Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-20
TRUSTED TOO MUCH.
John F. Plummer & Co., an Extensive
New York Drygoods Firm,
FAILS FOR A MILLION DOLLARS.
The Nominal Assets Said to Slightly Exceed
the Liabilities.
SUSPENSION MAI BE ONLY TEMPORARY
The Head Of the Firm Warm Friend of President
Harrison.

John F. Plummer & Co., New York
drygoods firm, assigned yesterday, owing 10
a depreciation in the value of stock and over
advances. The assets are nominally 81, 200,
900, while the liabilities are placed at
S., 900, 900.
NEW YORK, March 19.-The drygoods
trade was startled to-day by the failure oi
JOHN F. Plummer & Co., following as it
did so closely upon that of HARRISON &
Loder, which took place last week. The
firm is composed of John F. Plummer and
William Darling. They made a general
assignment for the benefit of their creditors
to Jeremiah P. Murphy, their cashier. Mr..
Plummer also made an individual
assignment to Mr.. Murphy. Much re-
gret has been expressed in the trade.
Mr.. Murphy, the assignee, said that the
assignment was principally due to deprecia-
tion in the value of the goods which the firm
had on hand and which they had been
carrying for some time. When they realized
their position they made every effort to 20
on, but found it impossible and had to make
an assignment without preference. Mr..
Plumper is recognized by the trade as a
man Of high honor and competent business
ability.
MAY TIDE OVER.
The creditors concerned, by uniting. pos
sibly can make the suspension only tenn
porary one. Mr.. Murphy said the liabilities
were about 81, ,000, 900, of which about $780,
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 a family matter.
The assets nominally were little larger
than the liabilities. They consist Of stock
and outstanding accounts and some valu-
able real estate owned by Mr.. Plummer.
In the trade the liabilities are reported to
be 81, 100, 900 and nominal assets at 81 ,200,-
900. The trade attribute the failure to over
advances chiefly on the satinet accounts and
complications arising from the old firm of
Stoney & Darling, whose business John F.
Plummer took.
PULLED DOWN BY OTHERS.
1t is said that the firm of Pomeroy &
Plummer was mixed up with the firm of
Ferdinand Mayer, which failed in Septem-
ber 1885. Pomeroy & Plummer dissolved
January 1, 1885, and was succeeded by the
present firm of John F. Plummer & Co.
They took the satinet business of Stoney &
Darling, to whom it is said they made the
necessary advances to enable them to liqui-
date.
The Hocanum Company of Rockville,
Conn, is reported to be one of the largest
creditors of tine firm. Mr.. Maxwell, Presi-
dent of that company, loaned Mr.. Plummer
$50, 600 when the latter founded the present
firm, and it is said that the loan was repaid
last August.
Mr.. Plummer was for many years with
the old house of Pomeroy & Adams, in
which he was admitted a par tner in 1866,
and three years later was changed to Pome-
roy & Plummer.
DOING A BIG BUSINESS.
Plummer & Co. claimed capital of
$500, ,000 and business of S3,000,0O0 the
first year of Its existence. Their statement
January 1, 1889, showed assets of $3.50, 978
and liabilities of 1885,, 1862. The open ac-
counts amounted to 1924, $40, and these were
the principal assets.
They did large business in woolens and
were negotiating to take Southern cotton
goods accounts which would have increased
the business 81 ,000, 900 a year. .
Mr. Plummer was active in Republican
politics, but it is claimed that did not inter-
fere with his business. He is a personal
friend of President Harrison and took
leading part in last Presidential election in
the drygoods trade.
SIT is serious" said merchant to-day,
'that two leading Republicans-Mr. Plum
mer, of New York, and Mr.. Franklin
Woodruff: in Brooklyn-should fail within
a month"