The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-23
EAILURE OF NEW YORk CLOTHIERs.
Tho Appoin :ment of = Receiver for Wen,
Dire, Ia 81 &c. II rlngs Down y. Sykes IL Go.

Dre1tl- az SC. II flngs DOwu .. SySc' ~ we
S. Sykes h Co.. wholesale dealers in boys
clothing at 1. 3. and 5 Lafayette place. have
failed with total liabilities OF S350,000. and
nominal assets of 100000. William. Edward
e. Charles. and Helen Sykes. who compose tho
firm. made an assignment yesterday to Lawyer
NJ. Marley Platzek. giving preferences for $685.
1853. The preferences for cash loaned to tho
Arm are in favor OF the estate OF Isaac Rosen-
field. $4,000: Henry MorEenthau. $500: VIM.
Rothschild. 5000: Fred Butterleld Il Co.,
$1,000: Guiterman Bros. $1,000. Notes made
by the firm for S31. 45O. the holders OF which
are unknown. are preferred. and accommoda-
ton notes made by We'll. Drsyfus & Co. OF Bos-
ton for S14.Ssi and BY Henvenrich Bros. OF
Detroit for S12022. The partners in the firm
are the widow and sons Of Samuel Sykes.
Mrs. Sykes. 1t is said received S45, 600 recently
from her husbands life insurance policies.
Mr.. Platzcks said that the actual liabilities are
about S250.00O. including preferred claims,
and the contingent liabilities. are about $780,
600 for endorsements They endorsed for tho
accom- m odation OF Well. Dreyfus & Co. OF Dos-
ton to the extent OF SS5, 900 or 800. 600. which
paper is maturing rapidly. The i.- ediate
cause OF the failure was these endcrsam snts.
Because OF the supposed stability OF We'll. Drey-
fns 4 Co. the assignors continued raying their
own debts down to date and made no arrange.
ments to meet contingent liabilities. relylog
upon Well Dreyius Il Co. to take up thsie cotss-
A few days ago S. Sykes & Co. were informed
that they must look after tho endorsed paper.
The condition OF the money market prevented
them from raising the money. and they 60
received yesterday saying that n receiver mad
been appointed in Boston for We'll. Dreyius i
CO. IS SYKES &C.
day gext and it Is hoped that the firm will be
athletic resume business without much delay.
pointed for Wei. breyfus sF co. u w IsSe
SUMMER street Boston WHO f have a branch in
this city at 675 broadway. One despatch said
occasion Of the receivershiE and that the I'M
was understood to be solvent. The New York
to H the
On Sns q The largest houses in f. limo in boston.
over net t Surplus S"e Charles
Coy, Ames Of Massachusetts. The liabilities
Of the tn .m are currently re2orted to be NJ
Ghandise, They owe largely in this city.
an% be has rs sS sassaans
against a 70, the firm in this city on one Of the
Beniamip Crane. man ufacturer Of pearl but
tons at ~ Leonard street whose factory is at
Louis p Whiteman. Howitz 4 Hershtleld. HIS
attorneys. said yesterday that he had endorsed
down by the latter's failure some month ago
2 ettlement havi ing been long delay ed. Mr.,
Cranes own business was perfectly solvent.
The liabilities are about SIS 600. a large part
Of which is contingent. being endorsements
Tor Mr.. KadenberR. Mr.. Crane expects to get |
, favorable settlement from his creditors.
Creditors who sought to obtain receiver for
Abraham Levy the wholesale shoe dealer Of
1872 Duane street, who was arrested at Rocka-
way ten days ago. have been defeated. Other
creditors. represented by Herman Joseph. OPP
Judge OBrien has decided in their favor.