The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-09-24
BnLFoRD, obARKa q co. FAIL.
Attachments for SA28a5 Issued
Against the Firm.

ARdlLSt JIG &-Llls
CHICAGO, Ill, Sept. 23.-The mammoth
publishing house of Belford, Clarke a Co.,
which has a large eatabliihment here and
branches in New York and San Francisco,
went to the wall to-day. This afternoon
judgments were entered against them in
the circuit for S20, ,ss5 in favor Of the First
National Bank, and for $4,000 IN favor Of
S. A. Maxwell q Co. Attachments were
issued, but shortly after tho place was
seized by the sheriff and a receiver was
appointed by Judge Shepard
NOT ENTIRELY UNEXPECTED.
The failure of the house, while q surprise
to the general public, had been expected for
some time by those who are familiar with
the firms standing Belford, Clarke & Co.
started in business here about ten years ago,
and we're perhaps the largest publishing
house west of New York. They were ex-
tenslvely engaged in the publishing of
| standard books, and in this respect they
were one of the largest houses in the United
States.
CAUSE OF THE FAILURE.
Lawyer Newman, attorney for several of
the creditors and also for the receiver, said
that three things were responsible for the
failure. In 1886 their entire plant was de-
stroyed by fire, causing net loss to them
OF over $l50,000. The firm promptly
resumed business, but during the last
two years they have suffered very heavily
by the failure of customers. The collapse
of one firm in San Francisco alone, lost
| them about $40, 0U0. In addition to this the
| competition bet eastern and western
publishers, particularly of standard works,
| has been so brisk that the market has been
wholly destroyed, so much so that books
which two years ago sold for from 81 to
81 80 now being from 30 TO so cents.
THE ASSETS AND LIABILITIES.
Mr. Newman said that in his opinion the
assets Of the company, consisting Of stock,
accounts, plates, cuts. dies, copyrights, etc.,
would amount to about 100000, aud the
| liabilities to about $3.50, 900 or s400 ,000
The principal creditors are the Grove Print
| ing Company, who are duo over $3.50, 900;
Donohue & Hennessy $4,000, First Ma
| tional Bank of hicago $50, ,000 S. A. Max
well $13, 900. Besides there are heavy credi-
tors in New York and San Francisco. Mr.
Newman said the receiver would continue
to issue Bs!foT1's Moathiy. magazine
which the firm has been publishing for
some time. 1t has a subscription list Of
over IS, 900.
DESERTED BY THEIR BACKER.
Another lawyer, di,cussing the causes of
the failure, said at Andrew McNallY, of
Rand, McNally s. Co., who is Mr. Belford's
| father-in law, had been backing the firm
for some time, and that his refusal to in
dorse the firms paper prompted the First
| National Bank to enter up Judgment. The
attorney thought that if Mr.. MoNally had
not discontinued his support, the firm might
have pulled through.
Thos. G. Hammond, msmber of the firm
of Walker, Oakley 81 Co. leather merchants,
is the recsiver. His bond is for 800, 900.
| Prior TO the appointmept Of tho receiver
| Doaohue a. Aenaesy, WHO arc among the
larest creditors, dled bin IN which i5 il
| stated tkas tae broken corporations capita
was 500. COO of which only $780, 600 had
been paid III. The nominal assets, ace Jrd-
ing to this bill, eTeousS to less tnan 200, 900
while the indebtedness will excesd $400, coo
TIE NEW YoRK STORE CLOSED.
| New YoRK, Sept. "a deputy sheriff
| to-day took possession Of the store of Bel
| ford, Clarke Sc Co., book publishers, at No.
| % East Eighteenth street, on an attach
mont for se5, 600, granted by Judge Barrett
OF tee suplelno coart IN favor of Gerald T.
| Shepard, TO wnolG tsse clalLn was assigned
| by the Firg5 National Bank of Chicago.
| The ettacaI0sut was granted on the ground
that Belfotd, Clarke & Co. are n foreign
| corporation, thetr headquarters being Ia
| Chicago. Tho bealca III Brooklyn was
also seized by tbo sEefif