New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-10-21
WHOLESALE GROCERS FAIL.
c. BURKHALTER & co. ASSIGN.
ONE OF THE OLDEST HOUSES IN THE TRADE
LIABILITIES NAY REACH 100000

FRAUD ALLEGED.
C. Burkhalter & Co.. wholesale grocers, at NOS
l2l and 1913 Hudson-st., failed yesterday with haoi
| ties which may reach 500 900 The failure 10 say
| the least, is a peculiar one, and when some Oh 'e
! unpreferred creditors OF NewYork and Boston are
| heard from 1t is expected that singular oIsiie''
methods will be disclosed.
Charles Burkhalter and John II. Burkhalter who
| compose the firm made general assignment through
stern & Rushmore. attorneys to Charles d. Fahcher'
| president Of the Irving National Bank. They gave
preferences aggregatng $S3,167 as follows: stephen
urkhatcr, executor Of the estate OF Reuben Burk-
halter, $70,337, executor OF tie estate OF safah
A. Butler, $4,000; Plat &c Woodward, $4,000; ).
b. Ames Boston, $1,000: Paterson IN. j.. National
Bank $4,000; Rosamond Ii. Ilsley, $500 george
williamson, $4,000; susan II. Gcssenhainer Free
hold, n. j., So 900; c. j. Westervelt S4,ooo; A. W.
| Laid, 1880; A. Gallot, $1,000 Sarah A. Gouid'
81 lO2; 5. A. Ilsley & Co., $1,000 jeremiah lSieyr
| S478. All the preferences are for borrowed money
and those TO the Paterson National Bank and j. b.
Ames notes Of the firm, which they discounted
The present partners in the firm cousins. Both
live in NcwJersey, Charles at East orange and John
ii. at Glen Ridge The business is an old one,
having been established in 1879. and has passed
through several generations and various changes In
firm style. The original style c. Burkhalter d
| Co. Far back In the 30s they were at No. 221
| Fulton-s The firm then composed OF Charles,
| Reuben and stephen Burkhalter In 1865 the style
was Reuben Burkhater d Co.. and in 1869 they We're
| succeeded by Eurkhater, Masten d Co. They were
| then at No 1s5 Chambersst In 1851 the style
became 5. Burkhalter Il Co., and they moved to No
| 81 IIudsonst. on February /, 1856, the style was
again changed to c. Burkhalter & Co., composed OF
the present partqer stephen Burkhalter turned over
his interest in the firm to John ii. Burkhaer ana on
MAY 49, 1857 Stephen Burkhalter confessed judgment
for $56Ol6 to George Everson ir, after his retire
mcnt from the firm OF ). Burkhalter d Co. The
| ~ Hurlh NJ he 4,
| Charles Burkhaer, the founder OF the house. The
firm moved To the present quarters on May last,
leasing the Castree building. They said that they
were worth 100000 and above all liabilities
Charles the senior partDer, has been In poor health
for over six months, but has been able to attend
| to business.
John H. Burkhalter was at the store until a late
hour last evening and when seen By reporter for
The Tribune, he said "This Is the first time In the
history OF the house that any trouble has come TO It,
and we feel 1t great blow to our pride The cause
| of the failure is inability to sell our paper we were
doing large increasing bnspess, buying for cash
| and putting it down books to the customers
| on credit This required a large amount OF money,
| and when we found that We did not have money on
| hand 10 meet obligations coming due we maze INC
asLrnment We only preferred confidential
| debts TO secure money which we borrowed from our
friends The house has been especially unfortunate
during the last two months. II we could have raised
~N~-
tbrouch but we could not We were In tight NIX
and had tn dive up Besides the preferences there 49,
should think about s250OoO Of notes out, ana inc
| balance of our debts is for merchandise
Mr. Burklaltcr could not tell definitely what ING
Liabilities were but finally admitted that he thought
they were between $500 900 and 100000. The as
sets he said are nomnay larger than the uaonues'
but what they would bring would depend upon t"e
| inventory which would be made by the assignee. Il
know, said h., "that lot OF our notes arc out IN
| Roston but | do not know the amount thnK'
| however that our assets will equal the Liabilities, but
| Il will require time TO get them in. The statement
pubshed to-day to the effect that we sold %looooV
worth of our paper within hirtysx hours OF making he
assignment is not true. The report about the irving
National Bank is also false. The bank Will not lose
| dollar In fact we still have small account there
Notwithstanding the firms denals, II Is sald tiat
several singular transaction took place between the
prcferred creditors and the grocery firm few days
hefore the assignment made, and some OF the ul-
ncfered creditors say they intend TO take out war
rants for the arrest OF the two Burthalten On jan
nary l. 1897 the firm issued the following statement
| POO. rilnr It's financial condition: