New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-19
TROUBLES OF BUSINESS MEN
J. H BoSNELL & co.'s ASSIGNMENT:
SLOW COLLECTIONS THE cAusE-H1sroRY OF
THE FIRM.

J. H. Bonnell Co.. limited of No, % Rosest..
whose failure announced yesterday was one of the
Oldest firms engaged in the manufacture OF printing
ink in this country. The house an outrrowth OF
the old firm OF W. ID. Wilson Co.. of which J. Harper
Bonnell was member. Mr. Wilson started the busi-
in the sixties. and In 1870, his interests were
bought out by his partner. Mr. Bonnen The limited
corporation was formed in 1885, the majority Of the
stock. some $4,000, being held by j. II. Bonnell.
W. d. Harper and Theodore Haicht. At the tine Of
the failure the capital of 100000 was all paid in
the firm being the second largest manufacturers Of
printing ink in the country. Their principal factory
is in Long Island City, where the buildings cover ten
and half full lots. Thirty five to forty five hands
employed there. The company also did
manufacturing of ink at No. 20 Rosest and in Chicago
Mr. Bonnef the president of the company, is a grand
of John Harper of the founders Of the house
Of Harper Brothers w. d. Harper, the treasurer, is
the grandson of the late Fletcher Harper.
Herman Ridder, of the Stasts Zcitung" who
appointed receiver OF j. H. Boanell & Co. by Judge
Truax, said 10 a Tribune reporter yesterday The
port In paper Of yesterday saying that had no In
tention OF assuming charge Of ]. II. BOnnen Co.'S
affairs until the company was Cady for me Is false.
was appointed temporary receiver by Judge Truax Of
the Supreme Court. last Friday morning. In the after
noon I filed my bonds. The appointment will be con
frmed by Monday morning, when l will Immediately
take charge. suppose selected by Judge TrIax
on account OF my newspaper connections and my more
or less familiarity with the printing ink business There
is little doubt that the firm will resume business as
soon as this trouble Strengthened out fOr their assets
are considerably in of their Liabilities and their
business is increasing
The company paid a dividend on its capital stock
of 5000 900 last April the rate of per cent semi
annually, or IL per cent year, which is the smallest
dividend declared in many years. This reduced dvi-
dend was caused by the great number Of outstanding
accounts which they have been unable TO collect The
company have been mailing every month between
I 200 and 400 statements Of open accounts The
banks which have literally discounted their notes are
the Western National Bank. the Bank Of NewYork ST.
Nicholas Bank Bank of the Republic, Market and Fu!
ton Bank Chatham National Bank and the National
state Bank of Camden. y. J. j. II. BOnnel d co.
owed these banks something like half million Golars
They also were indebted to other houses In the trade
among these is G. T. Reynolds Co.. of No 1O0 Full
ton-st
J. Harper BonneI president Of the company. said
70 a reporter: feel that the company Will come out
all right. When 1t was organized, five years ago the
capital was 100000 Notwithstanding that our bus
mess has more than trebled We worked on that capital
Unlike other concerns did not receive payments
regularly from our customers. some of the papers
paid Us every week the ink sold them But most
of orr customers did not A few paid monthly. The
rest paid whenever they pleased. As a result we
hadn't much ready cash. We were always increasing
our business We bought new machinery ard made
other improvements. To Wilson Burgess, OF LONDON
who handles our inks In Europe, we sid large quaint
ties on credit That helped 10 cripple us. The hrnls
business is larger today than it ever was Our sales
amount 10 between 10000 and $4,000 a month.
The Western National Bank obtained az attachment
on our Chicago property last week. but 1t consented
to allow US to continue to i'll the orders Of the news
papers in that city that buy ink from US. WITHIN
week we have been informed 5S many Of our Gus
toners that they viii Immediately settle long standing
with us. ard also continne 20 deal with us
one Of the stockholders said that the oompanys
financial troubles began with the str1ngcncy IN the
money market last fall Being in need OF ready
money the company obliged to go 10 the banks,
although business had been good. Much OF the money
due the company from small printers who insisted
upon three to months for payments Their heaviest
cred tors are the Chatham National Bank ana the II.
Nicholas Bank There is due between S@O'oOO ana
1000 10 the Western National Bank. ~
j. H. BOnnen said that he thought the liabilities
were about 100000, while the nominal assets were
over SjOOOOO