St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-09-24
FAILED FOR HALF A MILLION.
BelfOrd, Clarke & Co., Publishers,
Forced to the Wall.


CHICAGO, ILL.,, Sept. 23.-The man.
moth publishing house of Belford,
Clarke & Co., which has large estab-
lishment here and branches in New
York and San Francisco, went to the
wall to-day. This afternoon judgments
were entered against them in the cir
cult court for S29,SS5 in favor of the
First National bank, and for $4,000 in
favor of S. A. Maxwell q Co. Attach
ments were issued. but shortly after the
place was seiZ I'd by the sheriff and re-
ceiver was PIP inted by Judge Shep-
ard. The f. ilu of the house, while
surprise to t re general public, had
been expected for some time by
those who were familiar with
the firms standing. Belford, Clarke
& Co. started in business here
about ten years ago, and were perhaps
the largest publishing house west of
New York. They were extensively en-
gagged in publishing standard works,
and in this respect they were one of the
largest houses in the United States.
Lawyer Newman, attorney for several
creditors, and also for the receiver, said
that three things were responsible for
the failure. In 1886 their entire plant
was destroyed by fire. causing net
loss to them of over S150,0O0. The firm
promptly resumed business, but during
the last two years they have
SUFFERED VERY HEAVILY
by the failures of customers. The col
lapse of one firm in San Francisco alone
lost them about $4,000. In addition to
this the competition between Eastern
and Western publishers, particularly
of standard works, has been so brisk
that the market has been wholly de-
stroyed. so much so that books which
two years ago sold for from 81 to $3.50
now bring from 25 to 50 cents. Mr..
Newman said that in his opinion the
assets of the company, consisting of
stock accounts, plates, cuts, dies, copy
rights, ETC., would amount to about
$500, 200, and the liabilities to abont
S350.000 or 100000. The principal
creditors are the Grove Printing COM
pany. over $50, 900; Donohue q Hen
neberry, $4,000; the First. National
Bank of Chicago, $4,000; S. A. Max
well, SIS, 200. Besides these, there are
very heavy creditors in New York and
San Francisco. Mr.. Newman said the
receiver would continue to issue Bel
ford's Monthly, magazine which the
firm has been publishing for some
time, and which has subscription list
of over $4,000. Another lawyer, dis
cussing the causes of the failure, said
that Andrew McNally, of Rand, Nc
Nally Il Co., who is Mr.. BelfOrd' s father
in-law, had
BEEN BACKING THE FIRM
for some time, and that his refusal to
indorse the firms paper prompted the
First National bank to enter up judy
ment. The attorney thought that if
Mr.. MeNally had not discontinued his
support the firm might have pulled
through. Thomas G. Hammond, mem
Der of the firm of Walker, Oakley &
Co.. leather merchants, is the receiver.
His bond is for 100000. Prior to the
appointment of the receiver, D0nahue
d Henneberry, who are among the
largest creditors, filed a bill, in which it
is stated that the broken corporations
capital was S50O,O00, of which only $780,,
600 had been paid in. The nominal as
less than 100000, while the indebted
ness will exceed S400,00O.
SEIZED BY THE SHERIFF.
NEW YORK. Sept. 23.-The sheriff to-
day took possession of Bedford, Clarke
& Co.'s place of business IN this city, On
an attachment for S25, 900 obtained by
g. F. Sheppard, as assignee of the claim
of the First National Bank of Chicago.
The Brooklyn branch has also been
seized. Bradstreet's says that the bust
ness was started in 1879. The house
had trouble in 1880 and 1851. but came
out all right both times, and was ex-
tending its business largely until fire
in 1856 somewhat crippled it, and it has
since been reducing its expenses. 1t
did business largely on borrowed