The New York herald., 1879-01-02
FAILURES IN 1878.


FAILURES IN 1878.
AN INCREASE OVER THE NUMBER REPORTED FOR
THE PREVIOUS YEAR,-NEARLY sIxTY-FoUR
MILLION DOLLARS LIABIIITIEs-EFFECT OF
TIE REPEAL OF THE BANKRUPT LAW
Nine hundred and seventeen failures were reported
in this city during the year 1878. the liabilities
amounting to S63 .95s 4O3, while the assets were
valued at SIS, SOS, 53l This is increase the
year 1877 the total failures for which S47 with
liabilities of S51, ,6S7, ,000 The repeal Of the Bank
rupt law was the principal of the increase i'll
the number of failures, and since August there has
been gradual decrease both in number and amount
of indebtedness in the various trades that in the
main the record though very large indicates that the
turning point has been reached and that business is
in much better condition than year ago. Mer-
chants looking carefully after their credits
and the weak firms gradually being weeded out.
This has been necesstated by the assignment
laws which permit preferences, and two-thiris
Of the firms who make assignments have
taken advantage to prefer their relatives and
friends, leaving the general creditors scarcely
anything in the way of dividend. The record of
the year shows that many old established firms
which regarded as perfectly solvent sud
denly compelled to suspend. Among these were
Booth Edgar, Joseph Foulkes Sons, b. L. Solomon
Sons Henry Lawrence Il Sons Olyphant Il Co.,
Joel Hayden Co.. j. L. Adams II Co., John +.
Henry, Curran Co.; Youngs, Smith Il Co.; James
Reid Co., j. G. Dayton Co., A. NJ. e. II. Davies,
New York Betting and Packing Company, Slote.
Woodman l. Co. and Bryce Il Smith.
In amount Of liabilities carpenters and builders
have suffered the most thirty -four failures being
corded. with liabilities amounting to s92i6.352 and
assets SOB, 224 The most prominent were John
McCool, Cockerll & Spaulding. Terence Farley.
James Fettretch, Samuel Lynch and James T. Co
burn
Forty bankers and stock brokers failed with aggre-
gate liabilities Of S4,929s91 and assets 1863 073.
Among the prominent firms S. NJ. Mills Il Co..
J. r. Cecil Co., Greenleaf. Norris Co., Davidson
Jones and Hoar Co.
In the liquor trade There were forty failures re-
ported. in which the indebtedness amounted to
S195s 251 and assets S475 500 Among the wholesale
dealers who suspended Bryce Il Smith. j. c.
Dayton X Co., Bayard l. Perrenoud and James Reid
& Co.
AMONG MANUFACTURERS.
Manufacturers have felt the effects of hard times
and during the year thirty nine failed the total liza
bilities being S2s29 10i and assets s2G55 9l7 The
boot and shoe trade had thirty nine failures, in
which the total liabilities 81 500 and assets
S'ylloo Among the FAILURES were those or Whitney
* Co.. W. A. Ransom 4 Co., Powers CASTOR * Co.
and Cammeyer x Mason. In the clothing trade
many failures have occurred recently which has in
creased the number for the year to tweny-six. the
aggregate liabilities being SS955s9 and assets
S314,525 Thirty yeght grocers failed having liabili-
ties amounting to Sl07l 575 and assets s4s s6j the
principal firms being J. l.. Adams " Co. and Il. l..
Leggett. In the hat trade there were twenty nine
failures, the liabilities being 81 4o30OO and assets
SOILS Among these were Jehial Read Co., Jo
seph Mercy Co., Baldwin n Fagg and Hunt X Du-
senbury. Twcnty-six dealers in fancy goods failed
with Liabilities to the extent of sslO,3l6 aud
S3as.2s
The produce trade had twenty-three failures with
total Indebtedness of S529Gi0 and assets S5S O42;
and in the provision line there twenty four
having aggregate liabilities OF S5O5 sos and as
sets S142,44 Among the firms which suspended
were Jewell. Harrison Co.. Could II. Thorp & CO.,
5. W. Lewis n Co. and L. ID. Smell X Co. Twenty lew
eers failed with liabilities to the extent S74 S11
and assets S174.6sS. This includes the firms of Eel
lows Forester Co.. Post speir, Hamman * Koch
ami Joseph Bochnan X Son. In the dry goods trade
there were fourteen failures, the total liabilities being
s7T5,6i3 and assets S3i2,020
HOTEL KEEPERs AND FURNITURE DEALERS.
Twenty-Five keepers of hotels and restaurants were
compelled to suspend, having Liabilities to the
amount of 1924, 74l and assets s57 375 The furni-
ture trade has had nineteen failures with liabilities
to the amount of S979.6T0 and assets S5ii s7f
Among the firms which failed Were J. L. Allen " Co.
and James Cochrane. Jr.
Twcnty-one cigar dealers failed with liabilities
amounting to S2U2, ,j1Y and assets $50 S9. Twenty
five brokers, agents and commission merchants sus-
spendod with liabilities to the of S17lS,2j2
and assets S32g9i Seven publishers and booksellers
forced to suspend. their liabilities amounting
to S212,5iS and assets Sbl,G9. Book accounts have
proved disastrous to the butchers and eighteen fail
ures recorded, in which the liabilities were
SGO6 s3S and assets $1 49 In the cloth ana woollen
goods trade there very few failures only six
being reported. in which the liabilities aggregated
si95,J0i and assets S3l3.s2 The depression i'll the
coal trade caused ten failures. the aggregate liabi-
ties being S5ol, 1872 and assets s3O3 72j Among the
firms were Walter Donaldson n Co. and AIarston X
Sons The failures in the drug trade were nine the
liabilities being SlG05,79 and assets S527 503 These
occurred in the month of January aud followed the
suspension of 1. j. Dunning. Jr, the note broker
The largest firms which went under, but after
ward compromised and resumed. John
/. Henry, Curran Co; Day, Hoagland
stigcr and Downer 4 ST. John. The season has
been very disastrous TO fur dealers and ton failures
reported with total liabilities of S3l5.3I3 and as
sets OF S9l. .63T. Among them Herzig Brothers,
Henry Siedc and Peter Hogman. The hardware trade
had thirteen failures, the liabilities amounting to
si22, 40 and assets sis4.5G0 The iron and metal
trade suffered severely there being eight faiures. in
which the aggregate liabilities were Si363.3i2 and
assets s2G6I,2ls. In the lumber trade there
sixteen failures. the liabilities amounting TO
S2,5ii S77 and assets s2Gs,sS7. Among the firms
which suspended were Russell W. Adams 4 Co.. Big
lor n Co. and j. c. Cameron n Co. only nine NOR
chant taors tailed their liabilities being s70l22 and
assets sls.632 Trade in the millinery goods line
has been considerably depressed and twelve failures
are reported with liabilities OF s29i,i50 and assets
Sl5O.OS3. Among the firms which failed d.
Travis " Co, A. ". Ketcham & co. and Andrews Il
sanford. Eleven dealers in paper failed. their lia-
biltics amounting to sl69.3O2 aud assets $63.l6i.
Fourteen printers and stationcrs failed, with liza
btics of 1924, 1855 assets SsG46g Six railroad
tractors forced to suspend having debts to the
amount OF S15l0.GS2 and assets $4,000 Real estate
operators and agents to the number of thirteen
failed. having gross liabilities OF s2,527.3i3 and
assets $4,000. Tho largest were John Fctretch and
V. h. Stevenson, Jr Eight shipping merchants
failed the liabilities being 81 sliai,5s2 and assets
S4S9, l2O, the most prominent firm being Joseph
foulkc's Sons. In the straw goods trade there
six failures, in which the Liabilities amounted TO
S6s9.y4 and assets S3Sl ,632 Among the susp ended
, firms we We're vandsrhosf .,i x Beatty, g. Dord
facturers of suits and skirts suspended, with La
bitcs to the extent of $2i2 2G3 and assets SS2sOJ
In the tobacco trade there eight failures, the
liabilities amounting to S405.926 and assets sls5,35l