Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-26
4 HE.lFY FAILURE.

The Wen known House of \. III. Strouse
Suecumbs Statement of Assets and LA
bilities.
The most extensive mercantile failure of
1879, from local standpoint, transpired
yesterday afternoon in the collapse of the
prominent dry goods house owned by Alex
ande- H. Strouse, located on the northeast
corner of Third and Wabashaw street.
A few minutes before three O'Clock, sheriff
King entered the establishment i'll company
with Mr.. C. D. O'Brien, and directly after
wards it was announced on the street that
the firm had failed, and that the sheriff was
in possession of the premises by virtue of a
number of confessed judgments.
The blue curtains that screen the lar 90
plate glass windows were rolled down for the
first time in years on secular day. which
was the first indication, even to employees,
that the establishment was declared bank
rupt. The immediate cause of the failure
consisted Of eleven confessions of Judgment
to Mr.. julius Austrian, in favor of the fol-
lowing named parties:
Louis Rowe, Philadelphia. .........@ Ass 80
Max and Martin We'll. New York.
partners as NJ. We'll & Co........ 1888 on
Henry ). Strouse, st. Paul. ........ 4,3O3 90
Abraham hiichelbacker, New York. 1,O08 90
William Dawson & Co., St. Paul.. 2,4S6 40
Henry l.. Strouse, Philadelphia. go. 5,758 Is
Bernhard Strouse, Philadelphia. %. n.223 50
Asher Guek erheimer. Pttsburgh.... 2,42S 90
Evans, Peak & Co., New York....... 1000 g.
Hannah Rice st. Paul. ........... 1886 80
Soloman Michelbacker, New York. 5,SUS rs
With one or two main exceptions the
above is due on borrowed money or what
has been called confidential indebtedness.
Aside from the Indebtedness specified, the
trim owes from $4,000 to $4,000 for mer-
chandiso, principally falling on New York
houses.
The assets are estimated as follows
Stock, $4,000 to $4,000; book accounts,
$4,000 to $4,000; nominal assets, consist
ing OF notes, ETC., about So, 900. It will be
seen by the above that the total indebted
ness will not fall below 100000, and is
liable to exceed those figures. To offset this
there are the items of stock, book accounts,
notes, ETC., above mentioned.
IN considering the latter, it should be taken
into account that when thrown upon the
market they are likely to realize much less
than their lace value, and for that and other
reasons the precise status extent of the
failure Is, at present. not attainable. AS
generally known, the business in st. Paul
has been under the direct supervision of Mr..
Henry j. Strouse, who has conducted the af-
fairs OF the establishment for his cousin, MIR.
Alexander II. Strouse.
The Latter gentleman arrived in this city
from New York on Friday morning, and
was found in company with Mr.. Henry
Strouse at the Clarendon hotel by GLOBE
reporter last evening. The GLOBE was re-
ferred to Mr.. Henry Strouse for information
bearing upon the failure, and that gentle
man was found, as usual, agreeably COM
municat1ve.
MIR. Strouse attributed the unfortunate
failure to Jack of confidence on the part OF
tho New York and Philadelphia creditors
depreciation of stock, shrinkage in values,
until recently, and the accumulation of bad
debts.
The firm have had g fair patronage, but
with heavy expenses it has succumbed to the
widespread prostration that has character
lied trade, until recently, in
all parts of the country.
The firm has been established for seven
years, during which time Mr.. Henry J.
Strouse has acquired the respect and con.
fdence of all classes of citizens. His business
career in this city has been characterized by
unrenitting attention to duty and uniform
courtesy, while no one has doubted his in
tegrity, and from whatever point viewed, the
failure is regarded as extremely unfortunate
II IS to be hoped that the business will be re-
e6 at Hjafapt