New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-04-10
HER HEAVY FAILURE IN THE SWAMP.

ANOTHER HEAVY FAILURE IN lhE ."
GEORGE PALvNA co. MAKE AN AssIGNMENT-THE
LIABILITIES NEARLY 100000
George palen IL Co., wholesale dealers IN macs
and lea her a No. 81 Godst., made an ass'ghihon'
Yesterday to Justus l.. Buckley without preference
The firm is composed of George PAIN ana Alarm"
l. KNIGHT a. general partncrs and the following
special partners: Jane r. Palen. Joseph Is. HOY"
DAVID b. Fayerweather and Harvey S. Ladew'
The latter three compose the hrm OF %
B. Hoyt g. Co., who put in Sl5oOOo rs
special capital in November 1876 and Mrs.
Jane Palen nut IN $4,000 at the same time.
George Palen aud A. l.. Knight contributed $oooo
each to the general capital making the total caplta
in the business 100000. The partnership expired
on December 81 1851, but WAS renewed LOT hNo
years. The house is very old-established one anu
ranked very high III the swamp" George faen'
the founder of the firm died in October, lo'o' Ou'
his SON. who had previously been IN the hrui' SUI
ceeded him. and the widow put IN the 9oo'"uo' a'
already mentioned. The tannery WAS al bu'e-
stone \. Y, aud the firm was also In the oil ouSi-
ness at No. 424 Water-st.. Dnt expected
10 rive No that branch of the business by Nav l.
Bradstreets report OF March 30 1888 said They
claim that the special capital of 100000 is intact
and that there is aJout $4,000 additional at the
risk OF the business. rhev say they have 100000
also. loan from J. B. Hoyt d Co., not at the nsk
o on mess. Their indebtedness they give as 1900,
900 in bills payarle. For several years
the firm severely criticised as dong TOO
much business for their capital. eceSsItathE
the floating of large amount on
paper. At times 1t did not sell readily and the
credit of the firm suffered TO some extent ihe
present amount OF paper out IS beloved 10 DC less
by one half Than it two years ago. and they
have retrenched their business expenses very mate
rally"
Mr. Palen SAID yesterday that the liabilities were
between 800, 000 an $500,000 but could give no
particulars as tho asseis hr failure was caused
and by depreciation. In regard To Inc
reports in ciTcul ltOn in the swamp that tnere
had 0een irregularities in connection with their
PAPER Mir Palen said that there DO irregular
ties i'll the of notes; none had been ielt Ill
brokers hands but what they had received the pro-
ceeds for, and all were accounted Tor.
Mr.. Buckley, the assignee. SAID he had Decn IN
formed only few hours before the ass gnment that
be was requested to act gnee and he had not
had time 10 learn anything definite OF the nrm
affairs.
THE FAILURE OF WILEY. WlCKES & WING.
The creditors of Wiley. Wckes & Wing,
dealers foreign fruits at No. las Keades vino lately
made an assignment, held a meeting yesterday. COM
mittee consisting Of H. X Thurber John l. Jenef John
Hills and 5. H. st rus de report. showing the entire
Indebtedness OF the firm to S545G56 80 From this
amount 1902 2B2 81 TO secured and preferred creditors
being deducted there due general creditors
of s243 1913 3d. The net assets set down Sis,
462 80. The recommendation made by the commit Is
that Messrs Wiley Wing pay 80 per cent in three equal
payments at three, five and eight months respectively
legal accounting with Mr.. WckoS IS urged anu no
the appointment Of two who sh2J receive Tor
the the unsecured creditors " the urn any
proceeds resulting the claims against Mr Wickcs
The committee reported that tie amount embezzed by
/ M yt,lrs lawn I'D -