New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-12
FAILURES IN THE SILK TRADE.
TWO PATERSON HOUSES SUSPEND.
J. PHILLIPS MAcKAY AND J. C. RYLE co. IN
FINANCIAL TROUBLE:

J. PHILLIPS MACKAY AND j. G. Kyle w. iN
FINANCIAL TROUBLE:
II was learned Yesterday at Paterson, N j., that
two concerns engaged IN silk manufacture in that
city were in financial straits. The two concerns were
j. Phillips Mackay and John O. Kyle o. o.. CO. ME- mi.
Mackay has been in business by himself as SILK
manufacturer since 1875. The firm OF John Z:
Ryle g. Co. consists of John Z. Ryle-a relative OF
the venerable John Ryle,, the pioneer IN Ine
G. TIIlotson. They are throwsters of SILK, and MI
Mackay has been buying his thrown SILK IRON them
10 weave INTO finished goods. Some years ago Joun
c. Ryle and j. p. Mackay were III partnership III
the silk business in Paterson, and their business
relations have been intimate. Mackay owes rye
e. Co. large amount Tor thrown SILK au from
This amount is vari0usy guessed at as being from
$50 600 to $75 900. and is thought to constitute
The greater portion of Mackay's Indebtedness.
made nmhIic through solns of his paper going to
protest at bank in Paterson lie Declined 70 max
any statement yesterday except that he was III deep
water financially. lie was not prepared 10 predict
how his troubles would turn out The embarTass-
mrnt of John &. Ryle 4 Co. was the natural result
of Mr. Mackay's. They were stu techme,'y SOL
vent They had met every Obligation promptly ana
their credit was good. Bnt they learnPi OF DIT.
Mac 4y's trouble, and X owi4g that IL would prod
ably IL az them down, u cded 10 can neeting VI
their creditors which W. fed for next SATURDAY
,ncrp,ng No assigpmou. haS been made by either
firm and the mills OF IN die still running. Inc
fate of the Ryle cOmpanF J3pends almost entirely
mon +; al of theiI large debtor Mr.. Mackay. and
until J. condition is more dtiinitely kno moi hlng
can be positively said alb =! The prospects OF tho
throwing company. -.
The principal assets OF Mir. MackaY are Thought by
sllk men OF Paterson TO consist of the machinery IN
MS mill valued a about $4,000 1t Is not known
positively how much, il any, equity he haSln GOODS
in the hands of his commIssltn nercr ants, A.
Person & Hartman, Of this cay, 20 Nnon ne
RECENTLY transferred his accounts from An ndoFn
a. smith He does not the mil In whlci -
operaies The principal creditors OF John L. h'ie
A Co are silk importers sn this city, including
William Ryle of HOward-s... and the emma ana
Japan Trading Company ana A. "A. Low Y Bro, Oh
Burling slip great deal of symp thy IL e. pressed
I'm Paterson for all the embarrassed Manufacture
wross fciure is considered honest and unavoidable.
None OF the paper of John Z. Rye d Co. has ma
turrd, and in calling meeting o. Their creditors
they nave anticipated pfobeDie dijeuliy.
William Ryle, silk import IL NO. d iiowaru-
ST is a cousin OF j. &. Ryle H. - i"W lh Europe
Mr. Murphy, who has charge % ihc oI,ineS IN MI.
Ryles absence said that the failure " " C. hylc q.
COwas due to the failure of j. Z. Mackay. ~ MAO,
KAY owed j. G.. RIVE q considerable am0n"t ana
his means not suffcing for the carrying on OF his
business his indebtedness to Mr.. Kyle carried the
latter down. Mr. Murphy estimated the total m
debtedness OF Rylc Il Co. at about Soo,ooo. he
did not think that the firm owed any single concern
more than $4,000 He thought that Mr. Macsay
owed his main indebtedness {, j. g. Rye ~ Co. Tue
latter mad bern, he thought, supplying MackaY
with thrown silk and carrying paper for him. Amini,
down d Smith. of No. 81 Leonard-st formerly sold
the goods of Mackay on commission. About month
ago Mackav's business was transferred To A Person
q Hartman of No. 457 BroOme-st. Both OF the
suspended Paterson concerns did n comparatively
small business Their united plant Is estimated To
have cost no more than T35. 600.