The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-03-17
THE GALBREATH FAILURE.
NOMINAL ASSETS SIOI, 900, LA
BILITIES FULLY AS GREAT.
About Half the Firms Indebtedness
Secured - The Immediate
Cause OF the Failure.

Though the failure OF W. b. Gal
breath & Co, which occurred yester-
day, was not wholly unexpected,
hopes had been entertained by their
friends that they would he able to re-
pair their losses and Ie-estsblish their
credit on firm and lasting basis
To them the news that a deed OF as
Segment was filed came like a blow
yesterday evening. The instrument,
which named W. ]. Crawford as
signee, was rather vague in como re-
spects, giving no schedule c creditors,
though the assets were set out In, full.
The total amount CT liabilities was
put down at $73, 900, and the assets at
SOL, 900, which includes such interest
as the firm has in 800 bales Of cotton
in the Navy-Ysrd compress shed,
and the Office fixtures, besides notes
to the total amount Of $2&49l "a,
among which the largest are those OF
ID. L. Coleman, for S74S %; j. L.
milford, 1913 90; w. C. Pyles, 1856 96;
G. W. Davidson, Sl75S As: Eldie
Houston, 5000; W. V. Chardavoyne,
$lll0 Is; Pace 4 LSvendar, $4l93 40;
+. T. johnson, S726 90; w. B. Cris-
man, 1850 10; J. L. Eopersou, $500 90;
N. II. Bradley, S642; l., +. Wright,
Sl240 90; b. d, Hodges, $l066 60,
$l268 66, $l266 So. Other parties,
whose notes they hold for smaller
smounts, are b. Davidson, Posey &
Gossett, @. l.. Miller, Keeling & Nc
Bride, A. p. Matthews, j. f. 4 l.. L.
Pratt, F. l., Galbreath, J. IL. Collins,
T. j. Moody, Thomas J. Humphrey,
+, Il. Boyd, r. 5. SHELTON, II. b. Camp
and McEwen Il Hill.
The following notes are held by T..
T.. Meacham as collateral security for
the Endorsement of two notes, one for
$500 and one for $4,000; Eddie Hous-
ton 5000, J. l.. and l.. w. Pratt $26l 20,
j. ii. Collins $500, II. $. SHELTON
S2l2 06, and B, d. Hodges $500 9S.
Open accounts to the amount of
S53,726 GA are scheduled. The re-
naming assets, all going to make the
grand total of Sl0l, 476 "a, are noted as
follows:
w. G. Pyles's life insurance policy,
held by Il +. Meacham as collateral
security, 5000; M Llrkin's life in.
surance policy, 5000; @, Dickenson's
life Insurance policy, Sl260; o. b.
ParkeI's life insurance policy, one
half interest, $4,000; stock in Mer-
chants Cotton Press aud Storage Com
pany, same being Hypothetical for
loans, included in liabilities set forth,
(Iace), S2l 900: Gender plantation,
1880 acres, $500; Pope plantation, 4S0
acres, $4,000; both being decided to an
indoTser OF the firms paper for $1,000
as security, same being included in
liabilities noted.
A glance at the figures given above
will show that of the $4,000 due by
the firm about $4,000 is secured,
leaving $4,000 to be paid out Of the
general assets. Mr.. +, Il Meacham,
the heaviest creditor, is fully secured.
He il indoreer on note for $500 to
the Union and Planters Bank, which
institution he also owes $4,000, secured
by $1,000 Of cotton compress stock.
The immediate cause Of the failure
was the protesting of draft for 5000,
drawn by j. b. Phillips of Browns
vile through sn Eastern house upon
the firm. Phillips has been running a
store st Brownsville for some time for
Galbreath 4 Co., and lately his drafts
have been coming in pretty fast. 1t
is said that the Mercantile Bank,
which held the draft mentioned for
co lection, was allowed to protest it
without word from Mr.. Galbreath,
who realized that the end must come
sooner or later, and resigned himself
to the inevitable.
Mr.. Galbreath, ST., has been mer.
chandizing in Memphis for nearly
thirty years, and when younger man
took leading part in every public
enterprise OF note. When something
was to be done to boom the city, to dc
honor to one OF her distinguished
cit zeus or to welcome a visitor, his
name always headed the list. He en-.
ioyed an extensive and lucrative trade
and his word was good for thousands
Leaving the grocery business, where
he was member OF the firm Of Gal
breath, Mtacham and Fizer, he assO.
eiated with him Messrs. W. j.
Crawford, nov president Of the
Cotton Exchange, and j. M.
Fowlkes, at present Postmster
and did an excellent commission
bus ness under the firm name OF w.
B. Galbreath d Co. Several years
since Mr.. Crawford withdrew and after
ward Mr.. Fowlkes also retired. Not
long since Mr.. Galbreath took his son,
S. NJ. 6albrestb, in az partner, but
for some years the business OF the
6rm has been slowly but steadily de-
cliniDg, in spite Of all eiiolts to keep il
going. Mr. Galbreath loses al the
accumulation OF yeas OF earnest and
intelligent labor, but he will make q
strong effort to pay his debts dollar
for dollar. Fortunately a home is left
him, his wife having Inherited fIom
her father a ia IN in Middle Tennessee,
worth about $4,000,