New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-15
IN RECEITER.S HANDS.
TIE THURBER, WHYLAND COMPANY'S
ASSIG NMENT
LIABILITIES

ooo IN sIGnT-EARLY REORGANIZATION
LlKELY-A SKETCH OF THE WE'LL
KNOWN FIEM-r +. THUREEE AS
| SIGNS INDIVIDUALLY
In pursuance of the plan decided upon for
the reorganization of the Thurber Whyand
| Company. forcshadowed in The Tribune. re-
ceivers for the company have been appointed.
| The first proceedings were taken before Chan
| celor McGill, Of Ncw-Jersey who, on Monday
\ night. appointed Judge Kirkpatrick. at No. 500
Broad-st, Newark. and Thomas Reid. at No.
l2S West Eighty-sixth-st. this city receivers.
| The receivers were placed under bonds OF $780,
| 600 each. Judge Andrews. of the Supreme
| Court. appointed the same men receivers for
| the property In NewIYork. with bonds Of $l0o
| 600 each. The RECEIVERS were askel for by
| Nanderpoel. Cunning G Goodwin. at No
Wa-st. attorneys for the directors Of the COM
| pany f. T. Thurber. president of the COM
pany made personal assignment yesterdaY to
| Boudinot Keith. Of Leavit. Wood & Keith. law
| yers. at No III Broadway. In his affidavit ac
| companying the application for receivers of the
| Thurber Whyland Company Mr. Thurber says
that the assets consisting of merchandise and
accounts and bills receivable. are estimated TO
be $1,000 900 in value. The liabilities have not
]
900 its paper and open accounts raise the
| total TO about SSO0O00
| NEW CAPITAL TO BE SECURED.
The personal assignment Of Mr.. Thurber was
due to his Endorsement of notes Of the company.
Should the proposed reorganization prove sue
cessful he will again be placed upon his fee.
| by the liquidation Of this Indebtedness. II Is
said upon authority that enough capital
| has beoO to he %
organize and resume business. IT is understood
that $500. 600 has been pledged by kalman Haas
| for this purpose. and 1t is believed that other
capital will be secured If necessary. Edward
| Lauterbach. the well-known lawyer, yesterday
said that he Interested in the negotiations
| for this purpose, but he declined to discuss fur
| ther details
| 1t is understood however, that Mr.. Haas has
made a partial examination Of the company's
| affairs and has found a satisfactory basis for
! his proposed investment. If a further exam
| ination confirms the favorable impression. there
| is no doubt that Mr. Haas will undertake a
reorga nZation Of the company. Mr.. Haas Is
| a veteran in the grocery business. He has been
| In that line of trade In San Francisco for more
than thirty years achieving success and wealth
| He came to New-York City several years ago
| and added to his fortune by profitable Invest
| ments In real estate. He has a branch office
! at No. 10 William-st.. this city. and lives at
| No. East Sixty-ninth-st.
| Mr. Haas satisfied himself that the Thurber
Whyland Company had been conducting an cx-
| tremely profitable business. which of late had
shown "A decided increase The business suf-
fered from a capitalization in excess Of its
possible profits. and consequently the company
when the hard times reached II, forced To
pay excessive rates on borrowed money. With
new capital proportionate To its needs. and ii
scaling down Of obligations Mr.. Haas believes
that the company can conduct most profitable
business
REORG ANIzATION PROSPECTS,
Although the receivership is the result Of
| friendly understanding among the principal
| creditors and stockholders 1t is not yet known
| upon what lines the reorganization will be con-
Quoted The capital supplied by Mr.. Haas
and others WILL OF course. take preferred
/ position in the reorganized company The
| present preferred stock may be reduced one
half and the common stock. if undisturbed, will
suffer by the placing of It's dividend pOssibili-
ties at more distant date. There
discussion yesterday OF the relations of the
city banks 10 the company Its paper how
ever, is most largely held by of the strong
| est Broadway banks and otherwise the oblI-
| cations on this account are In comparatively
| small amounts. All the paper Is amply secured.
however, and If direct payment were demanded
the sum due would be covered by the
| capital to be placed in the reorganizcd com
pany. The receivers. however will conduct the
business without "A break. and the banks will
rather extend fresh facilities than compcl i'm
mediate payment.
| The groceries business taken over when the
| Thurber. Whyand Company was formed dates
| back more than thirty years IL was founded
! in 1858 by John +. Pupke and Horace X Thur
ber under the firm name Of Pupke & Thurbcr
! In 1863 this firm was dissolved. and the bust
| ness was continued by II. X. and f. b. Thurbcr
and stephen A. Bardash. under the title of H.
X Thurber & Co. Five years later the firm
became H. *. +. B. Thurber d Co.. and in
| = q rad
d co. r. H. Thurber. Albert f. Wbyland
Alexis Godillot. jr. Jacob S. Gates William A.
Parshail and H. b. Kirkland forming the CO.
| partnership with II. X. Thurbcr as n special
partner. Tne concern did business under this
name until 1890. when it assumed "A corporafe
! Company. ''' ''
The company when it was organized. was
credited with conducting the largest grocery
business of any single concern in the country
lts rank this year has teen at least second I'm
the trade and the sales amounted to s125 900
week W F'-''VV'
l. j. u. THrKBEI'S STATEMENT
r. b' Ihurber, president OF the Thurber Whyand
COMPANY made the following statement:
The SUSPENSION OF the Thurber whyiand coupanv IS
forced by the long-contlnucd depression I'm lu.inc.s
which has caused "a very ercii shrnk,qe I'm b ,o,,n
o our sales ana large ncrcrc In Jrorotton OF bad
debts among the sales did make
Though great reductions. expenses were n.ao ,,,
impossible 10 reduce expenses correspond vI,h M o
ducton fl business. Tho CUSTOMARY eb,r,o,s -. co,
ing the comp,nys business paper have been greatly mr.
fow~d and IN some closed atoc ether Uurng th,
panic last summer injurousy affecting ,,c con
Isny " re circulated In the sp1pers and eowho,c
and those, though rot truc at the time oncr,,ed u,
oher ana more general causes TO contract the eonyany
credit 50 tha' 1t wa, forced at Tie worst Of times 10
ifs goods for sale and reduce its llabc. aver
haf million dollars which II dif orc,. so,rncc
While all creditors can lie paid in full the busnoss
cannot be probably continued without fresh capItoI Ths
has been offered and be obtained but only Though
rsor2anizaton which. III tbc opinion OF the lnry 4
s;ockhol1rs Is preferable along on ,n nrs
cnt basis noi-on without d'idend~ b-t With DANGER
! To all Interests
The liabilities will amount 10 a on, $500 600 os acans.
which thcr' assets amounting TO In the
Of s.0O0O though the realization Of tails sum wII do
pend judicious handling and TO some extn. ,,o,
| the continuance Of the business.
TIE BUSINESS TO DE CONTINUED
The business has been established more thai irt 1ye