New-York tribune., 1893-12-03

the surrendered warehouse receipts for loans
here or sell the goods ana meea 'ne thev hsesme
due. Mr. Hayes said that II was impossipe 70
preserve the identity Of the proceeds OF
the sales Of goods on %h'cn and rd'ef he did
not believe that the foreign m rsad,feps Damkeps
could trace or identify the Transactions tna1 Ions
rendered their bills of lading or warehouse re-
ceipts Mr.. Hayes contended, the foreign bankers
became general creditors and he beneVes tnat
the court will hold that they must take that
position. He denies that the trust receipts given
by Abe Stein Co. when they obtained obtained IN, tne
pledged security, constitute any preferred hen
against the assets in bulk of the failed hrm
in favor of the foreign bankers.
The claims made by the BRUSH Isaik VI
South America are upon 406 bales OF skins,
pledged to secure loan of about S3S,oOO the
London and River Plate Bank claims S1S3's; the
& Co. $50 500 and Kleinwort. Sons & Co lay
claim for loans secured on about 100 bales OF
hides and skins.
THE RECEIVER IN CHARGE
Receiver VILE completed the formal taking
possession of the assets of Abe. Stein d Co.
yesterday They consist of large stock OF
hides and skins in the store at NO. ~ Goid-st'
and the money deposited in the 'New-York
hanks Mr. Vile sent cable dispatches to the
agencies of the house in Arabia India, South
America and Europe, calling for accounts as
speedily as possible. the bookkeepeIs % ol 'ne ne
firm will be kept at work all day to-day III
order TO prepare as quickly as possible pre-
liminary statement of assets and liabilities AS
soon as partial showing may be made IL
will be laid before meeting of the creditors.
Mr. HAYS the counsel for the receiver, has had
his hands full in receiving the services OF the
injunctons granted by Justice Beach and pre-
pairing defence to the claims of the foreign
bankers Neither of the two men could give
any figures to the extent of the assets and
liabilities Otto Horwitz of Horwitz Hersh-
field, the attorneys who conducted the receiver
ship proceedings, hopeful of the outcome
of the failure in spite of the tangled condltlon
of the firms affairs. lie SAID yesterday.
'T think may safely promise that the assets
of the firm will enable them to pay very nearly
If not quite dollar for dollar. The indebted
ness is largely to foreign bankers. chiefly in
London. but also on the Continent. Mr.. Stein
Gated with them since the failure. and has had
most favorable responses from them They vii. VIII
be lenent. and If the smaller creditors in this
country shall be equally so, the firm Will soon
get upon it's feet again."
Mr.. Horwitz spoke thus before he had news of
the injunctions obtained by the principal foreign
creditors, and he had little to say on this point
subsequently, He further said: There is no
truth in the suggestion that the application
for a receiver made at the instance OF Mr..
Hildreth in the absence of Mr.. Stein, and while
the special partners were in Boston, indicates a
quarrel in the firm On the eontrary ,n yostdr Mr.
were fully aware of what was being done
here and concurred in it, Mr.. Stein indeed
advised it by cable and directed that the re-
ceiyership should be entirely without pref
ererce.'
SINGULAR FACT NOTED.
Mr. Horwitz said that a certain fact connected
with the failure seemed extremely singular to
the partners. who awaiting an explanation
= with interest Three days before drafts to
: the amount of s55,0oO became due in London
he said, 1.-The money was transferred by cable
to Jacob Stein & Co., of London. Instead OF
F. applying the s55 900 to the liquidation of the
notes. the firm there allowed them to go to
, protest. What the firm did with the money
we sent to them is question which vexes
us. We expect no 3oution of the enigma until
Mr.. Abe Stein arrives here. He has cabled to
me that he will leave Southampton on the
steamer New-York to-day: Mr. Stein was in
pending trouble reached him, and he hastened
p Immediately to London, arriving there the day
the notes went to protest. but too late TO pre-
vent them from doing No doubt he has in
vestigated the subject and ascertained why the
funds sent were not applied to the purpose for
which they were transmitted Whether they
were misappropriated In such a way as to call
for criminal proceedings, of course We can
not tell yet. The two houses were closely re-
lated. and it may turn out that the money
!. was .legitimately used, although not applied as
We had intended
The latest statement of Abe. Stein e. Co.
obtained by the mercantile agencies showed the
condition January !, 1899. The figures were
as follows:
Eslpe anS mereh@naise S on hand q"
Ood Good accounts Ss receivable 2ess %
CASH Vn WITH agencies abroad ,ss SiS 20
5000 222 ls
TOTAL LIABILITIES.
Bills payable and accounts. xolg322 w
Tve hanks and bankers G5 900 90
Loans 100000 90
..... 1854 800 90
Surplus s3'9s9 "A
The condition of the concern, ii is believed in
trade circles will to-day make no showing even
approximately as favorable A large part OF the
stocks in warehouse is pledged on loans from
d. bankers, and moderate estimate places the
sum as at least 100000. The Endorsements
a.. o De-