New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-07
A GREAT SOAP FACTORY STOPPED.

= s HIGGINS & co. TO BE RGANIZED-H. Rs
THURBER INDORsED FOR THEM, BUT THUR
BER, wHYLAND & co. ARE NOT con-
CERNED IL HIS ACTIONS.
Tie SOAP factory of Charles $ Higgins & Co..
one of the largest concerns in Brooklyn, al ParH
and Clinton aves., was closed last week owing to
the financial embarrassments of the firm, which
did an extensive business. The firm was composed
Of Charles s Higgins, ST. Charles 5. Higgins, Jr.
and John j. Morgan In order 10 get over the
difficulties caused by the stringent situation In
which the firm found itself, new corporation has
been formed under the name of the Charles ).
Higgins Company Horace X. Thurbcr, special
mariner in Thurbcr, Whyland Il Co., who had in-
dorsed paper for Mr. Higgins has large interest
in the new company, and other creditors are in
terested in IT, The old firm suspended payments
carly last week, and the work Of reorganization
has been in progress ever since.
Mr. Higgins was seen yesterday. He said that
the difficulty had been prccipi'atcd by the imam"
cal strinecrcy of the times and the amount OF
floating debt carried ly the firm. TIC firm gave
credit extensively. and when unable t. borrow
money in anticipation Of settlements II was forced
n ,lut down Combined with the srinerncy OF
thc money market was the fact that he had been
making recently large investments in real estate,
which could not readhy be- turned into cash!
Mr. Iig.ins said that hr fully expected that the
new company organized under hi, name would
settle satisfactorily all the obligations due and
carry forward the business successfully
The firm has been doing business estimated
NJ :; .ooo 900 annually. principally in "Gcrman
laundry" and toilet soaps. Mr.. Higgins was sup
po,cd 10 be worth several millions of dollars. lie
wa, formerly a Bridge Trustee and had a con.
troler>v with his fellow trustee. Alden Swan,
over an election bet, which led to tho passage of
q resolution which prevented Mr. Swan from fur.
ni,hng OIL and crease to the Bridge. Mr.. Higgins
offered to pay Gn c9ormouS sum for the privilege
of advertising on tie Bridge if II were Ia be LET ous
az all. although hc opposed III, putting of ad-
yertiscmcnt> the structure. He was Demo-
cratic Presidential Elcctor IN lSsl, but supported
the Republican ticket in lsss.
\ lew months ago suit brought against
GI-gIu- ~ Co. by firm of brokers 10 recover
Sloo,poo a> commission upon tie sale of tho busi.
ness of the firm 10 an English syndicate
tor - 100000. The scheme fell through, and the
suit is still pending.
Mr. IIiegns gave large sums to charities few
years ago to advertise his business He lives in
"A line house on Brooklyn llci-hts and has a coun.
try place at Babylon, l.. |. lie is we'll known in
club and social circles. Al the factory in Brook
lyn about coo men were employed. Nothing was
done there last week. To ill orders that were
waiting. Ii Is hoped 10 resume business this
week. rs soon rs the OllccIS OF the new company
are elected.
Mr. Higgins also said that an ASSIGNMENT by
the old firm was avoided ly the creditors inter-
csting themselves in the new corporation with the
members of the firm. The old firm had been al
ready dissolved. and the certificate of the incor-
poration of the Charles = Higgins Company he'd
been forwarded To Albany: meeting will bs
held early this week to elect officers, and then
business will he resumed at There had been
no failure and would he none, and business woIld
go forward rs usual in few days. Mr. Thurber
will be one of the active directors IN the new
Ncssrs 1hurbcr. Whyand < Co. Yesterday
authorized the following statement: Thurber,
Whyland n Co. are not concerned In the transact
lions of Mr.. H. X. 1hurber. He owes nothing.
lie is IA special partner in our firm. His special
capital here is not impaired but is earning q
steady profit We are meeting all our obliCa-
tions as they fall due We have large cash
balance "a hand, and are taking measures 10 In
crease this To bc ready for any emergency
which might arise ont Of the present stringcncy
in the money market Our business this wear
has been large and profitable, and our assets.
which consis, of cash. merchandise. and current
accounts owing us by solvent customers, are
very largely in excess of all liabilities
This official statement was issued 10 set at rest
the current rImors of the financial cmbarrassmcnt
of the big grocery house. ii. h. Thurber, tha
special partner of the finn, who was
seen YESTERDAY afternoon at his r. home,
No 1l6 West Twefth-st.. by Tribune
reporter said he had not failed. either individu.
ally or as the special partner of Thurber. Whyland
X Co He said. however. that he owed some call
loans with good collateral attached lie had just
seven creditor, of lis own. all told, and not one
of them would even ask him for payment IT
am the indorscr on some paper that is due" ha
said and that has not been paid yet. can paw
every dollar that | am indorser on. even If tha
parties did not pay ceut of it, and then haye "a