New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-19
TIE SILK TRADE NOT Much AFFECTED.
LOUIS FRANKIE cos. FAILURE WILL ONLY
CARRY down SOME SMALL HOUSES.

CARRY down. SOME SMALL HOUSES.
Loui, FRANKIE 4 Co.. six merchants OF so. 40
Grand IT.. think thcy pay all their creditors in
full. and have a surp,us. They claimed surplus
nonlnally Of s315.OOO over liabilities OF about
100000. but La sc part of their assets are IN
factory property machinery and outstaadines.'
Which subject ~ large depreciation. They have
not made mp "A complete statement Of their affairs
yet but clerks are busy working on ii. When they
have finished. the firm VIII know what can b. done IN
the WY Of "a settlement They hope 10 gct an
extension. While all the creditors WHO have called
on the firm express great sympathy. some OF them DO
not believe the rose colOrcd statements of biz
,nlplus. several creditor, were OF the opinion that
the assets would shrink to about -oOOOO aealns.
liabilities ot 100000. larc part Of the assets, 1t
}, said. are m rccclvablc-.1 1t is said that they
have been orryius l,t Of small concerns through
three years Of bad business, some Of which. 1t Is
thousht, VIII be carried under. These concerns 1t Is
reported, owe the suspended firm all the way from
10000 10 100000.
full list Of The creditors could not be obtained YES
tcr,iay. The largest creditor WAS said 10 be- William t.
Iiylc co.. Howard and Mercer .t,.. 10 whom the
firm owed about soO.o0o. Among other creditors arc
the firm Of the Ncuvc Gucrin Iil, 10000, +,
lis, zcwinscr q CO.. $4,000, john T. Walker ~ Co.,
!. l.. lIaddcn CO., Oscar Meyer
d Coz Brown Brothers .e CO.. and
I.lldtu lItlts Inc DdHAlne houses thI'"eH VIM"
the firm bought their foreign credits for the purchase
of goods abroad are. it Is said all secured by
collateral
Merchants engaged In the silk trade did not seem
to fear seroms consequences from the failure
member Of the firm Of Dexter. Lambert 4 Co.. when
by Tribune reporter, said that the trade would
not be- affected to any great extent. L" Louis FRANKIE
Coz he added. have been carrying small manu-
iacturcrs VINO, in order to meet their engagements,
have sOid goods actually below cO,t. The prices
have been. In consequence, far too low. The slk
trade has prosperous for several years and has
drawn men into business who should not be there.
The price. too. OF material has advanced In tho
last i've months. while that Of manufactured silk haS
gone down. This failure will be- advantageous To tho
firms able Ia hold out. The smaller houses only VIII
suffer. Mr.. FRANKIE IS most honorable man, ana
has the sympathy OF the entire trade. sun his
failure ought 10 be an example ana oo!c't c,,oh " 10
other men IN the business They gave CIcdlt' 700
easily. There viii be probably an advance III the
price, Of siih soon
B. Richardson, president OF the silk Association.
said: The fiilur, Will not have much eject upon
the trade. There t. TOO little silk in the country t.?
bc effected by IL. "" hav" all the Sill that 'ouid
lc purchased IN Japan ID EurJp nov IL as country
The little men VIII, dcl,n~od upon Mr. tIlhhc iVr uSir
trade may have 10 stop business ut tilat Will Dc
advantageous 10 the trade In general There VIII be
no failure, among lar-e firms In consequence. Tho
failure viii not hurt the silk Association III inc least
IL Is not a business concern
Mr. Fcd.tcin. Of the firm ~ Ills. Zelwngcr co.,
said that the failure would have beneficial cncct
upon the trade the useless men would " 20 10 the
WALL The ribbon trade would suffer most
J. r. Walker a CO.. of 40. II Pine Il. we're also
confident that the creditors wond be paid In fuli ana
that the firm would resume business. Inc SIX
manufa turing business. SAID member OF thc nrn
is In a sound condition. and VIII not be affected by
thc failure