New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-06
MEADOWCROFT BROS. FhIL.
A RECEIVER FOR \ LONG-ESIABli>lLp
FIRM
THE LIABirITrs ABOUT s'5o oco-1iii FAIL
UaE DUE 10 sTmNGTNcY IN THE
MONEY MARKET
ipy rrt,eH.rm To rnr rRinrNr.l


Chicago June ;. Mcadowcrofi BROTHERS bank
ana moi opcn this morning notice posted
On the door -,li that the bark Wa IN the bands OF
LYMAN H. crandan. receiver ty order 81 the >n
pertor Court ~ Cook County. TAe bank WIS or
ssni,ei Ia iss- by the father n the present mem
hers Of tho firm II was private partnership hut
I'D 4. inf-, business and WIS thoneli TO be- one OF
,hn u,o.t conservative and Of the s1undest hnan
e,al institutions In chicago. y, definite statement
of IN banks condition can no obtained. hut Arthur
. Eidv. of the him oi walker Eddy. counsel ior
the bank and pr the receiver says that ~" nominal
Assets arc abou, ss5oOoo and me lab'i'lc. perhaps
.aaaI IN amount According to Mr. EDDY the as
,yss while good. are not Immediately available
rrank 81. Neadowcroft one Of Tie partner denies
thu. however and SAYS that they prrfe ilf g'od
and can bc collected ana applied within ninety aaYs
Tho hank has about $50 900 In deposits ana a"''
coo open accounts. not incndlng certificates OF 10
posi,. which will bring thr total to = much larger
sum.
since Iclrnary ~ when Robert N'adowcrofl' The
founder 81 the lmnk and father # Frank r. and
Charles J. M,adowcron. Died the sois have h''h
endeavorng to recognize and seli ;hc business u"
q corporation 10 bs iuimcd under 90" N"'l"h"' "''N
Ing laws. In this they believed Icy were "D"u'
60 succeed and the corporation seemed - D" ~"
assured fact when somr vechs ago 10" money
market b,cnn 10 TIGHTEN aud lanks liz The Chemical
and &, lunl H.. began 10 fail Ills dnrrang'H '"'
plans and tho men who had promised Z" snn-'fl'
10 the stock of the new hank declined 10 do s"'
Mr. EDDY sui this evening; There Is no pros
nee, that the bank viii ever rcsum" huslnc's. IN
Meeting n run and knowing that tncv could not lurn
their assets Into cash IN timc - meet H. the bfo'h'r
came 10 me. stated the situation and asked my
ody,c. | studied n carefully and told them ui'
tie, would do well Ia apply for receiver '"''
followed my advice. and you know the result
Receiver Crandau thinks that be VIII b" allie 10
straghten out the bauks affairs II tne S1d'n'''',
of tho Meade yoron brothers - {" The nature "
their assets are verified according 10 local
,sv.naper a dcpo.ior vio withdrew hi, mon
from the bank on saturday said tha, the cause oil
the failur, Il to be- lound In 'he iact 'l"' NV
brothers have been Specializing largely since 'h''
fa.her', death. aud have lost about tl'oovo Ill a
Worlds Fair hotel scheme IL l. alleged 'h' '"'"
losses on the stock Exchange. particularly la Ho''l
ard West side callc stock ana on 'he Do''" VI
Trade have been heavy.
rha prop.rtv Of ~ Welsseubach, Grhns
and shoe merchant was seized by ihe Sheni
this morning. B,ccitioa was MAJ On I"usne"''
aerrccating saGno0. rhc liabilities ar alb vi
$4,000: assets, 10000. His liabilities, with inc
exception Of about $4,000 for goods. are for borrow"
money The fixture Is said to have been pre'pl}a''n
by tho assignment Of he banker sohafner' l"'r'
xns remarkable sram,lc b, the creditors TO see
vho vIuld get IN first on the assets. JNote Nv
Council was awakened al midnight TO receive Inc 'il
of judgments but the alert iawl er VINO old lls i'"u
himself after a Wild ride IN cab foft~iaI'n ~
c,mpeii,or who had obtained quicker possession 81
.ne,a wdsscnlach'. stores ola a bill 81 sale
= A. Armstrong q Co., dealers IN uni rh'' maui
voiun,,ry assignment this morning assets are S''c'
IN b. s.1oOOD; liabilities SiO3o'o. Inc nr'" ~
,w.n,v wears has been manufacturing ara cc"hhs F"
uniforms rccalia ,oceiy and church S"eiS III va,
city and IN Detroit. The assignment was pic''Pi'"'
nv nm a,taehmen, suit nci Ia the >'"rlor court 10y
Y SAWYER for Is. coo for a merchandise claim III u''
absence Of the members OF the firm saturday eN'h'-
,hc sheriff ,,,k po,scsson II the store and held l.
III. nnornnr when tn. atiachDent uu Sas -all,hc'
ana stipulation to that effect flied IN me Shp'rlo
Court The Of the ining OF tIc sur hh M III
sh,S..d and attachments werr threatened bN M mn
~,ed,cr~ To AVOID that contingency AMI l" saw
themselves and all their creditors they madr vuina
lar, Assignment \ statement ~ IN" hfin nhih'r
is s,yen out hy f. :. Armstrong vc",prsidcnt OF ln
duo 10 The drawing cut Of more money man 'heS "''
iiclpstcd in the building Of a new factory
Tho xasseu Rank is the correspondent In this citl
a, Ncotowcron Brothers. Francis d. Harris, III
.res,dent 50 d Yesterday that the failed firm was on
-, h.,ro, houses I'm the West. som
,,me AGO the two scnio. members retired. and III
voune men who came into control had not iuahae''
affairs with the same CONSERVATISM as formerly. u"
a., usea IN carry a large balance with The Nassau
Hank but the other day MIR. Harris noticed that
mad been reduced to $i9. As claims Tor about f'o
had been sent on Chicago for account, rie Na's"
Dank now stands creditor 10 Mead9"croi
no c,d not expect lose TIE money. iOf III
Ncadowcroft estate Is valuable one: ana ne oiu no
doubt that in the process OF llWuu'ioh an "eo1
would BE- paid IN full and good surplus ieit'