New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-12
FAILURE OF J. T. WALKER, son d Gu.
BIG SILK HOUSE GOES UNDER WITH LnABIIr
tiles AT 81, o,ooo-TROUBLEs OF
MIG


tiles AT 81 1Oo,OoO-TROUBLES OF
OTHER BUSINESS MEN.
John T. Walker. Son & Co.. importers Of raw SIR
and teas at No. 81 Pnest. and at No. 81 Greene-s',
suspended yesterday with liabilities of S1.1ooooo and
nominal assets 81 100000. The firm Is composed Oh
John T. Walker, Joseph Walker and John W. COMBS.
They made assignment to William T. Kyle with'pi'
preference John T. Walker, tho senior partner has
been identified with the silk trade In this country from
its infancy. He carried on business alone for many
years and on July l. 1881 admitted his son and Slr
Combs as partners The firm did large business,
chiefly In silks In the fall of 1885, when European
syndicate was operating TO advance prices the hrm
handled considerable silk, but depreciation took place
in 1885, and the firm believed to have lost on goods
carried They supposed to nave mahe money
last year. and ON January were said 10 nave added
100000 to their capital, which was reported 10
amount to 100000.
Assignee RvIe said Yesterday that the suspension
NJ John r. Walker, son e. Co. in consequence oil
carrying the firm OF Nightingale Brothers d' knight.
silk manufacturers, Of Paterson, n. j., VINO o"eo
Walker Son e Co. about $4,000. The Paterson nrm
being unable to meet their obligations to WadRer BON
g. Co. compelled the latter to suspend, as their ehure
capital estimated at 100000, was invested WIN
Nightingale Brothers g. Knight The paper OF the
latter firm to the amount Of 100000 had matured
ras overdue and had not been paid. Owirg to the
tight money market Walker, Son Co. were unable 70
float their own obligations to take up this additiohai
burden.
The liabilities Of Walker Son Il Co., ne said'
are about SI,1O0,OO0, due principally 10 foreign
bankers dealers in mercantile credits ana 10
National snks who hold their paper. ltte' IL
any, being due for merchandise. The nominal
assets are about 81 OOO consisting OF merchandise
ahout 100000. and bills receivable and accounts
ssOo 900 which includes 100000 due from Nisn@
,praIe BROTHERS e. Knight. The actual value Oh me e
assets will depend on the amount coiec'c" i'' "''
Deputy sheriff Young Yesterday Tecs nS an d1aas
Walker Son CO. They formerly saa an MI fn a@ r
Nightingale brothers knight owed the former ,Ii,i him
vi viii rpG not exceed ss5 900 In January last the
Srhtingalcs asserted that their inventory showed
surplus Oh Davis tailor at No 217 Greenwichst,
made an assignment yesterday to Frank Phillips giving
the latter a preference for S2ooo
s,rsprNsION OF A PHILADELPHIA FIRM.
philadelphia, Nov. 1.-THE stock brokerage firm OF
Narr A. Friend OF this city, suspended to-day. Ihey
cav their embarrassment caused by the continued
drains produced by the active market OF the last ten
davs Tho firm hope that the suspension Is only
tcmnorary They are unable as yet to make any
s,tament NJ assets and liabilities, but 1t is thought
shay
N.rr ia n member of the New-York Stock Exchange
and Friend is connected with the Exchange in TINS
citv The firm has been long Of the market recently
osneeally on the Northern Pacific stocks, which oroRe
badly to-day on account of the failure OF Decker,
Howell a. Co. in New York. Narr d Friend called
mon number of their customers for margins today,
hut they failed to respond, laying down. ON the
brokers TO use the Street" phase. The firm then
foupd that II could not carry out its contracts and
announced its inability to do 50 to-day Mr. MARI
sad this afternoon :" regret the necessity f)r tins
spsnension IL Is only temporary. We hope to re.
sr,me In few days. 1 cannot give the amoln OF
our liability / do not know myself. As soon as we
Get Strengthened out may have something 10 say
se' member of the finn Of Narr Friend stated this
afternoon that he thought $4,000 would cover their
differences The firm is said to have transacte1 6us
ness on narrow margins and their failure Is ascrlbed
10 this fact II Is not believed that any other failures
will follow the drop In the stock market
The excitement of the NcwYork stock market was
reflected 10 a certain degree In this city to-day The
transactions the Stock Exchange footed up )2IoI
shares the largest for many years. The bond sales
amounted to 1925 900. This by means indicates
the total amount Of business transacted for Philadc
pha accounts thousands Of shares were bought In
The New-YOrk Exchange orders from this city.
The local stocks Including Reading Pennsylvania ana
Lehlgh Valley, held firmly, although the trans
actions therein were largely above the average