St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-03-20
FAILED FOR A MILLION.
Politician Plummer Goes to the
Wall With a Crash.

New YORK, March 19.-The dry goods
trade was startled to-day by the failure
of John f. Plummer & Co., following as
it did so closely upon that Of HARRISON
81 Loder, which took place last week.
The firm is composed Of John f. Plum
mer and William S. Darling. They
maze general assignment for the bene-
fit of their creditors to jeremiah 2,
Murphy, their cashier. Mr.. Plummer
also made an individual assignment to
Mr.. Murphy. Much regret has been
expressed in the trade. Mr.. Murphy.
the assignee. said that the assignment
was principally due to depreciation in
value of the goods which the firm
had on hand and which they
had been carrying for some
time. When they relied their posi-
ton they made every effort to 20 on,
but found it impossible and had to make
an assignment without preference. Mr..
Plummer is recognized by the trade as
q man of high honor and competent
business ability. The creditors con-
cerned. by uniting, possibly can make
the suspension only temporary one.
Mr.. Murphy said the liabilities were
about Sl,00J,000. of which about $500, 900
IS for borrowed money and the balance
is due to manufacturers and for trust
money deposited with the firm by
relatives and friends. The trust money
Is Family Matter.
The assets nominally were little
larger than the liabilities. They con-
sist of stock and outstanding accounts
and some valuable real estate
owned by Mr.. Plummer. In the trade
the liabilities are reported to be
$1,100,0O0, and nominal assets $1,000, 900.
The trade attribute the failure to over
advances, chiefly on the satinet ac-
counts, and complications arising from
the old firm Of Stone IL Darling, whose
business John f. Plummer took. 1t is
said that the firm Of Pomeroy d Plum
mer was mixed up with the firm of Fer
dinand Mayer, which failed in Septem-
Der, 1885. P0meroy IL Plummer dis
solved Jan. 1, 1885. and was succeeded
by the present firm of John L. Plum
mer u Co. They took the satinet bus
mess of Stone 81 Darling, TO whom it is
said they made the necessary advances
to enable them TO liQuidate. The Hook
anum cOmgany, of Rockville, Conn.
is reported to be one of the
largest creditors of the firm. Mr..
Maxwell, president Of that company
loaned MIR. Plummer $4,000 when the
latter founded the present firm, and it
is said the loan was repaid last August.
Alr. Plummer was for many years with
the old house OF Pomeroy & Adams, in
which he was admitted partner in
1866, and three years later was changed
TO Pomeroy & Plummer. Plummer q
Co. claimed capital of 100000 and a
business of s., ZOO, 100000 the first year
of its existence. Their statement Jan.
/, 1889, showed assets $685. and
liabilities 1885,, 1862. The open accounts
amounted to S624, $50 and these were the
principal assets. They did a
large Business in Woolens,
and were negotiating to take Southern
cotton goods accounts, which would have
increased the business $1,000, 900 a year.
Mr.. Plummer was active i'll Republican
politics, but it is claimed that did not
Interfere with his business. He Is a
personal friend of President Harrison,
and took leading part in the last presi-
dental election in the dry goods trade.
sit is Serious" said merchant to-day,
''that two leading Republicans-Mr,
plummeT, of New York, and Franklin