, Strauss Co., James
Leahy and j. II. Anderson. Dealers in produce and
groceries appear to have seen hard tmes for, during
the year, twentythree failures reported in each
trade The liabilities OF the grocers amounted 10
ST. 900 aud assets $685., O00 In the produce trade
the gross liabilities were s639000 and assets $51, 0O0
In the trade there twenty failures. including
those of Benedict & Co., Kingsbury, Abbott L. Hulott
Boyden, Maoy L. Co., Baldwin & Flagg, Hall 4 Ken
n W T,ar autT ohu Tbao
liabilities amounted 10 $66l 900 and the assets to
$3l7, 900.
VARIOUS BRANCHES.
Twenty failures reported among The butchers
several OF the largest firms the business having sus
pended. Among tho number were Lehman, Samuclls
4 Brother George Strause p. Mcintyre & Co.
Charles kaufman and Yaecr Il Bauer. Nearly
all tie failures in this business occurred during
The last four months vi the yenr The total liabilities
were SOFA 900 ana assets $500, 000 Tho low prices
and extreme competition Ia the gentiemen's furnish
ing goods had its elect causing the aiiure OF
eighteen firms with Liabilities am bunting 10 1851, 900
and assets to $lS7.00O There reported seven
teen failures OF bro GERS, agen Is and commission
inc assets SS9s, 600 The same number OF ialla.cs
occurred among the dealers IN flowers, feathers aud
millinery goods, the liabilities ageregaiing S502 600
and the $l92 QUO. Among the suspended iirms
were NJ. j. Steinbersers sons, Bamberg, Hill Co..
Michel Brothers aud Ira Beard Sixteen shoe dealers
and manufacturers suspended during the year, with
liabilities amounting TO $222, COO and assets $50 600
OF the dealers IN tobacco and cigars fourteen failed
owing $685. and havl ne assets amounting only to
~Tbsre wore seven failures in tho woolIcn coods
,rads Tho nr,nc,poI ones being those of Thomns q
T r"O'' R,nrmgarI 4 10 n HIlver & Ca md i,ssa
T,,n 10 the total Iinbilitics amoun,ad -
e. *, soo md the assets TO S6os 600 Eleven laval
20 anronnced their failure with liabilities IN the
o,n, oI s365 900 and assets of s1O5 O00 Mercbant
ahoans 49, y. "a ,nrcn a acnltv in con ,;n ,hs
ta,, ID dnrng Tho voar twoIve .Sara 800
o,s, ~ ,o, n,v,ng SI0I 0O0 ana b.v,n, -
Ala 600 assets Thirteen hotel aud restaurant
ceonors rays up business in disgust owing s42 600
anS having assets valued at slO2 600 In the iron and
mota trade there were twelve failures with gross
odness amounting 70 81 l64 o01 and asso,s
eun,,n n sui 900 In tho 10 m nrr bu s,nosa Gro
c,,,,ro, thu l,.h,t;,,a, .,,rau..s-~ :