Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-08-08
IS. NJ. BISHOP a. 60.
The Firm Suspends Payments s
AID Calls a Meeting Of Credit
probabilities S36O,OOO, As.
sefs Not Stated.

Cincinnati Enquirer, 4th.
RumOrs on Change yesterday said
that the firm of r. NJ. Bishop 4 Co, of
which Gov. Bishop is the head, had
suspended. This was a genuine sur
prise, and the rumOr flew rapidly in
every direction, and although few
could believe that it as well founded,
it soon became the general subject of
conversation.
The Enquirer reporter called upon
Gov. BisnOp at the great grocery
house yesterday afternoon, to obtain
the facts in the case. He found that
gentleman in his private Office strug-
Cling with papers and accounts and
bills and general unhappiness. at is
true" said the Governor, as he put out
his hand SIT is true. The house OF
R. NJ. Bishop & Co. has suspended.
We have been in business here for
more than thirty years and have new.
er suffered protest, but We could hold
out no longer. [ only hope that none
of my creditors will suffer AS l am suf-
fering now" and the old mans eyes
filled with tears, and he sat silent for a
moment as he contemplated the ruin
w hC W as IL 10 q
sad blow to ME, but l am willing to
do anything to make good our Obliga-
tiOns. l will give up everything ex-
lcept my reputation and honor"
After few moments OF general con-
versation, in which the Governor col
lected again bis thoughts, he gave the
reporter substantially the following
statement;
"Our firm has been in business in the
city Of Cincinnati over thirty years,
commencing with but little, if any
capital, and through industry and at
tentiOn to business, we built up one o.
the largest wholesale grocery business.
es in the-city. Our sales for several
years amounted to over three million
dollars per annum. During all this pc
riOd of thirty years we have never fail
ed 10 meet our obligations, and We
have never suffered single protest
Our misfortunes are attributable solely
to shrinkage in real estate and mer
Ichandise, and failures of customers K
meet their engagements With Us.
can give you An idea of how shrinkagt
in real estate has affected US. Severa
years ago, when tiIlses were flush anC
money plenty, l purchased the grounC
and built this block of buildings at ,
cost of $3.50, coo in cash, and we rented
the stores before finished Tor SIS, 600 pc
Iannum-the corner store, now occupied
by Messrs. Ackerland & Beiler at Sl5,
900 a year; NOW 1t is rented for S55OU
Now the property, if forced sal
were to be made, would not brinl
$1,000 Again, my residence prop
lerty, which [ could Gnee have sold 70
$40, 600, would not bring over half tn
amount. Again, the residence OF w
r. Bishop, on Dayton street, for whicl
he paid $40, 600, when money wa
plenty and business paying, was solt
for about one-hafi the cost. These yer.
heavy losses could not possibly hav
been anticipated, and, OF course, seri
lOuSly affected H.; but we were still con
!. fident of being able to pull throug b
and would unquestionably have don
50 had not so many heavy failures u
customers occurred whom we and 9th
ers considered financially sound be
lyord doubt, which lesSrned our re
sources and brought US 10 stand still
Our liabilities are about $3.50, 900. l 1an
now having prepared u complete state
assets are claims which we may q
may not be able to collect. Can nGt
therefore, at the present state what ou
actual assets will be, but they will g
very far toward paying our Liabilities
If this can be done | am satisfied, fo
the present is certainly the must try
ing moment Of my life. My suffering
is certainly greater than that ofi-an,
man owe, and my greatest desire ant
ambition is t0'prevept anybody ltsin;
through me. will give up everything
except my reputation and honor
What our course In the future will b.
> cannot say. Our William Il. BishoI
is now East, comforting with our credi
tors. What the result of the conferenc
will be cannot say. / will agree I,
any arrangement which will prOtec
the honor of our house. We hav
stopped all payments and are deter
mined that our assets shall be distribu
, ted to our creditors, and that the.
shall all share alike" iA.
The Governor, in reply to question
as to the amount OF assets, said that h
could not tell much about that, as the.
mad not yet been able TO get compre
: hensive and satisfactory statement
He was unwilling to give US a list {
the creditors, hut stated that the
were mostly in New York, and that
+. meeting of the creditors had been cal
ed for Tomorrow, to be held at In
business house of 3. j. Arnold d Co
, in New York, at 2 O'Clock. Mr.. w. i
/, Bishop, one of the members OF TIL
firm, is now in New York arraDgin
: with the creditors for this meeting
q and it was hoped that some arrange
nents could be made that would prov
satisfactory 10 all interested. Tn
j, question OF permanent suspension or {
0 continuing business WIS, of course
, open, and could not possibly be al
:. swered until after the meeting {
Monday. -
e On the streets there was a gener.
\ depression OF regret and sympath
1 with the unfortunate firm. The eau.
. seems, as indicated by Gov. Bishop
statement, to have BEEN Il shrinkage {
: values, and inability to collect. Tn
:. cost of the great building in which tn
o store is located WAS very heavy, ana
is said has embarrassed the firm YER
much from the first. The estimates c
= the assets varies much, though ther
e was expressed n general fear TINT OW
. ing to the business depression, and tn
/. i'm possibility Of realizing LARGELY upol
real estate or slow accounts, they wOul
be unable to pay more than fifty o
2 sixty cents on the dollar. Mr.. Sim
rail-, Gov. Bishops attorney, left 70
, New York last night to attend tn
meeting of creditors. Gov. Bishop lei
: for Yellow Springs to spend Sunda.
3 with his family, and will return to
: morrow. H
None OF the firms paper had ye
gone to protest when they suspended
yesterday, but they. were aware tina
they could not tide over to- morrow
I and thus took the necessary step il
; time to avoid confusion and proven
so far rs possible any injustice or IN
l necessary delny or loss to their creJi
} tors.