The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1891-06-04
FAILED FOR A MILLION.
The Biggest Dry Goods House I'm the S,,.,
Closed.

ATLATA, May 27.-Stephen RYAN.
Atlanta's dry goods king, has failed.
Mortgages against hlm amounting to
about $450,0OO have been filed in tho
clerks Office, one for slll.7O4.2O in favor
OF II. B. C.ailin Cf New York was fore.
closed at IL O'Clock this morning.
At that hour the Sheriff closed the
door of Mr.. Ryan's large dry goods es-
tablishment and took charge of the
goods.
This is orc of the larycs: failures that
has ever occurred in the South and has
caused great excitement in business and
commercial circles.
a few years ago Mr. John Ryan, who
had acquired large fortune in the dry
goods business, sold out TO his two cid.
est sons, Steven n. Ryan and John f..
Ryan, and the business was continued
under the style of John Ryan's Sons.
Some time ago John +. Ryan sold his
interest to his brother Steven.
Stephen Ryan has made himself lu-
nous by antagonizing other merchants
by selling goods at far below their cos.
value.
Ills liabilities arc about $3.50 900, and
at this time.
The failure here has caused the biggest
kind of sensation, though people lave
for long time been suSpccting it.
Steve Ryan's farther is one Of The
wealthlcst men in Atlanta, and he, too,
has mortgage against his son for $S5,-
600, as well as his brother for sc, 900.
"A few weeks ago Steve RYAN insti-
tuted suit against Il New York Lousc for
| 100000.
RYAN'S LIABILITIES GRO NING.
| 1t now turns out that Steve Ryan's
liabilities are about $l.000,00O.
lie says he cannot estimate W hat hs
assets are, as they consist Of his books
and store. lie gives as his reasons for
failure the heavy rains III the spring and
having TO meet Il number OF heavy pay.
ments all at once.
Several months ago the gossips had il
That Steve Ryan was SAID to he linau
clallY embarrassed. y bout that time
some New York merchant jumped or
HIM with proceedings calculated to throw
doubt on his financial Standing. but
ltyan, III the law suits, whipped then
all, and later took personal satisfaction
out OF "the hide" OF one Of them in New
ork. Every assurance was given a
that time that he was all right.
1t has been Steve Ryan's ambition Il
be the merchant prince of the South, an,
he has been we'll on the road toward TIN
luliillment OF that ambition. His stor
here has been great emporium on tn
line OF Stcrns' and other biz New Yorl
establishments, where it was possible t,
obtain practically everything, from
needle to thrashins machine.
Ryan has earned the enmity of mer
chants in other lines by cutting int
Their special fields with his departments
and his sacrifice sales in all these depart
ments have spread CONSERVATION. The
have also led older merchants to shak
their heads and prcuict that such bust
ness couldn't last long.
| SCENES IN TIE STORE,
When the Sheriff closed up the b
dry goods establishment there were som
exciting scenes.
The hundreds Of clerks were dumb
founded and were 10th to believe th
news.
1t took the Sheriff some time to re
The store, which was packed with Gus
toners, cleared of the crowd. |; wa
some time before all the clerks could b,
made to stop selling goods.
Not another bundle mu It leave thu
store,' yelled the Sheriff, as he wake,
about from counter to counter.
One Old lady picked up a pair of shoe
and started for the door. saying: "lv,
paid for these shoes aud I'll lust take 'cn
home."
An old man had just given check
$3.50, for suit of clothes, and he carriec
them OIL on his arm.
Finally the great store was cleared 0
the mass of customers, the clcrk put or
their hats and coats and quietly tool
their departure. The doors were CLOSED
and locked and the Sheriff put the key.
In his pockets.