The New York herald., 1878-03-05
BUSINESS DISTRESS
The Tide Of Financial Ruin
Running High.
OLD FIRMS FALLING.
Suspension of Jewell, Harrison & Co.,
kohlsaat's Sons and Others.
AFFAIRS OF GREENLEAF, NORRIS & co.


Tho leading subject OF discussion Wall street yes
Ierday was the winding up OF the affairs OF Messrs.
6reenleaf, Norris Co by the receiver, Mr.. Selah
Chamberlain, OF Cleveland, whose appointment by
Judge Robinson on Saturday last was duly recorded IN
the HERALD OF Sunday. There manifest indspo-
son The part OF almost every person interested to
talk freely in regard to tho matter but it stated
that the hrm was crippled the panic Of 1878 and
that since that time, though it has done paying bust
moss, II has perfectly solvent posi-
ton.
After the death OF Mr.. Norris. the 18th ult, be-
came apparent that some arrangement would have to
was 10 CONTINUES. While negotiating for arrange
ment Mr.. Augustus W. Grccnleaf was himself taken III,
and his death within two weeks Of the time OF his
partuer's preciptated calamity which he might
possibly have averted II he had lived. What proper
ton the will be found bear the liabilities
cannot yet be told but is thought that handsome
dividend can be paid py careful administration Of
the auairs.
OFFICE
On the doors o! the office OF the firm at No. 66 Ex-
change place were yesterday pasted two sheets OF
paper, on ono OF which the formal an
pf the closing OF The Office Of the death of
mo Two partners, and on tho other were the
"Solah Chamberlain, Receiver" Inside were the re-
server ana knot o brokers discussing Tho affairs of
the hrm earnestly, but quietly. Mr. jenkins Van
Schacx who seemed 10 be tho chie spokesman, told
'he reporter that the arrangement by which re-
'eiver had been appointed Was entirely a friendly
Ine and that It was made necessary by the death OF
Hr. Norris and Mr. A. W. GrecnlcaL M-. Warren L.
Rreenleai. the OF Mr. A. W. Greenleat who Is the
Snly surviving partner, being unable account
hau1t
necessary TO have some to do this ana Mr. Cham
Mr.. Chamberlain was u creditor of tho firm, but he
did not know to what extent. OF course he would
not be able srecciver to his interests to
the deriment OF those OF any other creditor. Mr..
Van Schaick said further that he did not know what
she BASIS OF ultimate settlement would be, us he had
been unable to the balance sheet, which he had
been anxious 10 get hold Of but he confident that
very nearly. not quito. ahundred dollar
would be paid In reference to the rumors there
nau been rehypobecation practised by Messrs. Gecn
leA Norris Co., Mr.. Van Schaick that that was
"all nonsense" There was nothing alleged by any of
tho partes he said hcL was 10 any Nay detrimental
70 the character the firm either OF It's members
rhs statement was corroborated by Mr.. Sheaon, who
Nas also present.
the REcEIvERs CLAIMS.
MI. Chamberlain was evidently engrossed with the
manifold cares oil MS new position Du paused long
enough 10 listen 10 series oil Questions whicn the
reporter had 10 ask. These were in reIation to his
sIauoactiohs Win tne nrm, amount ana The
ol their Indebtedness 70 him. anu The for his
rejection as receiver. 10 all these questions, how.
ever, he made only one answer, winch was to refer
bis counsel, Mr. r. N. Bangs AS TO the balance sneet
which ne Is employed IN making up, Mr.. Chamberlain
Sid that lie would have reaay in Two hrse days.
DC SAID that the report which alleged that he had
1000 snares Of stock deposited with the firm was
wrong They had held some stock Of his Dut no such
According to the complaint In the suit brought by
Ar. Chamberlain Tue stocks OF different kinds which
be hau ~ lne Keeping oi the firm aggregated IN par
nj a n Ih.gp I'm md .iu.A
vunces OF $4,000. Mr.. Bangs said, In relation to
ms, that tue market value OF tho socks
that alter the death OF Mr. Norris Mr. A. W. Green
eal found that unless Mr.. Chamberlain would agree
10 deal enientiy with Inc firm would be useless 10
attempt u continue III business. Mr. Chamberlain
was sn old trend, and Mr. Grcenleaf sent " rim to
come 70 New York to discuss The matter He told
Nun That he had II IN his power 10 smash the firm.
DC iranKiy avowed that the firm ipsolvent, puI
;iaimed mat q was doing business that would IN
these debts Mr.. Bangs proiessod ignorance.
"Mr Chamberlain Came AT once,n said Mr..
Bangs; 'and began LOOKING into the affairs OF The fr
put AIR. Greeneat was taken III shortly alter with
Taiu lover, produced by his worry and anxiety and
vas unable to attend TO his business during MS i'll
aess SO That ut bis death tho whole responsibility
levolved upon his son, Who was unable TO assume it,
II was one oil those cases wnere business goes
enough as long as the parties live, but when they die
The closet door fIcs anu the skeleton comes IN
ugh. There is, however, no foundation Tor the story
shat the practices OF the hrm irregular or dis
aon0ra0le. ihey werenotning that was not
BY usage"
Mr Bangs sad further that the Indebtedness of the
hrn consisted almost entirely oi money received by
II AZ margin, and II there snould be undue pres
sure and no panic among the creditors there would be
say now large II would be, Certainly the were
not equal TO the Liabilities.
lnqairy was made among number of gentlemen
well posted IN the History OF the street." ana they
sal that both Mr.. Greenleai aud Mr. Norris stood as
Eeil III reputation as any men on 'Cnange Mr.
Hrceneai was considered 10 be the ablest of
Two, and II rs thought that his absence IN Europe
during the pane OF 1873 was unfortunate "a MS OK
measure of the trouble that ell the firm II failed
~ that time. out, after suspension oi a few days
settled up and has since done good business. ine
settlement at the time was considered 10 be IN full,
but II IS now thought that extension was tanned
from some creditors, and that the rm since been
struggling under heavy burden OF debi.
SUSPENSION OF the OLD FIRM OF JEWELL,
HARRISON 4 co.
The suspension OF the Old and well known firm OF
Jewell, Harrison Co.. dealers in provisions ana cot
tou al Nos 73 Water 9s New Church 60 Greenwich
street. was announced yesterday. The OF their
failure TO meet their obligauons gwen early in
the day TO the Produce and Cotton exchanges ana
WAS received with genuine surprise. he house is
ono oil The Oldest and best known in the trade, the
msmbers-Abram S. Jewell, stephen g. Harrison ana
oornehus d. Van Wagenep-havng boen IN partnership
continuously Tor tbr,y-scvcn years. They were very
popular anu innuentaI. but curing tho past three
iour years II Is stated that they have had bad luck In
many OF their speculaons, aud their cash largely
used ~. Thcy hau strong friends the trade. and at
me beginning oi the present they regarded
US ono oi tue unsolvec problems OF the irade by
bradstreeps, and heir means rating was withdrawn.
Mr. Harrison was the nrst president oil the Cotton Ex-
change aud Mr. Jewell has eld he Ice of presIacpt of
the Produce Exchange. Inc nrm has always
un extensive business, but II Is believed that the
ties are lot large, ana principally due relatives OF
the members OF the brm. No statement OF the iiab.
ties or assets was obanabe yesterday at tho Office OF
The firm. The loss 10 the traac will probably be
small as there Is nothing due ON couiracs IN cotton
aud ht the Produce Exchange their settlements are
expected 10 come out about even. On Change II was
the general opn ION that their aure was &c
by that Of Jay l.. Adams Co., nnounced n lew DAYS
pgo Mr. harrison said yesterday IN At the liabilities
we're not lnrge the indebtedness bong mostly among
their own families 'Wc owe nothing In cotton. -
SAID he 'and no person In the provision trade will 10
compelled TO iaii through our misortunes."
EXPRESSIONS OF SYMPATHY
Tho greatest sympathy Was expressed for the Hrm
IND ut tho Cotton Exchange circular was drawn up
tnd Immediately signed BY q large number ol NOM