The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-02-12
Commercial Crashes.

commercial Crashes.
/. TWO ENTERPRIsING HOUSES ASSIGN DUI
@ ING THE PAST WEEK. j. r. CRAIG AN
/ W. r. TYREE & co. IN TIE HANDS 0
J. TRUSTEES.
. The stringeney of the times is bringin
disaster to some Of the most pushing, en-
ergetic firms Of our city. Indeed Staun
ton has had more than its share Of failure
during the past six months, and let Ii
hope that the end has been reached.
On Saturday last, the It'll, j. r. Craig
dealer in queensware and notions, assigned
for the benefit of creditors, II. st. Geo
Tucker, Esq, being the assignee.
The assets embrace the stock of goods
in the queensware store on North Au.
gusta street, recently purchased by Mr..
Craig of j. IT. Picker, and the stock of
goods, notions, &C., in the store-room
under the VIRGINrAN Office, corner of
Main and Augusta streets, together with
the furniture, Nc, III Mr.. Craig's room on
Frederick street. The estimated value of
the assets foot up to about So, coo, and the
liabilities amount to $4,S94.77.
The liabilities are divided into two
classes
ist class.-A debt due to j. II. Picker
OF %2,l05.40, and u note at the National
Valley Bank for $500
Cd class. Debts due to foreign credi-
tors aggregating $2,3l4.37, and a debt of
$l75 to Miss Mary j. Baldwin.
The forms Of the deed provide that the
expenses of the trust and creditors of the
first class shall be first paid, the residue to
be paid pro rata to the creditors OF the
second class.
/ The assignor began his commercial career
some four or five years ago in the small
store-room next to Bckles furniture
store. There he opened a five, ten, twen-
/ ty-iiye and fifty cent store, and bv the
closest attention to business soon built I'D
a large and profitable trade. Subsequently
he opened branch establishments in Ro-
anoke and Lexington. Some months after
the Roanoke store was closed out, and the
Stanton store removed from its modest
quarters to the commodious room under
| the VIRGINIAN office, where large stock
was displayed and an extensive business
established. Last fall Mr. Craig also pur-
chased the queensWare stock of J. II. |
Flicker, and since then has been operating
the three stores-two in Staunton and one |
in Lexington. Large stocks had been
laid in for the late winter and spring |
trade, and the sudden stringeney of the |
times SO cqrtailed purchases that in order
to save wreck an assignment was made.
MI. Craig is young man, full of vim and |
push, and his reverse we trust and believe
Will prove but temporary. With his capac-
ity and pluck, he will yet come out heads
up,
W. Il. TYRES co.
Yesterday morning, the well-known
wholesale drug firm of w. r. Tyree & Co.
placed its affairs in the hands of trustees.
The firm has been operating largely in
Virginia, West Virginia and Pennsylvania,
their principal trade being in the mining
districts and along the lines of public
works. The stoppage of so many public
enterprises and difficulty of collecting
from even the best of debtors, brought
about the assignment. The trustees are
Messrs, G. i. Weller, j. z. Rollins and
W. A. Hudson.
The assets of the firm are estimated as
follows:
Stock on hand. $40, 510.5l
Bonds, notes, and accounts. 12.47S.49
Total assets SO ,9s9.O0
The liabilities are divided into four
classes. Each class is TO be paid in full
(Wtthout any preferences in anyone class
before the class nextsucceeding is reached.
LIST class. expenses attending the
execution of the trust recording the deed.
&c.
ID class.-Notes executed by w. R.
Iyree 4 Co.. with various endorsers, dis
counted at the banks, aggregating S.
67l 100. ft
Sd class All Of the debts, notes, bonds,
&C., due by w. r. Tyree & Co., estimated
to aggregate about $4,000.
4th.--After paying in full all debts en-
braced in the preceding three classes, the
remainder to be aisbursed in proportion
to the interest held by the several mem
bers Of the firm, viz: One-half to w. r.
Tyree, one-fourth to w. 3. Logan, and
one-fourth to j. S. Tyree, also $1,000 to
j. S. Tyree, being the amount loaned the
firm by J. S. Z.
The trustees feel'justiied in saying that
no creditor of the firm will lose one GQlIar.
1t is their BELIEF that within four or five
months the liabilities OF the concern will
be met dollar for dollar The assignment
was made in order to preyentsuits and the
accumulation Of costs.
The firm of w. r. Tyree & Co.. as mem
toned above, is composed of w. r. and
j. S. Tyree, and w. B. Logan. They are
all young men of fine business capacity,
energy and pluck. The house has enjoyed |
large trade for the capital invested, its
principal lines being proprietary goods,
bitters, no. The general business de-
preston and impossibiity Of collections ;
have operated with more than ordinary eff {
feet upon merchants in their line, in {
asmuch as it has curtailed the purchases
of their largest customers by the sus-
pension of public works, the cutting down
of forces in large manufacturing enter
prises and the like. The failure is a source
Of general regret among our citizens, the
~. ,cf tl,a Gr,,, oniouincs op1 docn,v- |
ing wide popularity. G @
From the showing made, and the opin-
ion Of the trustees tn: re is every reason to
believe that the affairs of the house will
be wound alp without loss to the creditors,
and ere long we hope tosee the members
of the firm again engaged ina prosperous
and paying business. ~ .sr.
~ Stuarts Draft items.