The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-02
Receiver Appointed at New York for
Probably the Heaviest Dealers in
Skins I'm the World.
BOSTON HOUSE ALSO CLOSED
The Trouble Due to the Failure Of
the London Branch.
Many Notes Permitted to Go to Protest
"A Business of 100000 % a Year
Stock Too Large.

NEW YORK, Dec. 1-Abe Stein & Co.,
importers of goat skins. hides, etc, were
placed In the hands of a receiver to-day.
The house is the largest in its line In the
United States and probably in the world,
doing a business Of $500. 000. The receiver
ship was precipitated. it is declared, by
the sudden and unexpected suspension Of the
London house Of Jacob Stein & Co., through
which the New York firm did its business.
Abe Stein. the senior partner, who is now
in London, cabled that Information, and
also that drafts for a large amount had
gone to protest. The liabilities OF the firm
are placed at sl,OOO.OOO, with large assets.
the exact amount of which cannot be de-
termined at present. The firm had a very
extensive business, with branches in many
foreign countries, and the effect of the fall
ure is expected to be far-reaching. Davd
Willie was appointed receiver by Judge
Bokslaver, Of the Court OF Common Pleas.
to-day, on the application of Horwitz &
Harshfield, attorneys for William H. Hill
dreth, one OF the general partners, the
bond being $4,000. The firm Is a special Coz
partnership. composed OF Abe Stein and
William H. Hildreth. general partners, Isaac
p. EDWARDS and Edward s.. Barrett, Of
Concord, special partners for $4,000 EACH
The latter two are in business in Boston.
as Edward & Barrett, wholesale dealers In
foreign skins.
Bradstreet's report states that Stein be.
gan the business about twenty years ago
and formed the firm Of Abe Stein & CO
in 1883, composed of himself and S. p. Pres
ton as general partners and Edwards q
Barrett special partners for ST., 800 each.
This amount was subsequently increased
until it is now $4,000. Mr.. Preston re-
tired from the firm in 1886 and Mr.. Hill
dreth took his place. The partnership has
been renewed several times. and on July
], 1892, it was renewed for two years.
Bradstreets shaded the firms credit rat
ing one degree. The business OF the firm
during the late non stringency was
somewhat contracted and it met with
losses by other failures and shrinkage,
but the house was able to meet all obliga-
tons at maturity.
In the application for the receiver II
was stated that the firm was insolvent;
that the concern had met with heavy
losses and failures. $4,000 by John j. Nc
Council and $4,000 by Charles Telling
worth. both of Philadelphia; that bankers
had curtailed credits. and that drafts to
the amount of $4,000 had matured in
London and could not be paid. 1t was also
stated that the firm had been compelled
to sustain a number of other firms in In
dorsing their commercial paper. to be dis
counted at the banks. II was further
stated that Abe Stein had sent a cable
gram from England that a large number
OF drafts held by parties who have dis
counted them, drawn by the firm and it's
branches on Jacob Stein & Co., OF London,
had matured and could not be paid.
The assets are large. consisting OF a stock
of skins and hides and a large amount in
good outstanding accounts and bills ~receiva-
bic. The entire property Of the firm has
gone into the hands of The receiver without
any preference whatever. Mr.. Stein went
to Europe about three months ago in the
regular course Of business. as he does every
year, and he will leave London at once to
return here to take personal charge of the
adjustment of the firms affairs. The attor-
neys thought that in all probability the
firm would be able to speedily adjust Its
affairs and go on in business.
The Boston House Also Fails.
BOSTON, Dec. 1.-The leather firm OF
Edwards & Barrett OF this city, went under
to-day as a result OF their attempt to carry
paper Of the firm OF Abe Stein & CO., OF
New York. for which a receiver has been
appointed. Both members Of the firm were
special partners in the Stein concern They
AAoA ia %ASOgNSN III NhC o4AAt II 10 Cda4
that during the first part Of their connection
with the firm it paid a handsome profit,
but they refused TO draw it out and left the
firm. When the panic came last summer
Stein & Co. were caught with a big supply
of goat skins on hand which they could not
get rid OF at any price, and, money being
scare, they were forced TO borrow largely.
They easily obtained the Endorsement Of
Edwards & Barrett to the firms paper, and
all along maintained that the firm was
strong enough to outlast any panic. 1t is
limited that there was considerable speculate
ing done by the New York firm, and that
a good deal Of money went in this direction.
1t is not known to what extent the Boston
firm was On Stein e. Co.'S paper, but IL IL
a very large amount, and it is believed that
the liabilities will reach close to $4,000.
Other business Troubles.
NASHVILLE, Tenn, Dec. L-Messrs.
Fife, Lyle & Davis. one OF the largest
wholesale dry-gOods firms In the city, made
a general assignment to-day for the bene-
fit Of creditors. Thomas ID. Fife Is named
as a=ss sl 3 eea La Slss:St.; a Is rs:
general depression and inability 10 make
collections.
NEW YORK, Dec. IAN attachment for
favor of the Southern National Bank was
issued to-day. The attachment was grant
ed on the ground that Beecher, Schenck Do
Co. was a foreign corporation
COUPEYILLE, Wash, Dec. 1.-The Is
land County Bank suspended to-day. The
manager left TO raise FUNDS ten days ago,
but was delayed. The bank started a few
months ago with a capital stock OF $1,000.
A Murderer's Reason.
TAYLORSNILLE, KY. Dec l-George
Armstrong, colored, was hanged mere at
100 O'Clock this morning for the murder.
about a year ago. OF Kate Downs. a coll
oIed girl, with whom he had been intimate.
Prior 10 his execution Armstrong said: Il
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