New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-20
A BIG FIRM IN TROUBLE.
JOHN F. PLUMMER & co. ASSlGN-LlA-
LILITIES OVER 81 ,OOO.O 900.
DEPRECIATION IN VALUES THE PRINCIPAL
CAUSE-ASSETS NOMINALLY 81 1000 o000-MR
PLUMMER FRUSTRATED.

PLUMMER FRUSTRATED.
sion houses in the woolIcn trade made an assignment
Yesterday the benefit OF their creditors to jeremiah
f. Murphy, their cashier. The announcement OF thclr
failure caused intense surprise in the dryGoohs as
rict and followed by feeling of apprehension IN
certain quarters the trade believing that with 50 many
large corporations behind him Mr. Plummer would not
have made assignment If the mills which his hrm
represents could have helped him of hi, difficulties
on Monday ar. Pummcr and his two partners, Albert
I. Plummer and William :. Darling talked over their
affairs and came to the conclusion that the hrm WAS
not solvent and rs there seemed 10 be no immediate
prospect of going on the assignment followed No
schedule has been filed. but the assignee informed
Tribune reporter that the liabilities amount to some
~ ooo and the asset, nomlnally the same. The
trade puts the liabilities at ~ 100000 The only
preference is To- the films lawyer, EvartS, Cnoatc
Ieaman for $1,000 Mr.. plummcr al.o made an in
dividual assignment to Mr. Murphy, without prefer
cnces.
Many Of Mr.. Pummcr's friends refused to believe
the statement that he had gone under, and the big
sacsrOom at Broadway and Leonard 81. was tlroneed
ali day with inquircrs after the truth The assignee,
Mr. Murphy grew up with the firm having been IN lis
employ since his eighth year. lie attribute the fail
urc 10 the deportation in the value Of the goods the
firm had hand, which it had been carrying for some
time. These were principally satincts. The bottom
John T. Pummcr q Co. took the old business Of
-toncy & Darling dealers in satncts. who went into
lquidation Mr. Pummcr making the necessary al
yanccs to enable them lquiGatc. These advances,
and the complications arising from them' preciptateh
the failure. stoncy a Darling occupied a corner OF
The firms Office. having their name painted over
window. Mr. Darling Is the W. :. Darling Of John /.
plummer q Co.
This matter recalls 10 the trade the failure OF
Ferdinand Mayer. In september. l--3. II Wa, sald
at that time that the firm of Pomcroy Plnmmer
was closely mixed up with Mr. Mayer III connection
with real estate Transactions and furthcrmor, that
the partnership Of ,toncy * Darling Wa, formed Mr.
stoncy controlled the -atinct accounts. Mr.. Oar
ing was cashier for Pomcroy a Plummcr. The
latter firm dissolved January l. l7-J and was
-uccc.dcI by John L. Plummcr CO.
The principal creditor, Of the firm the Hack.
anum Mill,. the New England Mil,. and the Sainet
Nll,, Of Rockville. Conn. and the North Adams
Nill-. AT North Adams. Mas The Ilackanum Mis-.
which do a busnc,, Of ~ 100000 year. were
mail affair. farming out only 100000 worth Of
good, annually. whc1 NJ. rummcr took hold OF
them lie built them mp a, IA, own bu-ine-, grew.
Mr Plummcr j. the soul Of honor. and = competent
husinc~, man. said. Of his acquantancc-. and
an creditor, concerned can make the Suspension only
temporary Il they decide that the firm can resume.
The trouble seem, t. be that Mr. Plummer La,
.n the detail, Of his business too much to hi, part.
ncr. while he ooacd after the firms outside affair
Il hope that We shall be able TO resume, 1t IS
fca .oulblc - suppose that We may do -o.' SAID
Assignee Murphy.
,pme saoo.ooo Of the nabllucs +, for borrowed
money and rest besides that due 10 the woollen
mills, trust money Deposited with the firm by friends
4nd relatives. Nr. Maxwell. president " the Hook
auuin Mlll- lent Mr. Pluumcr 10000 when the
lre-cnt irm was organized. tn, loan, IL is under
.to.d VA, repaid last August. The assets of the firm
consist of stock and outstanding accounts, and some
valuable real estate owned by Mr.. piuumer. Mort
gage, Oh tins property wcgv recorded Yesterday a.
follows. 10 T.. VI. ~ouihn.ck and other. on de
maud of $1,000. house ard lot in Third ave, near
Duc hundred and second It,. 10 !. y. Plmmcr. house
and lot Nadsonavc. and one hundred and twenty hfh
It,. 10000. to 4. /. PlImm'r, house ana lou At
Iniid ave and one hundred aud nfst IT,, @."l 10
". J.. IomrrJy trustee house ana ."i AZ lN.iN ~
tnd one hundred and inst st.. ri,'pp 10 lraiihiA ~
Plummcr. trustee. house. ana lot at ave, ana
on" hundred and twenty ann 80, ana mousse tin lol
ln Ilfty -iAth IT, near Madison ave. Cir flAinncs >
From i,rldsirrc,'s reports II appcar~ that John
+. pldmmcr hlh been for many Year wlth the "id
house of romcroy Adam, IN which he wa aH
miuch a, a partner IN l-''' ana tn,rc H'lI' l"'T'
th" firm Wa changed {" Fonrr"y & Plninnrr. \. /.
Ilummer. brother. was admitted IL l-'; On
January !, leo Mr. ion"r'S i'licd ana yn""
piummcr Il Go. succeeded assuming il" IAhilr' 81
Pomoroy 4 Plummcr. amounting to about flo5'oVo
Tho new firm claimed 'tllthl 81 r.'V'"", anu VIZ
,ad 10 have done business If r',VoOuOo for inc
nr,t year ot #. cAstcnc,. Ilncc then their ,ia,1
on January /. l--9 their statement showed asset'
s-5o.e7-. and liabilities sJ-5,7o2. The open ar-
| count, amounted - :G2i.57O. and these were the
principal assets. They did "A large business. prnci
ray IN woolcns. and were recently neeotiaun; To-
Take On some southern cotton goods a''ount which
W, 70 increase the businc,, about %loOOopO a
tctr.
John +. piummcr took an active part I'm politics.
hut his politics wcrr never allowed T." Interfere Win
hi, business, lie il a personal friend of PRESIDENT
Harrison and took "a leading place I'm the last Irr
drutlal election I'm the Interest Of the drfeopd' trade"
He wa- In bed Yesterday and lat nirhi ~nncrine
from nervous pry-tratnn. In the evening he ro
cclycd numerous caller, who ala their utmost 10
console him. lie /, about forty i've years Old. T. A
native Of Boston town. ard has pluck and energy
enough 10 begin again whcr" h. has left on
Tie banks with which the irm did business are
the Chemical and Central National. The house 10
occupied IS the I'm which the big firm of Bates
Reed d Cooley failed some years ago.