The evening world., 1890-02-12
DEBTS EXCEED MILLION.
Franklin Woodruff's Failure Sur
prise in 1.-THE Produce Exchange.
Disastrous West Indian Ventures
Embarrassed Ills Firm.

Inc news that frnlklln INT
Frank w Farnhnm, composing the firm
of i. Woodruff & Co.. dealers in fish and
salt, at 400 Produce Exchange Building.
had failed caused intense surprise In
commercial circles this morning.
Tho firm had for years been prominent
in the sto. age warehouse and fish aud salt
business. aud were supposed to he sound
and with unlimited capital behind them.
They claimed n caritnl OF 5000, 600, but
this was considered high by conservative
bankers.
The firm assigned late yesterday after.
noon to Edward II. Hobbs. Mr.. Wood
ruff's personal counsel, and gave prefer
epces for s9T. leo. Mr.. Woodruff made
individual preferences for S2G. 800.
An EVENING WORLD reporter called at
the firms place OF business this morning.
Henry Woodruff, ron Of the senior part
ner, received the reporter very pleasantly.
Mr.. Hobbs has not been hero yet"
he said, and no statement has yet been
made. ] doubt whether any can be gotten
ready before the first part " next week"
Can you give me nh estimate OF the
assets md linbilitiess"
INos 'uuAt lbol U huN hOhN
can inst at present. | con safely as ert.
however. that the assets will more than
cover tno liabilities. aud TINT creditors
will he paid dollar for dollar"
What was the real cause OF the as.
signment!"
1T was our Hnytian venture that led
to II. We made large shipments Of fish
TO Hayti just before the var there, and
whom that trouble began business came
10 q standstill III that part of the country,
and we were unable to get our money.
We bought fish Mt Halifax on short time.
and failing to get money from Hayti pre-
cipitated the trouble"
i" Il Is sa,d that the Grain Elevator bill
recently passed affected your fathers
business and hnstened the failure"
THAT is not So" replied young Mr..
Woodruff. " 1t il true his warehouse
business was affected somewhat, but not
Did politics have anything to do with
the failure ?"
mot a bit. II is all rot to say my
father spent large sums of money in poll
tics. l don't believe he has spent five
cents in as rany years outside of travel
ling expenses.
Are you making any effort to get the
money due Mt Hayti? What is the amount
and II it good" asked the reporter.
I'VE have q man down there now look
ing ont for II. and wa think we will get
the money. We have good assurances
from there"
How wes it you could not tide orer
for awhilear
There were several large payments to
make this month, and it was deemed bet
ter to assign"
MIR. Hobbs. the assignee. gave substan-
tally the same version of the cause Of the
assignment as did young Woodruff. Re-
garding the liabilities he said:
1t IL impossible TO tell tho exact
figures, but l believe the amount will go
over 81, 900. 900. Mr.. Woodruff has heen
sailing close to the wind for some time.
He has been in business for forty years.
md has always rated high in the trade. 1
think the suspension will only be tempo
rary. but, IL II should tuIn out otherwise.
Woodruff will not go to the poorhouse."
At Mr.. Woodruff's handsome residence.
l03 Remsen street. Brooklyn, there were
numerous persons waiting to see hun. He
denied himself 20 all. TEE EVENING
WORLD man with the rest. He Pleaded
that he was not feeling well.
1t is said by intimate friends of Mr..
Woodruff that tho failure will not affect
his position ms Chairman of the hepuhli-
au General Committee OF Kings County.
1t was rumored that lie would resign. but
no confirmation of this could be found.
Franklin Woodruff has beer u prOni-
nent business man in Brooklyn for years.
He was a clerk with the firm of A. Wool.
a Robinson. who were engaged in
the w~nrehousing and salt fish business in
this city.
He became q PARTNER in 1853. when the
senior partner. Albert Woodruff. retired.
The firm dissolved in 1875. Mr.. Wood
ruf afterwards became associated with
Franklin Mclean and various others. his
last partner being Frank w. FarnhAm,
who is now associated with him. They
have lone a large business.
Three years g Woodruff. with T. B.
Bartlett aud William II. Beard, formed a
warehouse trust which wns known as the
Empire Warehouse Company. In March,
1897, he aid to BradStrset's that the
property was worth 81. 100, G0J. |
was mortGa" ed for s45n. 900. and the in
vestment Melted $40. OCO "A year.
. Sept. 3 last the Mutual Life Insurance
which held the mortgage on
the warehouse, loaned Mr.. Woodruff
$50. 0 O more.
Frank ID. Moulton. of Beecher- Triton
fame. was connected with Woodruff x
Robinson when they dissolved. Al that
time II came out that the firm was in
by the Government for smuggling. |
They had imported a large quantity OF
goOls which were undervAlued, They
pad Sh0,GO0 TO square the case.
Mr.. Woodruff was identified with the
Republican party from its start. lie was
ne Of the Reform Committee of Seventy
in 1870, Rnd afterwards served ms
for Mavor OF Brooklyn in 1879.
Ten years later he became Chairman Of
The Republican General COMMITTEE, and
wa7 last month reelected after a desperate
fight.
lie was not present al the Committees