, 1881-05-15

4 " iAt ID LAo aUlouA1 VI ala" A4ou0
!" Between $4,000 and Sss,ooo.'
| :" Did you borrow from lllln?"
"Yes- He has loaned MS money off and O.
ever since we started the race track
t did these three have any security?"
| No; simply Judgment notes."
"lIow long have you been borrowing from
| them?:'
"At different times within the last 81,
months But don't know much about it
Us Martin has been running the business"
"Do ToU OWE ANYBODY BESIDES THE PAR
TIES NAMED?''
"Oh, yes, we owe considerable money tt
"Who are they?''
Il couldn't give you their names.'
"Whcre do they llye?"
! 'In New York, Louisville, and Canada
parties from whom he bought goods"
IL couldn't tell"
ARE the amounts large ?"
,"",They run from 500 to 5000; perhaps q
Can you tell how much your liabilities
are?''
II have no means of knowing, but
should say on Il rough guess that we owe be-
tween S:.Oo, COO and S305, ,0O0.''
Are any banks inyUlyed?"
I'VE owe considerable to bank&"
(which ?"
IL don't care about giving the names.
They are securedby collateral-whiskies and
Wines"
.' Are any OF your creditors secured?"
NO; they have our notes."
What will your assets foot up?"
j" I can't tell until al Inventory OF the
stock is made; bur + should think they would
cover the liabilities"
"uaye you been doing much business
lately?"
:: rs: We had large trade-half mill
why couldn't you take up your matured
Swell. we have been borrowing from
Peter to pay Paul. Somc creditors pushed
US. We bought goods and ,ypu;hecated
them to get money to tlo business with. The
ness fnr so small Il capital"
What did you commence with?"
About S4o,00o.:'
"Where is it?''
G0NE-SUNK."
Have your exnenses been heavy?''
fes-very. We have spent 500, 900 in
New York llouse.o
"Then you have been losing right along ~
Yes, Tolu, Rock, and Rye broke our backs.
We have lost on it from the start, but that
was to be expected rs it mad to be introduced
to the public. We had just got to the point
where the returns were coming III, and now We
are closed up. It's rough, tell you. And our
doors were closed by men who have all along
been exhibiting the greatest friendship both
in word and action: The executions were 4
complete SURPRISE"
Gould you have pulled through ?''
Yes, if we had had time.'
- lad YOU asked for an eXtension?"
No: We had no idea that they would
pounce upon U.s."
The reporter also saw
Mr. MARTIN,
and asked him to tell his story.
Well, we knew nothing until the Deputy
Sheriff c:lme i'll and took poSsession.''
Have you been losing mollcy?''
IL supposed we had been making some,
but we haven't had chance to find out how
we stand, the closing up was so sudden"
you owe?"
to find out"
:. 4.Wh*t are your assets?"
Perhaps S5o,ooo or $4,000, There is not
more than, that in the store. Case goods
show. but don't amount to much.''
lou owed borrowed money to the iudg-
ment creditors who have levied"'
Yes. We have been borrowing from
time to t'me,-from Trude eyer aae SINCE we
as nigh as 5000 at time, until the amount
reached So, ,0o0."
":Iiave you ever paid him anything" ?"
No; He has been helping US right
Were you in the habit of hypothocating
Yes''
..Nhat was the necessity for that?"
I'VE had to do it to carry on the business"
Your capital was too slnall ?'
''That'S it; aud what we had is all gone.'
WHERE DID you DROP ,1oSEY:n
I'm Tolm, Rock, and Rye. We have paid
out 100000 for advertising. Olr New York
place-an elegant one-has cost lis $4,000.
How much did you sell it fors''
.On paper, SO 600; but we only got $4,000
something, besides, for privileges,-bar, res I
taurant, ETC."
You had no idea OF failing, though"
Not the least We paid out S35U for IL
f,;rs ;ensss St today s We thought We would pull
.Yes,''
How mucl, did you sell last ycar?"
CAUSES OF TIE FAILURE,
j., There is much which is unsatisfactory in
lie information obtained by the reporter rs
@ he amount Of the faiure, the persons to
which led to the s1nasla ~. The
,ames Of the individuals to whom tie firm is !
indebted will doubtless come out in day or |
:wo. however, because they will probably be
etc utSeHt anu eNclteHl II their de!iiOiiStra- /
lnns as soon as they learn Of the BANKRUPT !
y a:ld OF the fact that about all the available
lSses M nave Deem swallowed up BY the more
creditors. Thctwo banks which /
na!r advances to the concern are the Illinois
sational AND II the Traders',-the. first to the
Stent OF $1,000, aud the second fur $500
tea1ly they owe the banks nothing, the latter
'oid acceptanccs Of business firms. They have
'lsconnteu these from time to time but hold |
70 paper of Lawrence d Martin. These ac-
eptances are Of reliable business firms to
'hom they sold goods. The firm borrowed
o money of banks, but simply discounted
eceptances. The creditors are chiefly
'hisky men from whom the firm bought
70 rom time to time, and are scattered ali over
1e country.
The real cause of the failure IS probably
nat Lawrence & Martin say-that they
90 BIG A BUSINESS ON TOO SMALL 4 CAP
1TAL~ !
1hey were probably getting along well
lougll until they went into tllis Jockey Club
'eculanon. They say that they last q con
deraole amoun1 Of money in it. At the
me they sold out, it was said with flourish !
or %11~S Sz