New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-05
. PRICE THREE CENTS.
OWE MILLIONS In NEW-YORK.
RECEIVERS IN CHARGE OF A BIG CHICAGO
DRYGOODS HOUSE.
JAMES II. WALKER co. UNABLE TO MEEx
THEIR BILLs-THEY SUCCEEDED TO .
THE CHICAGO BUSINESS OF A. T.
STEWART & co.


Chicago. Aug. 4.-James IT. Walker 4 Coz
dealers in general drygoods, and one Of tho
largest and best known firms in the city, con-
fessed Judgment in Judge Windes court to-day on
note for $5,495 in favor Of Edward Noa.
Shortly afterward the rumors Of the last few
days to the effect that the company was en-
barrassed were confirmed in the formal petition
for the appointment OF a receiver. At the same
time the suspected differences between the MEM
hers Of the firm developed when dispute
arose before Judge Wnde over the appointment
of the receiver James II. Walker asked that the
Title Guarantee and Trust Company be named.
and he was at once opposed by the other MEM
bers of the firm, who also appeared in court.
They desired two other persons named, and an
animated wrangle at once arose. Judge Winde
finally appointed w. A. Mason and the Chicago
Title and Guarantee Trust Company receivers Tor
the company. To conform to the wishes OF al
PARTIES concerned third receiver will be appontoa
tomorrow morning to act with the other two.
The firm succeeded TO the Chicago bus ees OF
A. r. Stewart IL Co., of New-iork, some years
aoo and did both a wholesale and retail business,
the retail house being at Wabaslrave. and Adams
st.. one of the largest shopping centres in tho
city The action taken to-day was not unex-
pected. and the events leading up to it date back
the firm was trying to borrow money were de-
MED.
Mr.. Barry, representing Mr.. Walker, said the
firm owed 80 900, 900 in New-York, which credis
WAS given i'm Mr. Walkers name. james IL.
Walker. president Of the company, when asked
what had precipitated the failure, SAID H Is
simply a case of being unable TO raise money 70
meet pressing debts The company was organized
| with a capital stock of Sl,5OO,OOO. cannos
state what our Indebtedness really is, but do
not believe it is in excess of assets. l think
we will be able to pay dollar for dollar
The bill asking for the appointment of re-
! ceiver was filed by A. d. Juilliard & Co, OF New
| York, who are large creditors. The bill set out
| the fact of debt and urged the appointment OF
| receiver at once Mr. Barry, attorney for James
| p Walker. produced several telegrams from New
| York firms who have large claims against tno
| concern, saying they were willing that any re-
| liable guarantee or trust company should ne ap,
nointed receiver for the Walker Company, provided
| II was done at once. The attorney said the con.
corn owed vast sums which 1T could not inees
| and that a receiver was the only recourse Iei..
W. A. Mason. treasurer of the company, Xy,n ana one s
| of tbe newly made receivers said There are
enough assets to pay off all liabilities and no one
will lose anything Inc Gs,mess mes m VIII out = Of the
along usual and we slail soon "o ""' - ~
| An attorney from New-York was present to lcok
after the interests Of Columbus r. SnmmlngS N,; W:
| II was announced in court that a large number
| of Walker 4 Cos. creditors, prlnclpany n anous
| New-York would arrive In the city to-nignt ineI
will he consulted as to the appointment OF tnirI
| receiver. 1t was also understood tpat z Va SSn cra
meeting of all the creditors VIII DO Is.i SlS
| week from tomorrow, notice having been sent
| ont to that effect when Mr. Walker is hopefn!
| that a satisfactory settlement OF MS aHain WIZ
| be made. . =, -. oo-..n
| The firms total liabilities are placed at S2 4o0,-
| ooo No statement made as 10 the assets, ex-
cept that the firm hopes the 30 pay ssns of the foiow
inq: A. d. Juilliard. New-lork, Si2o,ooo;n n;I ine
II B. Clafn Company, New-York, $4,000; BSs'
Fabian Il Co.. New-lork S2O0:Ooo 90 n.
The company was organized December =, Ess;
thd nresent time are James II: Walker, presi-
dent James H. Walker, jr., Columbus K. fmm'
minrs. William D. Howard and Irving 1; tlos naI.s.
Mr. Cummings is said 20 be the largest etockhouelI'
The firms assets consist OF open acc2in'' 20
notes Of face value of ooo,ooo, anu a;sa sa' IN
quantity of dry goods ami o'her nercila con. ~
The Wholesale and retail stores. IL aiso OWLS coh
dorahIe rcal estate the whole value of which, II ~
cio;mad cannot be stated owing 10 the unset'r"
cond;ton of the market nor has the concern , ,,,
ira faith in the face value of its notes ana slndi M
coIateral This it i claimed, can ohH ;ass W.
termined when the full extent Oh W ,en,'r lyencv of
Sisasters is known and the consequent solVehvs "a
certain people indebted TO the concern aW,ia ia
7. IS ascertancd that James ii. walker 10
rorsonalIv re pOnsible for S3O0,Ooo OF ths I'm 20
pponv,s indebtedness 1t was largely Ill view y.
This state of affairs that he ehter,. o;veys
n,,Iiar feature of the failure l. that tne COM
appr,s Indebtedness is given as S9oo,oVV n'o; 10
p',iS i,s canital stock This is stated 10 pe III
"iation of the statutory law which = tha' no
| corpoate company shall owe moie ''"- WV
| .mount of its capital STOCK