The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-05-27
STEVE RYAN In THE SOUP.
HIS STORE CLOSED BY ORDER OF
II. B. CLAFLIN g. co.

His Liabilities May Run Up to 81 ,ooO,-
ooo-Ais Assets Not Over $4,000
Mortgages for 100000 Already
Filed-Too Many Bargains Given
and the Spring Too Wet.
ATLANTA. Ga, May 26-Steve Ryan,
successor to John Ryan's Sons, who suc-
ceeded their father, John Ryan, was to-day
closed by the sheriff. This was one Of the
largest and Oldest dry goods houses in this :.
city, and the failure causes universal sur
prise. Three applications we're fled to-day
for a receiver. Judge Marshall Clarke has
considered two OF them and appointed
no receiver, tn ough he has granted two
rules nisi calling upon the defendant Co
show cause. The failure is a very large one,
amounting to from 5000 to $1,000, 900.
The amount of the assets is as yet unknown,
but viii probably not exceed $500, 900.
Mortgages amounting to 100000 or over
have been filed. One In favor of H. b.
Clanin & Co. of New York was foreclosed
early to-day.
HISTORY OF THE FIRM.
A few years ago John Ryan went out Of
the dry goods business. From a small be-
ginning he had built up q large dry goods
establishment at No. 6l Whitehall street,
He had become wealthy, large real estate
owner and man held in high esteem by
the entire community. Mr.. Ryan sold his
business TO his two Oldest sons, Stephen A.
was conducted under the style OF
John Ryan's Sons. When Mr.. Ryan
became the sole proprietor the volume Of
the business done by the house became
enormous. Goods were sold at such very
low figures that IL was said that the business
OF the city in that class Of merchandise was
being greatly injured thereby. Bat the
bargain sales continued. Goods were still
being sold apparently below cost.
MoRTGAoEs PILING IN.
After the ClaHin mortgage, was forsolosed
and ths store closed number Of other
mortgages were filed as follows: One to
Walter r. Brown for eastern creditors
amounting 10 5000; another to A. II. Cox
for eastern creditors for $1,000; to John
Ryan, IA mortgage 10 secure his Endorsement
Of the following fourteen notes; given by
Stephen A. Ryan to II. B. Claf-
lin: S5,793 65, $4,041 %, s4,535 81,
$5,722 10, s5,695 43, S4,563 81, S6,372 n,
S4,553 81, 3.423 70. $5.785 "a, s6, ,4S4 90,
$5,137 SO, 1885 65, s5, 1876 72; also a
mortgage to John Ryan to secure his
tional Bank for $l500S. 81 800, $500,
81, 500, o., 800, 81, 500, 90, 562 and $S, $780, to
the Atlanta National Bank for $l5.0 900 and
$4,000. Another mortgage to John and
John +. Ryan secures their Endorsement of
-four notes for $4,000 to the American
Banking and Trust Company and one to the
Southern Banking and Trust Company for
$4,000. Another mortgage Is In favor OF
Eugene Kelly & Co. of Now York for
S27,500. Another is in favor of Sylvester
Bell q Co. Of the north for S8,279. Another
was filed by A. II. Cox for 81, ,204 for Bern
helm, Bauer a. Co.
ANOTHER ACCOUNT OF THE MORTGAGES.
Another account of the mortgages held
against the concern is as follows: III. B.
Ciafiin, S11 100; M. G. Slader a. Co., IS, ,235 I;
Iippincott, Argyle & Co., $2,272; Bern
helm, Bauer & Co., S8, 200; Sylvester. Bell
Il Co., 5000; John #. Ryan, $50, 900; John
and John +. Ryan, $4,000; Eugene Kelly
81 Co., $27 800.
customers buying goods at low prices was
thickest, and IL took some time to turn the
crowds out Of doors. When this was
finally done the small army OF clerks was
paid of In full and dismissed. Mr.. Ryan
attributes his failure to the long rainy sea-
son this spring.
THE BILLS FOR RECEIVERS.
or the three bills for receiver fled to-day
one reached the judge after nightfall. This
was the petition of Bell & Caldwell, to
whom large sum 10 owing. 1t IL reported
that Steve Ryan has sold John Ryan a half
interest In the real estate owned by him for
5000. The attorney for John Ryan,
Sr., says that the old gentleman has q
mortgage for $780, 900 for notes indorsed,
and that John +. Ryan holds the Oldest
mortgage In existence for $4,000.
HIS ROW WITH scHLoss.
Two or three months ago there were ru-
mors that Mr.. Ryan was financially embar<
raised, and a suit brought by N. J. Schloss
e. Co. of New York created stir in the
business world. Mr.. Ryan won that suit,
and afterward sued the Now York firm for
$l00, 600 damages. That suit is still pending.
After the first suit was decided in his favor
Mr.. Ryan met a member of the Schloss firm
and personal encounter resulted In which
IL Is understood Mr.. Ryan came off better
than his antagonist. He was fined by a
New York court. Mr.. Ryan claims that
the suit brought by Schloss was one cause
leading TO his failure, as it induced his
creditors TO become restless and push their
claims.