The sun., 1878-11-03
CHARLES KN0X'S FAILURE.
MIXING A FORTUNE IN MATS AND
LOSING II IN REAL ESTATE
where Greeley, Raymond, and Ronner
Hought their Hats-Tbc Man who Won
the Fight Against the broadway Bridge.

Where Greeley, Raymond, and nonner
Hought their Han-Tbe Man who won
the Fight Against the broadway Bridge.
Charles Knox, known as Knox, the Hat
ter OF Fulton street and Broadway. 512 Broad
way, and Of the Fifth Avenue Hotel branch.
made an assignment yesterday TO Charles +.
Abbott Of New York. This will be n surprise 10
his many friends. who have admired his busi-
ness capacity. combined with his genial tenn
perament His business acquantances, how
evor. have long known that his embarass-
ments, arising out Of investments in city
real estate while times were flush before
the panic OF 1873. were gradually 30
involving him that he could ieot eventually es-
cape failure. He porslstontly refused to take
advantage Of the bankrupt act. Inability to
meet maturing obligations forced him yester-
day 10 an Immediate assignment The assignee.
Mr.. Abbott. has been for eight years foreman
OF the Knox establishment. Branch 4 Branch.
attorneys for the assignee. said yesterday that
the schedule Of debts and liabilities has not yet
been made up but that the liabilities will un-
doubtedly amount to 5000 900. while the nomi-
nal assets are $3.50 600. What the condition OF
the estate IL. and whether business s yet to be
continued Mt the old stand. cannot be determined
until the schedules are prepared. Mr.. Abbott
takes charge Of tho business on Monday and
will not until then. he says. be abo TO tell
whether manufacturing Of hats Ia TO be con-
tlnued. Undoubtedly tho sale Of the present
styles willb continued until he can settle the
estate. Mr.. Knox took long lenses OF uptown
property and paid high rents, For tho store
under the Fifth Avenue Hotel $4,000 a year
was paid. Mr. Knox's son carries on the hat
business there. Among tho preferred credit
ors are Charles Aikman. BROOKLYN. t5.000;J.D.
irI q n Na 10
Clair New York. $1,000. These sums were bor-
rowed for investment in houses and lots In
New York city and in Westchcster County.
, Mr.. Knox has boon In his present business for
thirly-nvc years. IIc is direct descendant OF
tho famous John Knox. the sturdy CoVcnantor
reformcr OF Scotland. and In person. manner
and character exhibits much that IL unmis-
iakably inherited from his Scottish ancestry.
HE birth place however, was in the north oi lre
1892 Mr. Knox. thcn a hoy. landed in New York
and in 1885. Just about the time OF the great fire.
he became an apprentice 10 the firm Of I.eary
y Coz haiter=, who then kept the fashionable
hat store of the town, IN Hanover street. In
1873 he went into business for himself. making
silk hats for the retailers. and two years lntcr
he opened a retail store Of his own AZ 10 ful-
ton street. corner Of Dutch, an establishment
then familiarly known NJ The Little Hole in
the Wall" Enterprisc. thrift. aud indefatiga-
hle endcVor secured for him steady advance
in fortune, and in 1916 he occupied a larger
store in the old Sun building. In Fulton street.
near Nassau. There he did thriving business
until 1865. Then he removed to his present
Two years prior to this latter date however. he
took ntwenty years lease Of the Prescott House.
at Broadway and Spring streets. and opened
"A hat store thore. The speculation was an unfor-
tunato one. so far as the hotel building was con-
rernod, involving him IN loss Of some $4,000.
through the failure Of tenant. On July l3.
1858. when Barnums Museum was burned. his
downtown store WIS destroyed; but ~ soon a.
IL was rebuilt he opened again. and did even n
moro successful business than before. Hts
trade was necessarily u large one for he was n
shrewd and liberal advertiser eNpendlng. dur
ing thirty years past. from -, 600 TO Sl2OOO per
annum In advertising through the newspapers.
The popularity Of his advertisements consisted
" city items often based on news " the day.
and always terso and conspicuous afiirmaiions
20 the public Of the excellence and chcapncss ~
his goods seldom. II ever. was ho represented
in the ordinary advertising columns. ln1sIl hc
started the store under the Fifth Avenue Hotel
for his son. Edward NJ Knox. Two ort three years
ago he disposed Of his store under the Prescott
House and since then his energies. SO far as
the hat trade went, werc confined TO one estab.
lishmcnt that nt the corner OF Broadway and
Fulton street. To a friend he said last night.
! have pas scd unscathed through all tho pan
les and hard times OF thrty-ilyo years. always
paying one hundred cents on the dollar. and !
can hardly realize that It has all come 20 this.
Many changes IN mon and f@shions he has
noted in his business career Whom he first
went into the Manufacture Of hats. beaver and
nutria uP hats were the fashion. aud silk ones
were worry few; hut about lsis tho popular taste
began to change and now a fur hat IL almost
curiosity. In old times, too. fashions changed
but once a year. and then followed the prevail
ing mode At the time In London. whence we glt
the absurd bell crowns and other monsirous
shapes of the past But in late years our fashions
have changed s"mi annually. spring and fail.
and Mr.. Knox led tho way ia asserting iude-
p"ndence Of the English stylcs 10y proving his
ability to originate moro graceful shapes than
could be imported Horace Greeley used al
ways tu buy his hats from Knox. clinging affec-
uonatry 10 the old stylo whito fur long after
oycry body else than be had discarded il. James
Gordon Bennett aud Henry !. Raymond also
We're among his regular customers. Robert
Bonner has bought no other hats than his since
he first started in business. James T. Brady
and many moro of tho brilliant lawyers OF by-
gone days wnrn his constant patrons. SO many
81 the preachers Of New York has he supplied
with hats during more than thirty years that ho
might almost style himself batter the clergy"
Perhaps his descent from John Knox. the Ro-
former, gave them prcdile ,tion in his favor.
On" ~ his most Conspicuous public demonStra-
tions was the winning fight he made against
that unsightly aud useless nuisance. the Broad
way Bridge, which spanncd the street direetly
in front of his store, II was erected in Feb
runry. 1867 supposedly for the convenience Of
elderly and timld people. but was soon demon-
strated a failure Elderly people found il dan
gerousy slippery and its steps hard TO ASCEND.
IOaiers and pOckCt-book droppers made il thcir
haunt. IL shut out the light from Mr.. KuoN's
store. He fought II for two years. and at length
obtained decree that II must come down.
l hen there was no appropriation TO nay for
tax ing ii down. and he had II done at his own
expense. for which. however, the city subse-
uupntly reimbursed him.