New-York tribune., 1891-12-18
THE MONEY DISAPPEARED.
SMALL ASSETS AND BIG LIABILITIES.
BAD SHOWING OF THE FAILED NEw.YoRR FIRM
OF T. H. SMITH A. CO.

BAD SHOWING OF THE FAILED NEw.YoRK FIRM
OF +. II. SMITH CO.
The New-York, Maine and New-Brunswick
Steamship Company has practically ceased to
exist The two steamers belonging to the line.
the Winthrop and the Lucy 7. Miller have been
laid up for some time It's bonds are pledged
AZ collateral. and it's stock is valueless. The
failure of F. II. Smith & Co.. of No. II South
Wiam-st. which took place about month
ago, involved the failure Of the steamship COM
pany. This firm virtually the steamship COM
pany. The members organized the company
about three years ago and operated the line.
Ike steamers ran TO Portland and ST. John.
y. b. The assignee OF the hrm OF
f. II. Smith & Co.. W. W. Goodrich.
has filed his inventory OF the estate and the
schedules of the firms indebtedness with the
County Judge of Kings County.
When the firm failed the assets were given out
as being S6l6,o6s 6s Upon investigation, 1t
appears that S5s 744 81 is all of actual value that
he found OF this, one-thrd will have TO go
TO the preferred creditors, which will leave
S39. g. So for the other creditors The entire
liabilities of the firm amount to S34l, ,7s5 -.
When the firm failed it was said by one Of the
members that the cause Of the failure was trying
to do too much business on too small working
been used up liz running two steamers, which did
fair business and must have brought in some
return. Ono striking thing is that the steamers,
which the books of the firm are put down AZ
costing SSl, 500 o. are now valued at S44,336 80.
One Of the steamers, the Winthrop, is screw
steamer Of l,0l9 tons register and was built III
Bath, Me-, in 1887. The Lucy p Miller WAS built
in Philadelphia in 1873, and registers 4l0 tons.
The firm of f. H. Smith x Co. one of stand
ing before it went into the steamship business.
and when the assignee sent out circular to those
interested in its affairs, showing such bad state
OF things, il was received with surprise. Ths
circular sent ont by the assignee is as follows :ls
ew.York, Dec. u, 1891.
Dear Sir: As assignee Of the Of F. H. Smith Co
in voluntary assignment have filed with the County Judge
Of Kings County the inventory Of their estate ana the
schedules indebtedness, oy which it appeors that
the nominal value of their assets Ia S0lG30S W and We
actual value S5S,7it 81. -
The large discrepancy between the nominal and real
value OF the results from the inclusion In their
their rOninal value OF certain claims against
tie New-York, Maine and New-Brunswick steamship
COMPANY, as follows follows: =, -, .,, .., .,,.., fs.e
stock OF the eomIany s9S 500 800 800 S9 90
TotaI . s5O7 7eo 02
All except perhaps the bonds are psc-
cally valueless the company being In the hands OF
receiver; there may equity in the bonds when
sold. in addition this, the Produce and Maritime
Exchange seats s5 033 25 while their market
value is only 800 rhe vessel property, when
upon thsr stands having cost them the sum OF
sSi 600 o5 is valued n the schedules at sii,@30 49,
The direct liabilities Of the firm amounted 70 S32o'' ~
and the additional contingent Liabilities result
ing chiefly from the Endorsement by them lof -, .,o m
the corporation amount to.........--'.-'.. 7oooVi ~
ro,.t ................ r3 II ,755 "a
BY the assignment preferences given to the
creditors named in following schedule and the ancune
due TO such creditors by the asgnees schedule are sasa
as.f