New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-04-06
a HALEMILLIoN FAILURE.
LEADERS IN THE SHIRT TRADE ASSIGN
DOWNS FINCH IN DIFFICUImEs-A SUDDEN
AND SURPRISING COLLAPSE.

DOWNS q FINCH IN DIFFIoUInEs-A SUDDEN
AND SURPRISING COLLAPSE.
The shirt trade was surprised yesterday By the
announcement of the failure Of Downs 81 Finch,
shirt manufacturers, at Nos az and As deonard-st,
with large factories at Jamesburg, Bordentown
and HighUstown, N j., who were regarded as
the hsding firm In the fancy shirt business Of the
United States The firm is composed Of Daniel
f. Downs and Cornelius NJ Finch, general part
ners, and " Henry Rothschild and Isaac Dreyfus,
special partners. Messrs Downs e. Finch made a
general assignment yesterday afternoon, without
preferences, to Theodore f. Miller lawyer, of
No. 229 Broadway.
MesSrs. Rothschild and Dreyfus, who compose
the firm Of V. Henry Rothschild d. Co., shirt
manufacturers at No. 4S Leonard-st, wish it to be
distinctly understood that their firm is not at
all affected by the failure of Downs e. Finch, in
which they are the special partners. Mr.. Roths-
child said to q Tribune reporter yesterday that
the failure of Downs g. Finch was great surprise
to him, and he did not know what the cause
was He supposed the firm were doing q good
business, and that they were all right
In the shirt trade the news of the failure
spread with great rapidity, and great surprise
WAS expressed. The firm was regarded as the head
and front of the fancy laundered shirt trade of
the country, which they had under their control.
No cause was given for the failure to those who
called at the office, and all concerned expressed
their lack of knowledge on that subject. 1t was
generally understood, however. in the trade that
In trying to control the trade their expenses
had increased while the profits had diminished
and low prices had prevailed. Mr.. Finchs health
was also poor, and he IhS Just returned from q
trip in the West
The assignee was at the store most of the
day, and gave what information he could TO the
creditors and others interested He said he had
ship, and had been able to learn only in general
way from Mr. Downs. the financial
dnd nd' s5Soa and e TeFe asses
iudiciousIy handled, would exceed the liabilities.
The assets consisted Of the three large factories
at Jamestown, BordentOwn and Hightstown N j.,
stock on hand, which WIS nearly all at the fac
tories, material, machinery, bills and accounts re-
ceivable. He had discharged all the clerks in the
office and would close up the factories on Satur-
day. He intended to close out the stock as best
he could, and for that purpose might move it TO
New-YOrk If 1t would not be too expensive TO do
so.
Bradstreets reports state that the business was
Established many years ago as Downs Gourlay d.
Finch at Jsmesburg, n. j., and about seventeen
years ago was succeeded by Downs & Finch which
style has been continued ever since Mr.. Downs
was the financial manager, having formerly been
O school teacher, while Mr.. Finch looked after the
manufacturing part OF the business. At first they
manufactured cheap grade Of goods, selling at
low prices, and it Is said drove most of the other
factories out Of the trade. The firm was looked
upon as successful, progressive concern, claim
ing plenty Of capital and paying we'll for local
purchases. They manufactured fancy colored
shirts, and butt up n big business On August l.
1886, they formed limited partnership to run
five years, MeSsrs Rothschih and DreyfuS buying
In as special partners for 81 10000. The latter
turned over TO the new firm their fancy shirt de-
partment aud Downs & Finch moved across the
street TO the salesroom Of " Henry Rothschild &
Co
The firm Of Downs & Finch asserted to Brad
streets in September laSt that their capital was
100000, including the special capital that they
had successful ypar's business, and had increased
their capital at least $4,000 from the profits
They also claimed then to be doing the bulk OF
the fancy shirt business Of the country