Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1890-12-02
WHY THE FIRM FAILED.
JUNIOR PARTNER or PIERCE &
6EEsoN TELLS THE STORY.

MIR. Beeson Can Assign No Reason FOL
His Partners Flight ne Did Not g,
to Chicago VIII lie Lsnien
aud the Brick works win Be sold q
Private Sale.
Harry A Besson Of the firm Of Pierre,
Il Beeson, brick manufacturers, which
recently failed In this city, gave al
EVENING JOURNAL reporter an inter
| view last evening at his home. No 00l
| West Ninth street He said.
| The firm OF Pierce & Beeson sue
ceeded Forrest & Pierce Ia other words
bought out the interest Of Mr.. Forrest.
have been a member OF the firm for -four
| OF i've years, We manufactured from
5000, 600 TO 5000 000 bricks every yeai
and during the height of the brick max
ing season employed fully 100 hands.
What Is the cause OF your fsilureg
We'll, lsuppose you might say 1t was
on account Of trying to do too much
business on too little capital and the
outcome of the credit system existing
between the manufactures and the con
tractor in this city. !"
Did you lose very much Ia this wayf
Yes, why we lost 81, 800 on Silver
brock school house alone We furnished
brick to Contractor Pratt and he drew
the money from the Board Of Education.
for putting up the building and never
paid as for the brick he used in its con-
struetion. You seldom hear of VII
mington contractor who pays for his
material before the job IL is used o. has
been finished and paid for
What are your true liabilities?n
Indeed, It would be impossible for me
to tell you, but 1t Is sufficient for Won 10
know that the names of the principal
creditors have already been published
OF course there may be some small bills
noating OF which we are not already
aware, but they win not materially alter
the present state OF affairs F."
GU cannot give me an official list OF
your creditors ?" asked the reporter.
No. You see had nothing to do
With the books. superintended the
work at the yard. and Mr.. Pierce. nv
partner, had charge of the office. IL
Mr. Pierce had remained in Wilmington
he eoHld have told you. but it would be
an ardueus NJ dertaking for me"
Well, what do you propose TO do ?"
my two principal creditors, Messrs
Warner ard AcClary, whose Judgments
amount to $2l, 900 and cover everything
havs signihed an intention to give us an
opportunity to eject a private sale az
the plant, and II we get anything like a
Fair price for IL we will be able 10 meet
every dollar Of our indebtedness. On
the other hand, should we be forced TO
sell under the sheriffs hammer. there is
no telling what will be the result"
here Is your partner. J. Eldridge
II do not know Last Monday week
NOV. I'D he and had long conference
In the morning, ard be said he was going
to Chicago to solicit pecuniary aid from
ais brother, who is a lawyer there. he
was to leave on the o'sloek train that
afternoon Our conference was held IN
the morning. That Is the last | saw OF
him. He was to have been back on the
following Thursday. but he did not come
nor have | resolved line from him In
any form- am as ignorant OF bis
whereabouts as you ara
did be 60 20 Chieagop'
mo; bis brother was here last Tues.
day and said he had neither been 10 see
him nor had he written. The brothe,
came on ~ the solicitation Of the wife OF
my missing partner as she became
anxious on account Of bis prolonged
absence.
What reason do you assign for the
fight of Mr. Pierce7'
cannot conceive any reason. Since
he has been gone have had Isaac Lloyd
an expert accountant at work examining
the books. He says Mr.. Pierce has been
very careful In making entries, and he
found no deficiency Whatever. He Is
almost through with his work, and what
he has TO do cannot alter the general re-
suit am confident that AR. Pierce has
correstly kept the books Of our Office.
Have you sent out any bills that have
come back with the claim that thev have
been paidf' asked the reporter
sf'No. Nothing of the kind"
Are your bills pretty we'll out so that
you can tsll2"
Yes; all are ont with the exception
Of those for last month and they will not
show anything crooked, IS they do not
amount 60 enough"
"Wil you try TO continue in tAs bust
nessf
''No. | shall give it up, answered Mr..
Beeson, as he showed the reporter % the
door and babe him good night
When the reporter was at the door Mr..
Beesons little child called down from the
top Of the stairs; PA, is that q book
keeper2"