The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1891-06-02

The n,ssprs asoas Hsass In sAs South
Clossd.

-. ~ TN<tt - 9@otk
Closed.
ATLAIMay 27.Atephen Ryan,
Atianta'slgoods king, has failed.
Mortgasagsiust him amounting TO
about 1920 have been filed in the
clerks ofiqne for Gill, T04. 20 ia favor
9Th, B. Gin of New York was fore
closed at lblock this morIiing.
AT that lr thu Sheriff closed The
door of Dir. an's large DRY goods es-
tabiishment I'D took charge of the
goods.
This Is otd the largest failures that
has ever occfdin the South and has
caused great Eitement la business aud
commercial cles.
few yeargo Mr. John Ryan, who
had acquired urge fortune In the dry
goods businesbeld out ID his two cid.
est sons, Stey A. RYAN and John f..
ityan, n ufusiness was continued
under a stypf John Ryan,s Sons.
some Time agophn Il. Ryan sold his
interest TO his ther steven.
Stephen Ryahas made himsslf fa-
NOUS by ~antagfzlng other merchants
By, selling goodt far below their cos.
value,
His liabilities b about 8250.O and
Just what his ats are nobody knows
at this time.
The failure henas caused the biggest
kind OF a sensatld though people have
Tor a long time bh s%uspeetIng it.
Steve RYan's tther is one of tho
weaithiest men iAtlanta, and he, too,
has a mortgage aIRst his son for 1885,.
600, as well as hiSother for $70, 900.
"A few weeks al Steve Ryan insti-
tuted Y against New York house for
100000.
RYAN's LIABILITIES GROWING.
1t now turns OF that Steve Ryan's
liabilities arc about 100000.
He says he cam estimate what his
assets are, as ~thelonsist Of his book,
and store. He gin as his reasons 70,
failure the heavy r8s in the spring ano
having to meet a fhber OF heavy pay.
ments all at once.
Several months q the gossips had II
that Steve Ryan WI said to be finan
cially embarrassed About that time
some New York Irchant jumped or
him with Observation-Disclosures to throw
doubt on his inalal standing, but
Ryan, In the law ats, whipped then
all, aud later took ysonal satisfaction
out of ''thc hide" ohe of them in New
York. Every assRnce was given a
that time that he VI all right.
1t has been Stev@Ryan's ambition L
be the merchant prize of the South, ant
he has been we'll oIhe road toward tn,
fulfillment of that hbition. His stor,
here has been a grit emporium on tn,
line Of Sterns' and Itl!er big New Yorl
establishments, wlfe it was possible Il
obtain practlcallybverything, from
needle to a thrashR machine.
Ryan has ~earnelthe enmity of mer
chants in other hes by cutting int
their special feldsEith his departments
and his sacrifice sees in all these depart
ments have spreaGonsternation. The,
have also led old merchants to shak,
their heads and leulct that such bust
ness couldn't lastong.
SCENES 4 THE STORE.
When the Shift closed up the hi.
dry goods establishment there were som,
exciting scenes.
The hundred of clerks were dumb
founded and Yre 10th to believe thu
news.
1t took the Slbri2f some time to ge
the store, whichMas packed with Gus
toners, cleatedAf the crowd. IL wa,
some time beroreSll the clerks could b,
made to stopsellikg goods.
mot another blhdle mu 1t leave thu
store" yelled the Sheriff, as he wake,
about from counter 20 counter.
One old lady pic$d up a pair of shoe
n started for the ioor, saying: .'I'v,
paid for these shoes .ud I'll Just take'en
home.n
An old man hadfust given q check
$3.50, for q suit of cldhes, and he carrie,
them off on his arm.
Finally the great tore was cleared O
the mass OF CUSTOMER, the clerk put OIL
their hats and coats and quietly tool
their departure. TheNdoors were cl ose,
and locked and the Sheriff put tie key
in his pockets. .