New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-09
FAILURE OF TWO OLD FIRMS.
oIYpHANT r. co.'s SUSPENSION.

OLYPHANT g. CO.'S SUSPENSION.
HISTORY OF THE wELI-KNowN CHINA HOUSE FOR
HALF CENTURY-DETAILS OF THE uABILI-
TIEs-AssIGNMENT OF HUNT DUsENBURY,
THE AsTOR HOUSE MATTERS.
The assignment of the old established house
OF OIyphant Co. was announced Saturday, and
caused much excitement. The suspension was freely
discussed by business men, and the real cause OF the
failure was aseribed to the changed conditions OF the
China and general trade in the last few ysars
The firm Of Olyphant Co established In 1927 by
David W. c. ELEPHANT and Charles N. Talbot For many
years the business confined exclusively to dealing
in Chinese silks and teas II one of the ear
lest firms in the China trade having its principal depot
at Canton, the only Chinese port open to for
egners. The firm afterward established branch houses
at Hong Kong and Shanghai and engaged largely in the
Australian and New Zealand business
now association the mead of which Robert VI.
Olyphant vice-presdent OF the Delaware and Hud
son Canal Company, succeeded the old firm, whose
founders had retired, BY It's large business this firm
for many years in almost every part OF the
world The retirement of Robert NJ. ELEPHANT on ac-
count of division Of the China trade again changed
firm The present company began several years ago
10 trade its account in addition TO Its COM
mission business In this enterprise 1t prospered ana
time rated Ia yng capital Of $l,OOO,OOO.
The firm extended Its business South America, aud be-
gan the importation from Peru Of nitrate Of soda 1t
was thus Drought INTO WIN
Wan Government. which enjoVsa monopoly In tue pro-
duct on Of the nitrate. Ia consequence OF TINS nnacy
a contract made between them. about eighteen
months ago. the importation INTO Peru OF Chinese
coohes The protection OF the coolies was guaranteed
by the Government OF Peru. OYphant CO. at once
made extensive preparations toward the ululmeht Oh
its part Of the contract Several steamships were char
tered fitted up for the business But the scheme
failed owing to the opposition OF the Chinese and
British Governments The losses cntailed the firm
By this failure said 10 be largely the cause Of the
The assignment is made to Henry NJ. Oimstead re-
tired reliant residing at Morrlstown, n j. Tle mem
bers of the firm are William W. PaTkn, George W. la,
bot, Hobart Seymour Geary and Talbot Oyphant, on
ths city; Tobias Pim OF Belfast Ireland ana Johh
Seaman, OF Newburg, N T. pm ana Seal9sn were tne
China managers, and stll hold their POSITIONS mere
William Parkin made an assignment OF his lnd'Vld-
ual property to Henry Rogers, and on Thursday asst
he removed from mis- housr, No. 40 FIrthave Several
classes Of CT, ditors nre made the assignment
enee being gwen IN the Order III le9 Trey arc hs ei
In the frst-Class DTexe Morgan Co, who are 10
receive the iIO asset III guy aIo " az "a ,
tOrs, paymen! for Gains they may nave unseen ca Dy
collateral other property In their pOsSrsslOh Inc
, amounts in both cases are not gwen. Twelve
are next preferred. follows; Two notes made by
held hy Forbes Forbes Co., Of LOndon-one for $4,000,
the other for 5000 40, gold four plomiss0rY notes
Taber-One for $500, due December ., 1878 one for
$1,000 due February z, 1879; one for $500 Que
a note of Olyphant & Co. for $4,000 ndOrsed by
Charles Es-D and discounted by TIE Second National
Bank OF Cleveland Quo. due ID GENDER TO- 1878 Tour
made by William III Misne,, .ud0rsed Dy Olypbant
& Co. and d1scOune" by the National Bank OF lbe Ke-
public of tins Cty-au due tins month, and amounting
To- $4,000; a note fOi $500, made August 10 BY
Oyphaut d Co. to d. LeydIg sdyuam due December ~
1875 The deD,B preferred are ON drafts drawn ny
II. Atkinson, VI Lama, Peru as ioiows On A. Han' d1r
January g. 1879 for & 800; Lendeweig Co.. due Jan
uary l6 1879, for SlJ,DO0; LauInan, Kemp Co.. due
February z, 1879, iOr S23OO; Rollins Appleton que
February g. 1879 4lZ3 15s. Sd. Colgate Co., due
February 10, 1879, for S797 Al Frack murphy CO..
due r. bruHfy TO- 1879, tOr Sl243 20 Provost CO.,
cue February %, 1879, Or $1,000 ana Two drafts on
Nj MdndOza, 10Th aus February ~ 1879 Tor Sz,SOO
TIE nuunt duo notes and drafts whose pay ment
Is preferred 100000. The greater part OF TINS
ana next. total dDlIllcS
and assets firm will not be known until reports
are received from China, Australia, hCW-LaA ANA ahd
Pc d. wLeru trm las branches or CORES pUndeDis
Huns 4 DusenDury, lhr Ast0f House hattes, made an
assignment 10 GilDsIt Canning ON saturday lie nrm
WAS Established ICrty years ago, under tue Name OF
Learl * Co., shortly after the hOel was built. TIL,
business ried on III tie same pace since
Among the during the last forty were
Daniel WeDstU aHG IhuIlUw Weed. The Liabilities are
esLImaLeu al S3J 600