New-York tribune., 1889-12-22
HEAVY PAPER FAILURES
@. PREBLE & CO.'S SUSPENSION.

TOO MANY OUTSTANDING NoTEs-HIsroRY OF
THE FIRM.
J. O.. Preble e. Co., wholesale stationers at NOS
0 and IL Thomas-st., one of the largest concerns
in the trade in this country announced'their sus-
pension yesterday, having been involved In the
failures of J. B. Sheffield g. Son, paper
manufacturers, at Saugerties, y. T., ana
the Saugerties Blank Book Company. The
three concerns were closely connected In
business, Preble & Co. taking the fax paper
product of Sheffield & Son. and each concern
owning a half interest in the Saugertics Blank
Book Company There is large amount OF notes
out belonging TO the three concerns and their
combined liabilities are reported to be aboue
$l,5OO,OOO
Jacob O. Preble said yesterday that his firm
and the Saugerties companies had suspended HIS
firm was involved with j. b. Sheffield & Son for
a large amount notes They had got him in
too deep, and he had out more paper than he could
meet. Matters were complicated. and had como
upon him so suddenly, that ne could not say how
his firm stood, and it would be some days before
he could say how much the liabilities are.
Bradstreet's reports state that the firm OF
j. O. Preble & Co. is composed Of Jacob q Pre-
bic and his son, Walter f., who became a partner
in January, 1856. j. Q. Preble was the capitalist
of the firm, and in February last said he was
worth over 100000 He has been identified
with Che trade for upward of fifty years, doing
large business David w. Robinson and Jarvis
NJ. Fairchild were formerly partners, but with
drew August 30, 1887. On July 3.
1886, the firms factory at Nos. 81
and 81 Franklin-st., was burned, and
it was said, that the firm received $270,00o
insurance. Soon after the firm bought half
interest in the Saugerties Blank Book Company
IL ,,.... dana
there.
Before Mr. Preble became interested at Sauger-
ties, he prided himself not issuing any notes,
but after making that connection his notes APP
peared in the market, and it is now supposed
he got deeper and deeper in there and became
involved to such an extent that it resulted in
his suspension
Besides his regular business. J. Q. Preble is
interested in several large concerns. He
is president of the Aluminium Prod
uct Company, at No. 46s Cherry
ST., and at Findlay, Ohio; president of the Ma
tional Weighing Machine Company, of No. 2o2
Church-st, which introduced the nicke-in tbe-slot
weighing machines all over the city; president OF
the Natural Dam Pulp Company, at No. 60 New
ST., and at GOuverneur n. Y, in which he is said
to own a half interest; director in the Hoyoke
Paper Company, at Holyoke, Mass. director in
the j. r. Alsing Company machinery, at No. so
New-st., and director for many years in the
Ninth National Bank.
]. b. Sheffield & Son have offices at No. 10
Thomas-st. with J. O. Prebe K Co. The busi-
ness was established at Saugerties, in 1885, by
j. B. Sheffield, who died in January, 1879, his son,
William r. Sheffield, afteTward managing the
business On account of legal requirements, the
business was incorporated into a stock company
in February, 1882, with capital stock Of 100000
and bonds 100000. principally owned by the
Sheffield family. The company manufactured
paper at the rate of eight tons day, large part
Of which was used in manufacturing blankbooks
by the Saugerties Blank-Book Company in which
the Sheffields own haf-interest The Shefields
have a large plant, which includes two fully
equipped mills and other buildings. In leS7 they
purchased the iron mill at cost of SAC, ,0OO and
spent about 1000 in improvements thereon. j.
q. Meyers oil Albany, it is said, holds mortgage
on it for $50, 900. They also own 81 0,OO0 stock
in the Barclay Fibre Company, at No. 10 Thomas
ST. Officers of the latter company say they are
not at all involved in the failures 1t is reported
that receiver will be appointed to take charge
of the affairs of J. B Sheffield & Son.
The Saugertes BlanlI-Book Company in
corporated in 1881 with paid in capital OF
S42, 900. After Prebles factory in Franklin-st.
was burned out the Messrs. Preble bought half
the other half. Jacob @. Preble became president.
Walter f. Prebe secretary and w. r. Sheffield
vice e-president and treasurer. II is said that
William G. Kilmer will be appointed receiver
for the company. He has been connected with
PrebIe q Co. for about twenty years, and was
formerly partner, but withdrew on February
26, 1880.
At the office of Daniel Slote & Co., blank-book
manufacturers, il was said yesterday that they
had not suspended and did not expect TO. They
were not at all complicated in any way with notes
with the Saugertes Blank-Book Company. They
owed the latter company some money for goods
manufactured in the regular course of business.