New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-21
LARGE DRY-GOODS FAILURE
SUSPENSION OF f. w. HOLBROOK ~ Co.
THE LIABILITIES ESTIMATED AT $75O,OOo-wALL
STREET sPECULATIoNs.

SUSPENSION OF f. w. HOLBROOK 81 co.
THE 71ABr1ITrEs ESTIMATED AT $3.50, 000-wALL
STREET sPECULATIoNs.
Tho fa,lure Of F.. w. Holbrook g. Co., of No. 81
Ieonard-st one of the best-knOwn houses In the
trade and leading merchants IN the converting
business, was announced yesterday. lhelr iflends
could scarcely realize that such an event coud nave
happened to the house, but all doubt was cleared
away by the official assignment OF the hrm whlcn
was filed in the County Gierns ounce Inc Grsnf
and Clarence ID. Newell-made general assignment
to Benjamin Cunning. one of the directors OF Ilg
CITY bsnx sSSs &srS on H. Wellington
$iS,195 IA; Orlando NJ. Bogart & Co.,
$4,000; John Collins q Son, o.,
or 81; total, S67,212 46 All these, are
confidential debts for borrowed money. The busi-
ness was established many years ago In Boston as
Clarke, Hobrook q Floyd. Mr.. Clarke retired ana
in January, 1865, the firm were succeeded oy Hoi-
brook Floyd q Co.. who were succeeded by the
present firm in 1865. l.. w. HolbrooK was the !eau
ing spirit in the firm, and owned me h nrnn
vale Mill Company, of Sprngvale, Me- Inc nrhl
leased the Empire Mills, at Trey, In when tn Tsy
spent considerable money In machinery lhey aiso
have branch store at Boston, -, A., ,
Mr.. Holbrook stood tirst-cass among all the dry
goods people who knew him. and tney al e1 press
the greatest sympathy with him In his misfortune
He is one of the directors of the National city BANK
a director of the Delaware. Lackawanna and
Western Railroad CompaEny ana prominent inen'-
From friends of Mr. Hobrook it was learned that
the liabilities were about S75O,OOO, OF which ABOUT
$3.50 900 was notes, $4,000 for mercnanuise
and about $40 600 confidential debts, the latter being
secured The bulk of the indie btedness 10 the oahs
that hold the notes of the firm when sofa reauIy
on the "Street" at low rates as the hTn were sup
posed to be worth from $25O,OOO TO $oOooOo.
The failure is attributed to losses III running the
three cotton mills In manufacturing. ihese 1ss aM
not far from S350,000. 1t is also SAID tnat Nj.
Holbrook has lost money in stock speculation La
regard to his speculatiOns several stories were In
dir afi
$500, 900 In Wall Street. gentleman famiiar
with his affairs said that MIR; Hoibrook, being
O director in the Delaware Lackawanna ard
Western Railroad Company and the CITY BANK
was supposed to have inside" information III re-
gard to the working OF the Lackawanns STOCK Ia
ago at so and made 100000. This tempted MIN
TO extend his operations on margins prices de,
cned, he called upon for more margins ana
responded as long as he was able, but in the break
of the last weeks he failed 10 put up more mar
gins when called upon by his brokers, ana tne
latter closed him out few days ago IN debt to
them $40, 600. leading merchant sad he knew
that Mr. Holbrook had speculated in stocks, and
hls profits IN had PROBABLY Segh wlP PED
gone TO Wall Street hoping to make up his losses In
bis manufacturing business
Mr. HolbrOok, when asked II losses ID wall street
had been one of the causes OF his failure. would
neither confirm deny the report, saying that the
assignee would gave all Information on That point
and that he would like TO know how the
report originated. He wished 10 be excused
from answering any questions regarding H.
He said the tai lure was caused Dy losses III manu-
S75O.OOO gentleman standing by him said :" If
you want to make it exact, put the liabilities
1925, 000"
In the trade the assets were believed to be about
1850 600 consisting of the mills and the stock in
them, merchandise and bills receivable
The finn kept two bank accounts, one at the
Central National and the other at the City National
Az the former it was stated that the firm did not
owe the bank anything they had never asked for
discount and were supposed TO be wealthy Mr.
Pyne the president OF the CITY Bank, said that he
could give no particulars of the failure. MIR. Ho-
brook was director there .. Nj. Bogart d. Co.
said in reference to their claim of $40 600 preferred
in the assignment: de owes us money on mercan-
tile paper"