New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-03-03
PRICE FOUR CENTS
TWO LARGE FAILURES.
LEATHER MEN GREATLY SURPRISED.
HUMPHREY CO. MAKE AN ASSIGNMENT WITH
LIABILITIES OF OVER 5000. 600.

| LEA HEX MEN GhEATL1 SURPhlSED.
HUMPHREY CO. MAKE AN ASSIGNMENT WITH
| LIABILITIES OF OVER 100000.
Great surprise was caused in the HSwanp" yes.
terday by the announcement Of the failure Of
Humphrey q Co., wholesale dealers IN hides and
leather at Gold ana Frankfort sts., who mado an
assignment without preference 70 Enos Wilder. No
rumors oil iher embarrassment had been in circula-
ton and the first news of their trouble that came to
the trade was the filing Of their assignment. Tho
firm has done very large business and it was the
general opinion of the trade that r was prosperous
The house is very old one the business having been
established IN Albany it is sad, seventy-fve
years ago by the late Friend Humphrey, who was
mayor OF Albany for many years and also State
SENATOR He died in 1854 and his sons succeeded TO
the business at Albany under the style Of Friend
Humphreys Sons. In 1872 the New-York business
was established as branch Of the Albany house
under the name of Humphrey & COLGATE the latter
bens the son OF James Is. Colgate. tn we'll known
Waltst. banker. In March. 1874 Humphrey IL
Colgate dissolved, Mr.. Colgate retiring aud the
name was changed to Humphrey & Co. J.B Colgate
became special partner IL. the firm. putting In
100000, which he subsequently renewed up to
February 2s 1885. The firm of Friend Hum mphrsy's
Sons of Albany, and Humphrey & Co. of New. Hork,
were Identical except as to the special partner the
10
Correll Humphrey. Mr.. Colgate was the special
partner in the New York house only.
The firm did very large business amounting to
over $l.O0O.000 year. Some conservative firms
In the " Swamp" thought it did too much busiuess
for Its capital and made too much paper, tho vol
ume of which estimated at 100000. On an
easy money market the paper sold at low rates.
The credit of the firm was quoted excellent on
account OF .he prestige of the house aud the conf
dence felt in the honor and integrity of the men.
In another care it would be quoted in good credit
only Oh account of its doing such largs business
compelling the floating of SO much paper.
From friends Of the firm it learned that the Iia-
bilities would amount to between 100000 and
100000, Of which about 100000 Is on uotos Of
the firm held largely by banks in this city ana Bos-
ton. The assets are large, consisting of property.
stock, and accounts, and 1t Il thought that the hrm
may pay IN full. The failure is attributable to
overtradins and the stringency of the money mar
ket in affecting the sale of the firms paper which
was detrimental to its extended business. In the
Swamp the news was received with the greatest
regret aud expressions of sympathy for tho firm In
their mis- ortune univeI sal, and 10 thought
that measures would be taken fer speedy resump-
tien. j. b. Colgate, the special partner. said that
he had no statement to make In regard to the affair.
A TRIBUNE reporter called Oh Mr. Wilder, the as
signee. last evening, put he said that he was n0t
yet sufficiently familiar with the firms affairs to
say anything about the causes Of the failure. tho
amount of the liabilities, the names of the c,edi-
tors. or the probability of paying The claims In fdil
In regard to the members OF the firm ii learned
that OF them had gone to Albany to look afser
the interests of the firm there, that another was in
TIOga County. Penn, where the firm had large tan
nsries, and that the third partner who was In tho
city, was sick.
prominent leather merchant in tho @Swamp"
said tuat be did not think the failure would have .
serious effect on the leather trade. The banks had
been little slow recently in accepting the paper of
w n a
on account Of the leneth of time during which
much OF the capital Of the firms was locked up In
becoming leather. The Increased caution of the
banks had made 1t hard for some houses 70 meet
their obligations on time and he thought this tho
chief cause OF the suspension of Humphreys g. Co.
It was Of the principal OF the failure Of
NJ Armstrong 4 Sons, and that failure undoubtedly
had much to do in bringing about this one The
members OF the firm were all men of the most scru
pulous integrity, living modestly and giving Close
attention to business and there was little doubt
hey would soon be on their feet again.
ASSIGNMENT OF A FRUIT FIRM.
Wiley, Wckes 81 Wing. importers of fruits 81
los. $50, 152 and 154 Reade-st, made an
ssignment yesterday to John Galway, giving
references for $97,24s.4s. The business was
very large one, and the firm had
Ugh credit with the importers. 10 made .
pecialty Of raisins and ousrants The business was
established over thirty years ago as Robbins d.
Wiley, and has been under the names of w. X.
Wiley & Co.; Wiley & WIckes, who dissolved In
s5s; then Schultz, Wiley & Wickes, who dis
olved in 1857 and were succeeded by Wiley.
yickes & Wing. r. W. Wing. of the firm. died in
november, 1879. but his capital remained in
he business and his son, Luman X. Wing.
ecame O partner. The firm became very
opuar in the trade, its business increased largely
nd it became Of the largest buyers in this mar
et. Mr. Wiley said yesterday that the cause OF tho
ssignment was the carrying of very large stock
goods on falling market. As near as he could
,timate the liabilities about 800, 900; tha
ssots were in excess of that SUN and would prob
bly, amount to 100000. consisting
ank. it was stated that the firm had in
count in the bank for many years and had always
ood well, and il was thought that the assigumeuf
ould be only temporary and that all the creditors
ould be paid in full. Another creditor said that
hlch had not yet matured. He attributed ths
allure to shrinkage, heavy expenses and selling
pods without profit.