New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-05
FAILURE IN PHILADELPHIA.

sUspFNsION OF JOHN BROWNS SONS WITH LA
BiLITIgs AMOUNT &c TO $7500OO
The failure is reported of the firm OF John
Browns Sons. manufacturers ~ cotton Rooos' III fuia-
delpha with liabilities OF nearly S750OOO. distributed
among creditors New-YOrk. Pnilade plia, Boston.
Baltimore and Cincinnati About Sl50OOo Is due TO the
dry goods trade In this city, but the principal creditors
here arc secured either by colaterais or Attachments
The i'm in April last made statement showing sur
plus .; $4s7 900 after taking the property and ina
chlnery appraised valuation made bv three diin-
terested parties The firms means were considered
entirely locked up In mill property and machinery, ana
In consequence 1t slow in ITS payments. The
business was originally started By John Brown, with
pcsrcey any capital and by shire wdness and hard work
he built up large business his sons James and Robert
A. were admitted into tue partnership about eight years
ago. The firm then known as John Brown 4 Sons ;
Il owned two large mls-one at Taskor and Eigh-sts.
and the other Third aud MoOrests employing large
number OF hands. The mill property, with the ma
chuery cost upward of 100000 but by the deprecia-
ton In real estate greatly reduced In value In
January 1870 The mills at Eighth and TasK1r 81 con-
ssng OF ten buildings. destroyed by fire. and the
loss Yves estimated ct g2O0,0 70 cover wuoh there
was An insurance OF $265,O00; large portion
Of the surance money paid. an instead OF rebuild
Ing the firm concluded the mills up Third and
Eoore-sts. Another building owned by the nrm was
burned last year. and the expense OF rebuilding was
barge. John Brown the originator OF the business re-
under the firm style Of John Browns Sons me
lsther conveyed all lis interest in the mill property ~
the eops that time and TO make the matter moro 20
cure his wife May relinquished all right and title
In the property. Robert A Brown died several mOnthe
ago. which tune the Dusness has been carried on
BY James Brown a. the surviving PARTNER -aouoo..
learned In this city yesterday that the prospects
for the general creditors To get anything nom the
wreck are very poor, the firm has confessed juiR
mepts for 100000. Attachments have been placed
upon the stock for over $l60oOO and the mil property
~ encum pered with MORTGAGE Tne mill properly and
mschinery 10 assessed at D valuation Of Sl5OOO0 the
stock and material m valued at $4,000 snd tue book
Accounts aud bulls receivable are very ew Mr Edward
Jones' attorney for Sweezy Dart VINO are creditors
n the firm SAID that searching through the records OF
he Philadelphia Court OF Common Peas he found nu-
erotls ss transactions In the way OF moss Tor
(arse sums Of money the order OF female
mcmbers OF the Brown family. payable one
6ey after date. upon which Judgments hsye been
entered by default without appsaranoe anu that Tue
ssme attorney appears al he cases these Judgments
sre In the aggregate about 100000 There Is udg
ent 10 favor OF Anna Brown for $25,979, and another
Ia favor Of g. A. McDougai trustee 0f tue estate OF
Robert A. Brown, deceased for F31 $3.50 Considerable
tock and balances Ia the hands OF firms commission
merchants ia NeW-York have been attached by credr
tore.