The daily gazette., 1878-01-23

Tdhl... ss...........s...... .HIZS, 100
"It was given out, said Mr.. stokes,
"that Hummell, whose place is At Mar.
garetta and Front streets, failed for only
t55, ,OOO-that Is his own statement; but
say they owe us over S20O,000. l have
said that over three fourths of this total
Is owing us-and the load was entirely
too much to carry"
The Cause Of tie Collapse.
"what was the cause Of the failure ?"
1.-THE failure all around was caused by
Hummell q Sons inability to meet their
obligations"
"fo whom7"
"ro us. Their paper went to protest
on last Friday, as did that also Of Baker
ard Stewart
In regard to the relatio Of their
house with the smaller firms, Mr.. Stokes
said:
"They have been more OF less depen-
dent on US for a long time. They are
ing them with the raw material TO work
up. In return, we have accepted their
notes, carrying the most of them, In fact,
since 1873, and renewing them for ae.
| commodatisn sake, and to enable tho
firms to get on their legs"
1--WE have" continued Mr.. Stokes,
"been keeping these firms going for
years, and found at last that we were
crippling ourselves In trying to accommo-
date them. You may sec at once that
notes to the sum of about 500, 900 make
too much Of burden fer even a great
firm to carry from one year 10 another.
We had TO push them at last, and the re-
suit is failure. Our annual busn mesa
would probably amount to one million"
"What will be the result to your
selyes?"
"we shall have to go out Of bust ness
bat only temporarily.
Whot The Smaller Firms Say.
Interviews we're also had with mem bers
of the firms who are pulled down by tho
Stokes failure, and all emphaticalIy
denied that they pulled down the Messrs.
Stokes, but that, on the contrary, the
Messrs. Stokes pulled them down.
Ttoo M,il,ons hauotvsd.
1t Is said that the amount involved by
the Stokes failure will reach two millions
dollars, as firms in New York are inter-
ested, AS well as those in Philadelphia and
Wilmington.
The baker Company's Poation.
The position Of the John u. Baker
Manufacturing Company remains about
the same a. previously stated, mo arrange
ments having yet been entered into for
any kind OF o settlement. Mr.. Baker,
however, ,contemplates making an assign
ment for the benefit Of his creditors.
Only about week ago the firm Of
Stewart ~ Go. of Philadelphia, purchased
from the Baker Company, about SIC, 900
worth OF skins, on credit. As Stewart q
Co., ARE included In the failing companies
this transaction only increased tho diff
culties Of the Wilmington Company. Mr.
Baker also says that the Messrs. Stokes
have about 800, 900 Of his paper locked up
In their safe upon which they will pro-
badly realize in their settlement.
1t said that Mr.. aEllis Stokes is orimi-
nally liable, for q Transaction in connec-
ton with the Philadelphia Warehouse
Company. Geo. W. Hummell of Hum
nell ~ Co., thus describes this transac-
ton.
"My partner. Mr.. Whartman, whilo /
was away from the city, in 1875, re-
csived from the Philadelphia Wafehous-
ing Company on fictitious bills from our
firm to the Messrs. Stokes. $1,000, for
merchandise said to be In store. The
check for this amount was not entered In
our business, but was Immediately hand
ed over 70 Ellis Stokes. Afterward Mr..
Charles Stokes stated that this stock was
sold while under the bond of the Ware
housing Company. The money was ad-
vanced by Mr.. A. II. Foster, the Super
intendent of the Wareho using Company,
and through the efforts of nay counsel
some $4,000 Of this amount has been re-
turned, leaving $50, 900 yet remaining.
Mr.. Stokes Crimjaallv Liable.
This transaction for which the
Warehousing Compony will undoub-
liable.
Stokes Foreman Arrested.
Last evening 1t was stated that, Mr.. T.
Charlton Henry, President of the Phila-
delphia Warehousing Company, had
caused the arrest of Stephen Peters, fore
man for the Messrs. Stokes. The sur
mise:of this was that he was to be held
as a witness in case a prosecution should
be entered against Mr.. Ellis Stokes.