The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-05-01
THE T0FFEY FAILURE.
Belief that the Firm Can Pay It's
Debts in FulI-The Dull Market.


IL is difficult TO ascertain definitely the
true facts in connection with the failure
of ID. Toffey & Co., wholesale butcners.
The Office Of the firm, at the
Abattoir, has remained practically
closed since yesterday, and the
half dozen cattle dealers whose Offices
are also located at the Abattoir and nearly
all of whom are creditors, refuse to talk
about the matter. Some OF them say
they DO not believe that the Toffey firm
has really failed, while others say
Yes. You may set IL down for tn e
truth. The firm has failed"
But all appear to believe they will re-
ceive 100 cents on the dollar No action has
yet been taken by the creditors.
Mr. D. Toffey Is lying ser
Of the kidneys az his home In Bergen
to what extent they are interested IN the
failure. sNewton g. Gfllet, William E.
Cooper, ]. Shamberg. were each inter-
viewed at the Abattoir this morning.
They admit that checks received from
Toffey a. To-. were not met at the banks,
and they hold other papers for moneys
not yet due. But they positively refuse
to talk about their probable. loss, and ex-
press the opinion that alf the debts Of
Toffey g. Co. will be paid ir full.
No conference has yet been held by the
creditors, so far as could be ascertained,
and no extension had yet been asked for.
SOME OF THE HEAVY CREDITORS
ID. Mcpherson g. Co., Samuel Sanders
and Sherman g. Culver are also said to
hold unpsid checks given by the Toffey
firm. Mr.. Shamberg said he was inter
ested in the failure to a considerable ex-
tent. but would not say how much.
The universal answer to my questions
M tn. ftar f.uf hi IA au If fof NJ
the firm was the high price Of cattle and
no corresponding increase in the whole
sale price Of dressed beef.
The firm handled great deal of beef
at its stands in Washington Markets.
In conversation with leading retail
that the failure of Toffey & Co. was no
doubt due to the fact that scar
city of cattle having advanced
the price, the commission men
were more careful and would not
trust everybody. The firm. too, sold to a
great many shop butchers whom the high
prices had driven out OF the business.
This had cut of a great slice of the firms
trade.
The story universally published
that the causes of the scarcity of good
cattle was the scarcity of grain was re-
iterated by the retailer.
Said ne:-''We don't begin to get Texas
take drop in prices But the meat will
be Of an inferior grade. Between June
and September consumers will have to
rely upon "stillers" or light cattle brought
north and east and turned out to
feed on swill In the stills. The meat is
thus made soft, slobby and fat, Just the
same as that OF a hog fed ON swill. Good
beef will be more plentiful and cheaper in
September. We then get our native
steers and the long horned Texans. The
farmers usually sell off their good stock
when the fall sets in.
THE CAUSES OF THE DIFFICULTY.
"The wholesale price of dressed beef"
continued the retailer. "has advanced
four cents from what 1t was six months
ago, and sheep that could be bought then
at 9 1-12 now command II 2 wholesale.
A porter house steak, with a tenderloin
in, that afew weeks ago sold for eighteen
to twenty cents per pound now sells for
twenty-hye cents; Without the tenderloin
TWENTY-FIVE cents per pound. Fiat
bono s.sio.a that brought eighteen
cents now brings twenty-five cents.
Rounds have advanced from fifteen to
eighteen cents. Pork has advanced 81
cents In the wholesale price. Pork chops
that soln for nine cents now brings
twelve cents. Why even poultry is
cheaper than beef. 1t is selling at fif-
teen cents pound. Where an
order used TO come in for
sixteen pound roast, the order
is now in many instances reduced to ten
or twelve pounds and the balance neces-
sary made up of corned beef.
"These things. you see, have had ten
dency to drive small shop keepers out of
the business. and Toffey's trade
with them was quite extensive.
Here are several racks from
the forequarters of sheep. From these
we get the best mutton chops. They
bring 20 cents per pound. A small retailer
brought them to me this morning and
asked me to dispose OF them
for him. He has no sale
for them now since the prices
advanced. His customers now call for a
cheaper grade. These chops used to sell
for fourteen aud sixteen cents a pound
You need not be surprised il you hear of
more wholesale dealers going to the
wall"
A friend of Mr. Daniel Toffey said
today that the FIRMS trouble was due
to the fact that Mr.. Toffey had been
confined TO his house with Illness of late
and unable to give the business his at
"a pf