The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-23
LEATHER TRADE FAILURES.
TIE ram OF GEORGE ". HrMNEL &
co. or PHTLfDELPHTA.
Ten Houses that Boistered Each Other Going
Down with Crnsh-Faiiures In Newark,
~. Iouis, Monticello, Ill.,, md Chicago.

Ten Wous~s . that Boistered Each Other Going
Down with Crash Failures In Newark,
~. 1souis, Monticello, ILL.,, md Chicago.
Some excitement followed the announce
ment in the swamp" yesterday that ten
houses in Philadelphia and Wilmington had
suspended. The total liabilities reach nearly
tl5O0000 +. c. Stokes failed for $500. 900.
and ns they carried paper for the other nine
houses the failures OF the latter were natural
results. The smaller failures wcro as follows:
John q. Baker Manufacturing Company Of
Wilmington 100000: George W. Hummcll,
Philadelphia. 100000 William r. Stewart 4
Co.. Philadelphia. t1200O0; Edward Evans h
Co.. Philadelphia. $4,000; John Deems X Son,
Philadelphia. 100000: Hammond h Dwycr
Philadelphia. 100000 G. Bocius. Philadelphia
100000; Harvey Lynch Co.. Philadelphia
$4,000; Stewart. Allen 4 Co.. Philadelphia.
$4,000.
The carrying OF paper by E. 4 c. Stokes for
the smaller houses has been continued several
years. and the cause of the financial disaster is
too much shaving OF paper Although these
failures are very unfortunate for the persons
Immediately concerned. they will not perma-
nenty affect the leather trade.
New York leather dealer said yesterday:
The persons who have been compelled to sus-
pend business were mainly engaged in the
morocco and goatskin trade. II they cannot
make arrangements with their creditors 80 as
to resume business. the natural result will be
that there will be more trade for those dealers
who have been able to keep along. OF course.
these failures will create temporary excite
mcnt: but the failures operate like pulling the
weeds out OF a garden For n few days cx-
pect to see some hesitancy among the large
firms about letting smaller firms have goods.
and credit will not be overdonc so much as has
heretofore been the case. | do not think that
more than two or three Of the suspended firms
| will be able TO get upon their feet again"
Another dealer said: "E X c. Stokes boil
stored the other nine houses. and the nine
bols;ered T. h c. Stokes. 1t was shave. shave.
each for the others. until the paper got so
thin that it could not he shaved any more.
+. 4 c. Stokes furnished the others with skins
and received accommodation papcr from each
| house 10 the amounts for which thoy have
| failed. The failures constitute a species Of
| double action financial disaster. This makes
the figures large | i. G. Stokes could be-
square with the other unurky houses they
would not have over from $50 900 to 5000 lia-
| hilttics. All concerned were trying to do largo
hhusin,ss with2ui a ;rrat nn49n' oi mnhny:
| in Now York that is in danger OF being obliged
10 go into liquidation. Tho trade in New YORK
| ever that should ~. :i1Uhr among IN. Nrw
| England shOcnakcrs continue long enough
Vlc sloplaSe ot manufacturing there may de-
| prcss the leather market here
PHrLApELPHfA. Jan 22-Thirl street this
morning was agitaicd over tho troubles affect
| paI house in trouble is T. 4 stokes. Importers
of hides and skins The firm attributes ihs
| cause 81 their trouble to the fail OF George W
Hummel n Co.. who wore unable to meet even
the interest Of their obligations. and who relied
IN Z. \ {, si99kef t. mecl / for them. This
| q over s2O0.,Do. 1hs following houses are
also as, rep2rted insoiyeni' Jno. Dssemer Sons.
mond 4 Dwiccr. 10000: Sdryey, Lynch 4 Co..
| tlG.uuOi Stewart Allen $4,000: Edward Evans
Spafss1g1s fssy% c@nSnS B%Sn- 2E2i 81 g. Bnser sl
6Ob T. 4 e. 5; ,k,s nre crol,ors 4 = asont
thrro-ionrh- oir All the Liabilities ot the ahove
named firms. They decline 20 state the ,tnl
gni. .unt of their own. liabilities. bnt claim to
amount ot from t7UJ. 900 To- sSnD.0OO
Ellis Stokes says that his firm has been keep
ing the Other firms going for years and were
them. "Wc had" he said, TO push them at
last. and the result is failure. Our annual bust
mss VIII probably amount to il.OOO.O0O We
shall 80 ont oi business. hut only temporarily.
one To- the other and would bc willing t. GO
through the Bnnkruptey Court to settle it M"
Mr. George W. Hummell Of Hummell 4 Co.
denied that ihcir failure 10 pay their notes on
the cause of the trouble was the failure Of T.. \
G. Stokes To- take up their notes as acrommo-
daiion paper. He added tina; l.. &. stokes
Were pnriner- in hi- firm. and are Therefore
llable, first as makers and then endorsers OF
| inc paper Mllcl went 10 protest.
NEwAEK. Jan 22-Samuc Dunn shcepskin
dealer. has failed He offers To- pay his credit
ors liliy cents Oh the dollar. Thc amount Of his
liabilities Is unknown william y. Randall.
dcalcr in house furnishing goods. failed to-day.
His failure was caused by endorsing for the
bankrupt firm Of T. G. Smith 4 CO.. and the
failure NJ th" titi2ens' Insurance Company and
embarrassment of other institutions in which
he WAS interested. His liabilities and assets arr.
unknown. An ass anment Of his property has
lust been made.
PHLADELriuA Jan. 22.-H. Schenck ( Son.
wcll-known patent medicine manuia, turrrs.
have suspended: liabilities not known. The
causr of the suspo nsion II said to have been the
recent susucnsion Of the New York drug firm
Of John f. Henry. Curran Co
ST. LOUIS. Jan. 22-J. J, Jones. n wealthy
farmer and stock rHiScr Of Western Mlssouri.
has nude an assignment. HIS Indebtedness is
S5n,uuu; assets less than one-thrd OF that
! amount.
Plat Hubbell K Co.. the largest mercantile
nrm uf Monticello. H.. have failed Their liza
! biliiics are sSi.Oln; assets not known.
CHICAGO. Jan. ~ Page X Spraeue. wholesale
dealers in painis. oils. and glass fled "A Vplun-
tIry petition in bankruptcy yesterday after
noon. The secured debts amount t. about II 0j e
600. of the securities, slu5 .OlW are considered
worthless. Tho unsecured debts foot uu about
.jD.u0p, The Liability Of tho firm ou bills dis
counted H. slG.ju0. The assets sist of inter-
rst- onland. s2O.Olu apcrsOnal property. stock in
trade. Il =, about t5OOOo.
Bliss Moore < Co.. wholesale grocerS Of this
| city, flied II voluntary petition ia bankruptcy y at
| u late hour Yesterday afternoon.