New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-05
TROUBLES OF BUSINESS MEN.
THE HEAVY FAILURE OF A. BACKER.
FOUR MILLION DOLLARS INvoLvED-THE AS
sIGNEE AT WORK.

FOUR MILLION DOLLARS INvoLvED-THE AS
sIGNEE AT WORK.
Abraham Bscker, dealer in commercial paper ana
commission merchant Of no. 2s5 Broadway, VINO mace
an assignment Monday, not able to 20 to MS once
yesterday, as was said he was still Frustrated ~ VI"
house. No. 3sl West Fifty eigthst., by the shock vi
his failure Mr. sullivan, his confidential booskeePe''
had a consultation with benjamin F. Einstcfn' the
assignee in the morning, in regard to the accounts
and went on with tie work Of mang up the inventory
OF assets and Liabilities few friends Of Mr. Backer
lowered about the Office, but unable to learn any
thing further than what they had read In the news
papers. Much surprise expressed In mercah'i"
circles that Mr.. Backer on capital OF about sfoo
coo, had managed TO obtain such large amount oi
credit equal in dollars to ten times his capital lhs
was partly accounted for by the statement that he ha
accounts In a number Of banks In which he put
through large quantities Of paper when was reao'iy
accepted with his indorsement as bankers consdereu
him so srewd that he would only handle the best OF
paper. Then again he had been In business IN this
city for over quarter OF century, ana haa always
met his obligations promptly II was also matter oil
| favorable comment that IN his large business In COM
mercial paper he met very few losses, and that he
was able to collect claims whore Others could not
His credit so good with the banks that there We're
scarcely any inquiries regarding his affairs lie aot
of the best paper that ever came 10 this Guy from
the South and southwest, and 1t is said other hote
| """N'NN
the paper of number Of wellknown clothihg anu
shirt manufacturers In this city.
| 1t will probably require ten days to complete
statement of his affairs as they are so extended In
the meantime there is no change in the amount of
| liabilities as previously announced. viz, $iOOODOO,
which includes the contingent OF SloOO'O0O paper Oh
others under discount which Mr.. Backer Endorsed.
The direct liabilities, S2,50000O, are principally Tor
loans. partly secured by collateral, and on open ac-
| He has
The nominal assets. it is said. exceed the liabilities
and properly managed it Is declared ought TO pay
all the debts and leave margin for Mr. BacSer.
The Alabama State bonds amounting 10 S75oOOo, are
| said TO be worth the full amount and although n.y.
pothecated there Is considerable margin over and
above the amount pent on them. The Georgia
Southern and Macon and Brmin CHAM Railroad bonds,
amounting 10 81 100000, par vaue and ought to
come out all right in time. The real estate IN TINS
city is free and clear and consists OF his nome ana
several other dwelling houses. The mill property at
Glastonbury Conn. Is mortgaged for small amount
There are about twelve banks in this city as
creditors and It was said yesterday that their officials
had promised to do all they could to put Mr. Backer
on his feet again. The dry goods trade say that his
failure should not reflect that trade. as his dry
goods business only amounted to $4,000 a year.
Among the banks which handled Mr. Backer's paper
the Central National Bank, Of which Colonel william
| L. Strong is president Colonel Strong says that Ms
has not held any Of it the beginning OF the year
II did not cease to handle his paper through any far
of loss but because at that time the bank stopped
handling all commercial paper. The Chemical National
Bank now has a considerable amount Of Mr.. Backers
paper Mr.. Quinlan, the cashier, said yesterday that
it all glltedged" without regard 10 Mr. Backers
name as lndorser.
The officers OF the Importers and Traders Bank de
clared that this institution had made loans and held
~ Mr. RackeTJs Daper. The Mechanics National
Bank has some loans out. but the officers would not
specify the exact amount. 1t reaches something
over 100000 it is said No fear as to the entire
security Of the loans expressed at the institution
yesterday.
A director OF one bank which formerly made large
loans on Backer's paper happened TO be in the South
last winter and he took to Macon, Ga to inquire
into the standing OF the Macon Construction Company
He found that Mr.. Bacer heavily interested in It,
and sent telegram to the bank TO this effect. The
result was that the bank called in all of It's loans and
when the failure it did not hold dollars worth
Judgment for S31 ,420 yesterday entered agans
william Hatch Sturtevant, builder, for deficiency IL
foreclosure proceedings property in Fiftiethst.
near Fourth-ave in favor of the Equitable Life As
surance society.
Deputy Sheriff Mulvaney has taken possession o.
, the London Toilet Bazaar Company, at No. 20 EaS
Seyenteenths ST., on execution for S3,163 in fav0
of J. Walter Thompson
The following large judgments were entered yes
teriay at the County Clerks office: Against william
A. Townsend R21 $40 in favor of c. F. Loutrel; agans
Louis straus formerly Of No. 20 Beaverst, Slo,lo'
in favor Of Muller Schall & Co and $7,20l in favo
Of Kessler & Co.. against the Memphis, Little Rocl
and Indian Territory Railroad Company SZo@"o IL
Judgment for 49, 800 was yesterday entered agains
Louis H. Schneider dealer In real estate In the Put2e
Building In favor OF Daniel p. Morse Deputy eherlI
Fox had previously received executions against MT
9 schneider for l,sol.