New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-27
| lin for
RUINED BY SPECULATION

PROBABLE FLIGHT OF JOHN p. JACKMAN.
| THE SENIOR PARTNER OF MANUFACTURING FIRM
IN wHTTE-sr. DISAPPEARS AFTER LOSING MONEY
| IN sToCKs-ABOUT 800, 900 BELIEVED TO HAVE
| BEEN sQUANDERED.
The failure Of Jackman & O'Hara manufacturers
OF cloaks aud suits at No. 81 Whtest was an.
| nounced yesterday. 1t stated to be the result
Of losses sustained by speculatons in Wall Street by
the senior partner, who has fled from the country
| Patrick H. OHara, the remaining partner made an
assignment yesterday all the assets for the bene-
of No 80 Broadway The firm was very we'll
k fn0W IN trade having been established since
very successful house, and was supposed to have
made considerable money. John r. Jackman, the
senior partner had entire charge of the finances of
thc hrin and everything appeared to DO in flour
lshng condition up to Friday August 49, The next
Gay Mr. Jackman did not appear at the store, hut
tne following letter was received by friend from
nm, dated New-York, August 49,
SIR The firm off,. OH. is no longer able to meet
capital was ali lost by in Wa street, p
b that could dep bot ths g s by floating
O'Hara not knowing anything about the matter He
h ts not know Of the impending failure could
Mr.. O'Hara as as he learned the state of
affairs, borrowed money and took up the paper
on with the business but after an examination of
me books, OF which Jackman heretofore had sole
charge cnse ne found that the firm was hopelessy in
Antiquity. The creditors accordingly informed
OF the suspension which was followed by the as
Mr.. Jackman left the store AZ usual on Friday
August - aud went to his boarding house. He
went away from there at late hour. taking il is
said only n valise. No word has been received of
ms movements but it is generally supposed that he
He'd to Europe on one of the steamers which sailed
last saturday as he has reat ions IN Ireland whence
he came to thus country about fifteen years ago
Nothing definite is known as to whether he lost iii
the money in Wall street speculations, or whether
he TOOK part Of it with him. 1t was learned
yesterday from friends of his that he had been
operating i'll stocks for long time ana n few
months ago lost : 5000 in operation but in
what particular stock or Office noc aSccrtancl
him will reach at least 100000 but the exact
figures Will not be known until an cxpcrt goes
through the books, the accounts from his brokers
are received, ana notice Of notes he NAV hava made
has hecn received.
As far as has been asccrtaincd the firms liabilities
tor merchandise are $4,000, notes Sl4 900
and Tor borrowed money $1,000. The assets con.
siSC oil accounts and stock, n0minally valued at
about S21oOO. There il due 1921 To II. W. Col
lender, the father-in-law of MI O'Hara for hor
Towed money; 1T is said that he has been secured
greatest sympathy for MIR OIiara aud offers of
assistance to resume have been literally made
MI . lfara was found Mt he store yesterday. He
SAID that he was completely taken by surprise bv
his partners acts, and that he had not had the
remotcst idea that anything was wrong Mr.
Jackman had entire charge of the finances and he
was led 10 believe that the tirm prospecting and
was making money; the profits for the last five
years, he thor ght were upward of 100000 He
drew very little from the firm. and thought the
capital was Kept intact. He did not know of his
gave hun the information. He could not say how
much had been lost by Mr.. hickman. Mr. jack
man had made many notes in the firms name
which he had discounted and used the proceeds i'm
his speculations.
:, Mr.; O}rien, the assignee. said that the firms
Liabilities were about SIS, 00o: large part OF the
ana their real value would depend upon whpther ar
not they were completed.