The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1886-10-08

a GREAT FAILURE.
The Well-Known Chicago Wholesale Drys
Goods Firm Goes to the Wall, with Lia-
biIities of $685., 900 and Assets of Nearly
81 .0GO. OOO-.Cause OF the Crash.

The Well-Known Chicago Wholesale Drys
Goods Firm Goes to the Wall, with Las
biiities of $685., 900 and Assets of Nearly
81, oOo,0Oo-Cause OF the Crash.
CHICAGO, Oct. IA. S. Gage & Co., the
well known wholesale and retail millinery
and dry-goods house. failed yesterday
Approximately the liabilities are $3.50
QUO and the assets S1,000.o00. The i'm
mediate cause of the suspension was
Mr.. Cages inability to raise $4,000 to-
satisfy claim OF III. B. Clahin & Co., of
New York, which Mr.. Franks Western
business agent of that firm, was pressing.
Aware that an attachment would issue
yesterday morning in favor OF the claim OF
Claflin & Co., and this would be quickly
followed by ether attachments for
larger and smaller amounts, the firm
made an assignment to III. j. Mcfarland.
The papers had hardly been made out
when the sheriff arrived to serve the at
tachment, but found the doors closed
against him. At this time there were sew
eral hundred customers in the store, and
these were kept imprisoned during the eff
forts to keep out the sheriff and his depu-
ties Entrance WAS finally effected by the
latter, and both the assignee and officers
OF the law held joint possession during
the afternoon. Judge Prendergasts court
was in session, and to it was referred the
task OF determining the question OF pos
session.
The court having confirmed Mr.. McFar-
land as assignee, the deputy sheriifs were
obliged to withdraw and leave him in pos
session. Thestore will be reopened this
morning by Mr.. Mcfarland and business
continued as before. The assets
of the firm are estimated at near
ly 81, 900, 600. OF this amount about
$500, 900 is represented by the retail stock
of dry-g goods and millinery, 5000, 600 by
the Wholesale millinery goods, and $780,,
900 by unpaid accounts. No exact figures
could be obtained either as to the accounts
or the liabilities. The latter lie mostly in
New York, Boston and Philadelphia, and
represent goods purchased and money Dor
rowed.
The causes of the failure are said to be
decline in the value of goods, lack of prac-
teal knowledge of THE retail trade, vastly
increased expenses, and the falling
due of large claims OF Eastern firms of
whom, when the retail business was begun
goods were bought on six months time
In commercial circles it was rumored
that the CT edit OF the firm has been ques-
toned for twelve months or more About
the time the concern changed from whole
sale to retail dealing, which was last
March, intimations of it's shaky condition
were afoat, but Mr.. Gage declared there
was no foundation for them. 1t is said to
be true, nevertheless, that at no time
within four years has the firm been easy
financially. 1t has been doing a business
of about 100000 year, and OF late
the daily receipts have been from So, 900
to IS, 900.
Mr.. A. S. Gage was questioned and said :;
81 was being pressed by creditors till the
pressure became, as l thought, unendura-
BILE, when / made an assignment for the
benefit OF my creditors"
The house of A. S. Gage & Co. is one OF the
oldest in the city. 1t was founded in the
early part of 1857 under the firm
name OF Webster q Gage. Shortly be-
fore the great fire OF 1871 the firm name
was changed to Gage Bros. & Co., the
original members retiring. Mr. A. s..
Gage, son OF Seth Gage OF Gage Bros. &
Co., and nephew OF John N. Gage the orig
inal founder of the house, shortly after
this took the helm, and the house became
known as A. s. Gage & Co. About five
years ago they moved into their present
quarters, the large and handsome struct-
IRE on the corner OF Wabash avenue and
Adams street.