The New York herald., 1878-10-23
AN EMBARRASSED FIRM.
LARGE DRY GOODS HOUSE IN ST. LOUIS IN
NEUTRALITY-SUSPICIOUS. or ASSISTANCE TO
s.pULL THRoUaH"-DoDD, BROWN co.


sPULL THGoUaH"-DoDD, BROWN co.
Icy TELEGRAPH TO THE HERALD
ST. LOUIS, oct. %. 1878.
AT an early hour this morning rumors were circu.
latod that Dodd, Brown Co., the largest Wholesale
dry goods drm in ST. Louis, had faiiod. and when
Change opened at eleven o'clock there was marked
excitement among the merchants and business
men, Tho sensation intensified by iha
iact that no definite Information could be
obtained concerning tho reported suspension.
and tho standing OF the lrm had becn SO high fof
long time that many refused TO believe that there
YVES any truth IN the rumor although II was known
that correspondents OF mercantile agencies had rc-
ceiyed the usual notifications. For tho purpose Of
getting accurate Information your correspondent
called on the mercantile agency OF X. q Dun " Co.
The manager alter somo besiation, stated that their
firm was notified OF the failure late hour yestcr-
day afternoon, ana this morning tho various corres-
poudents had Deeu notified OF the event. He
could not say Tor what amount the house had
ialled, but tho business hud been enormous
aud the involved was doubtless quite large.
Doad, Brown a. Co.. he SAID, had long been recognized
the enerprsing house in their line IN ST. Louis
They were liberal merchants ana had punt up Vast
trade Tor themselves nnd mad Dehentsu al ciassos "
trade IN ST. Louis aud had perhaps done moro IMAM
any other nrn 10 prevent the aversion OF south.
western trade TO Chicago He had called on ME- Dodd
yesterday but did not lind him prepared 10 mako any
statement
HOPES OF PULLING THROUGH
He had heard II rum0red among the mcrch ants
that u proposition was aloat by which tho business
toheip the hrm and assist u III tidink over
Their difficulties. Inquiry was next mado at the
business nouso Of Doad, brown & Co., North Filth
street, TINS morning, which failed 70 elicit any inior.
NATION concerning the tailure-tne causes or the
amount Mr.. Dodd who il tho ST. Louis partner
(Ar Brown being the Now York roprcsentativce
said that ne IN TACT was as muon surprised az
the rest oil tho community and know nothing Ol
the failure. Mr. Brown is now en- route from New
YORK to ST. Louis, and Will arrive tomorrow. Untii
E(rnxvn md nm had min nd wi HIM
lie would be nnabie 10 give any Information. Their
salesrooms were crowded all day with buyers and
Bank OF Commerce, where the hrm keeps It's
ST. Louis accounts, AND OF which bank Mr.:
to anything bcyondnc TACT that the accounts Of
ina lirn kept with Ihem ana That the suspcn-
could not Affect them. Cashier Burnham stated
that III the ordinary course OF business events tns
debts OF the concern would be principally in tho
could not suffer- AS 10 tho particular embarrassment
whicn had bcialen the nrm nothing OF an accurate
and detailed nature could Uc learned.
BANKER'S STATEMENT.
Ono banker, who WAS III u position TO know. stated
that the drafts OF the firm which reached yester
day, ana winch amounted 10 S55, ,00O were not paid,
and immediately went TO protest. Tho drafts were
drawn by New York parties but what particular
firms cannot ascertained here. 1t is learned how
ever. that the embarrassment OF Oodd. Brown a. Co.
Is brought about by tho inability OF tho lrmjo collect
outstanding aud overdue bl!is IL the Southwest,
mense business. Last spring tho firm were $4,000
snort Southwest collections, and TINS has been
tImo accounts. Very great sympathy was Expressed
throughout the day Tor the impercd nrm, ana tho
impression seemed 10 prevail that II would pull
through It's present dilemma. Cashier Thomson, Of
the Boatsnan savings Bank, said TO allow them
II would nnanc,ai distrust ol crabroad. He
said the house may fail ior very large amount but
declined 10 give sucn In Information ne had.
cAREER PROSPEROUS FiRx.
Dodd, Bro~n Co. commenced business In 1866.
ana tue nrm Was composed OF samuci ~ Dodd and
james q. Brown. ME Dodd was lormeriy oi Baldwin
Il Doud who had been III business on Nam street ioe
over aiieen years. Brown was OF ihc nrm OF Brown
~ Co, deaiers III fancy goods Ia tins city, Tor about,
tho same length limc the entire capital tho
start was about s25o.ooJ, Of wnich 100000 was
ca as ras sSssa spua M.s
drawn alter tho death OF Mr.. Fiske, IN 1873 Since
,noy ano = was &
the leading dry goods business here. They pushed
tneir trade and attracted new cusiomera TO 81 Louis
ny giving liberal terms both in prices and time
tnan was customary among the Older houses. rhey
have contnxcd up 70 this time TO do very large
BUSINESS have Increased their not capital to
ssa",sa to over THIS year % the s saiss
would probably havo largely exceedcd that amount
ana lave approached close 10 $6,00o, 900.
HOW THE TRADE IN THIS CITY RECEIVED TIN
ANNOUNCEMENT or THE FAILURE-THE NEW
YORK CREDITORS OF THE SUSPENDED YIRM.
Tho dry goods trado was greatly excited yesterday
over tho announcement Of the suspension OF the aru
OF Dodd Brown & Co.. Wholesale dealers in dry goods
In ST Louis and New York The house was tha
largest in this line OF business, with exception,
outside OF New York city, ana had excellent credit
They have u magnificent store ut Nos. 41s to 42d
North Fifth street. ST. Louis, and their New York
office is at No. II Thomas street. rho opinion 10
generally expressed that It Is tho largest failure thai
has occurred in the dry goods trade IN many years
aud their credit such that thor liabilitie
could larger than any OF the Western houses
Tue greater part OF their purchases wore made 10
New York, and thcy have amounted to the large sun
OF sao,ooo Wv since tue urn was e esno,isnea io1r
headquarters In this city ana the fall purchases nave
boon very heavy. Two years ago they stated that
their liabilities amounted 10 about 81, 0OO. 0OO, and
their roal assets showed . good surplua rnoy had
$780, In the ana owned real estate valued
IN the two buildings on leased ground owned ny tho
Mercantile BLOCK and Real Estate Association, OF
which Mr. samuel M Dodd, inc senior partner, 10
treasurer.
preston caused the yeiOx ievor scourge as they
hud large trade In the injected districts and theM
COLLECTIONS wero consequently very poor
Tho firm common business IN 1864 with q capital
OF $3.50 900, OF which SlOO O0U was contributed by
Fisk Knight, snoo JoDocrs, and which was paid out
by January, 1876 1heir liabilities are not exactly
Known, are estimated ut about 81. 500 900, the
bulk oi which is due New York, mainly 10 comms.
houses Proosoiy the lar sest creditor In this
city Is tho arm OF II. b. Cla1ln ~ Co.. tho amouns
beng nearly $lO0.0o unsocurod Among tue
arc" arc repos.ed0n.e"D, % BALDWIN ~ Cog BroosS ousS.
Miller IL Co. j. l.. Brewer, Brother X Co.
Converse. Stanton DAVIS; Hunt, Catiin l. Vaen.
tine; Chase. Bartoiow 70. Dennv, Poor Co.,
Dcerns, Millken Co.; +. W. Holbrook a. Co.;
Faulkner, Page Co. JOY Langdon Il Co.; Keyser,
Townsend ~ Co. kbDc Chaifc " Snreve; knower,
Haiues " Thomas; W. Z. Langley " Co., WhIttsmorcs
Poet Post; Lawrence Co., II. ). Jaiiray Co. q.
A. AunnorIt u Co., Leonard, Son 4 Co. Iowa
Brothers Co., H. J. LIBBY Il Co., James l.. Little
Co., Low. Hartman n Co k,yne. Spring, Dale "
Co. Frederick Butterheld Il Co., Isonn, Neoser Il
Co. Meggs, Dale ~ Go. Il. H. Mudgc, Sawyer Il Co.
Parker Wider n Co. pomeroy a. PIummer, George
Richardson " Co., John Sade u Co, Il. n. Il w.
II. raicr, W. rurnbuIi X Co, Van Vaikenburgh 3
Leavitt, William Watson " Co., Wheciwright, An
dcrson Il Co Whitman ~ Pnilhps, Woodward, Bald
win Il Co. Woodward, Lawrence a. Co Wrgns,
Bliss ~ Fabyan.
They kept bank account here with tho Motro-
poliian National Bank, which is fully secured A
large amount OF their papcr was sold through II. q.
Beanctl Il Co. ana other note BROKERS, anu Is hold
very largely by banks anu private buyera The
amour outstanding rs not known.
The assets the nrm are supposed to DO vory good