The New York herald., 1878-03-02
BUSINESS TROUBLES.

SUSPENSION OF PROMINENT WHOLESALE GRO
cERs-oTHEn PROCEEDINGS IN BANK
RUPTcY.
Jay l.. Adams Il Co., wholesale grocers at No. 81
Water street. suspended payment yesterday on so-
count oi the failure OF the New Orleans house oil John
!. Adams Co, Mr.. Jay L. Adams being the capitalist
OF both concerns Tho news OF the failure created
great surprise In the trade, tho lrms had
unlimited credit and were estimated to be worth
$4,000 The individual members OF the hrms were
held in high estimation and were considered shrewd
Gnancers. The two houses constituted sort OF gen.
eral partnership, in which the purchases were mainly
In New York and the sales in New Orleans.
Oihcial Information Of the failure OF the New
Orleans house did not reach Mr.. Jay l..
Adams until yesterday, when he received despatch
TO that effect That failure was caused by the sus-
pension OF Acus, scnsrck Autey cotton factors OF
New Orleans. Mr. Jay l.. Adams II Is SAID, had over
$500 900 employed in both branches The New Orleans
house did business OF upward OF 0OO 900 per
num- and carried stock OF over 100000 OF late
years the New Orleans branch has not been profitable
and had considerable paper anoaI The firm formerly
made large advances to sugar planters, which was
commonly the custom, and they had large amount
OF money tied IN this way but the New York house
being strong thoy able bear the In
fall aud winter ol 1872 those engaged sugar ad-
u,
many failed. The firm pulled through, which was
considered very good evidence OF thoir stability.
although they lost great deal OF money. Since then
they ceased TO mako advances except where advisa-
bic and 10 save former ventures. and they gradually
realized on them. The lrm OF John l. Adams l. Co.
commenced business IN New Orleans IN 1s47, ana now
CONSISTS Of John l. Adams, T.. Y. Adams and W. Ii.
Renaud Mr. George W. West was q partner ior
twelve years, but retired in 1872
CONDITION FIRM
L. IA "A col IA uf part
OF the New Orleans house. and was always considered
the lnancier ol both concerns. lie has large per-
sonal estate, valued at upward oil 500. 000 Ho
the property al No. 46 Murray street IN tnls city,
which ne bought IN 1852 for 81. ooo residence at
500 600, besides property Hudson Guy. Besides
me grocery business he is also engaged in the nanu-
acturo ol bagging ut Brooklyn lie formerly owned
a wooen mill at Newark, which was thrown upou his
hands and he turned this INTO bag factory; he
Company Ior SAG 900, aud tho machinery To Samuel
Furnval ior s2S 900. taking mortgage pay
menI. He has snce furnished the capital for Furni-
val TO continue The business which Was removed 10
Brooklyn, and II Is said tue prohs during the
past i've years havo amounted TO $4,000. All his
real estate Is unencumbered and ia good shape
The amount oil inc Liabilities oI the New York
house Will probably oe about $3.50 000, while the
debtedness tho New Orleans branch i'll am ouut to
three times that The assets are large but ne
estimate OF their value could bs obtained pr, senI.
Al the olce yesterday the pookkeepers were making
up the baiance OF tho two firms and
upt that IS completed the exact state OF Affairs VIII
not be KNOWN
been forced upon tnem suddenly Unexpectedly
that II would % impossible 70 say At present
hrm stood Tho hrm hCrc mad been peeled to suo-
cumb on account vi tue failure al the New Orleans
house, aud the suspension oi Tie latter had been
prec pitaled by the failure oi Alcus, Scherck u
Antey, exclusive cottOn factors Of New Orleans lie
had not made any assignment and did contcm-
plate doing so, as The lew creditors city
all lavoraOly disposed. Al present he coua tell
definitely the AM cunt OF the liabilities but he thought
that the entire Indebtedness oi both concerns Would
not mucn exceed $lvOOOO oi which aboui $3.50 QUO
was on account Of tho New YORK house He could
not g,ve any estimate OF tue their value
wituin $500, 600 OF their probable anouat He had
personal properly worth about S75 600, all tree from
enoumbrances. He SAID taey weGo busy making up
the accounts oil the nrm, and until the work m
ishcd NO complete statement could be furnished.
In the County Clerks Office there hled Ine
signmcnt OF Eugeais rilnan to Frederick u. Ander-
In tho Office OF the Clerk OF the Court OF Common
Pleas there was hed The schedule u debLS
0I Oscar Hoyt Mr.. h0yt Dcen furniture dealer
W No. 42S ihrd avenue, aud has made assignment
to John ID. Mcneil for tho benedi o. his cred HIS
debts he stAtes Al $2o 6lS S. his assets NJ
Sl0,359 81 aud hH real assets ~ $4,000.