The evening world., 1893-11-14
FORCED TO SUSPEND.
Receivers Named for the Big
Thurber-W -Whyland Company.
Assets 81, 700, 900 and Liabilities
Said to Be Over $500, 900.
Pre,ident Thurber Also Makes u
Personal Assig ment.

Justice Andrews, of the Supreme Court,
to-day appointed Judge Andrew Kirk
natrick Of 500 Broad street, Newark, n.
J.. and Thomas Reid, of 12S West Eighty
e,phth street, receivers for the firm of
Thurber. Whyland & Co., at West
Broadway, Hudson and Reade streets
Each of the receivers have filed bond
In the sum of 100000, as ordered by the
Court, and they are now in charge of the
business
The proceedings were taken by Mr..
Goodwin, of the law firm or Nanderpoei.
Cunning & Goodwin, in the name OF
President +. b. Thurber as directed by
the directors OF the company at meet
ing held yesterday. ~ .
. Mr.. Thurber, in which ne admits the
Insolvency Of the company, ana states
that it will be for the best interests OF
the creditors to have receivers ap-
The assets of the Company are esh--
mated at $l.IOOO0O, and It's debts exceed
$500 OCO for S500.000 of which 1t has given
commercial paper, the remainder being
:. in open accounts. A large portion OF
them is now due and maturing. and war
rants of attachment are threatened.
Mr. Thurber says the weekly sales OF
the Company amount to about sl25,VyJ.
Tle same gentlemen were appointed
receivers for the Company yesterday by
Chancellor McCiill, in New Jersey, but
the fact was not maze known until the
appointments were confirmed by Justice
Francis b. Thurber made a personal
4 assignment to-day to Boudinot kieth.
lawyer, at Ill Broadway, without pref
r b. Thurber said this noon to an
" Evening World'' reporter
This is friendly receivorship. am
President of the concern, and as hau
ofVT'RE Of TRar6er, H'SSi Whyiand & Co. felt it
to he duty to make sid TO saudnot
'As Thurber, Whyland & Co. is a
New Jerseyy corporation 1t was neces-
pointed receiver But ?, as 9nr, all Of and ne if
oG be for the rseelyer Terk 70
done. by the concern, we decided to ap-
ply for two receivers,,one New Jer-
sey man, the other New Yorker
Il Judge Andrew Kirkpatrick is member
OF the Common Pleas Bench at Newark
Thomas Reid, the other receiver. IS a
y member of the firm of "opens, Smith &
la Wieman, importers and dealers in coffee,
tea and spices, at lO3 Warren street.
nhe causes for the 1aitGrs OF - the E9n
tions following the panic and the strin-
Ngency or the money market may be
A given as a general cause.
Hs I'm this matter the concern has been
VI Represented by Mr.. Beaman, of the firm
OF Evarts. Choate & Beaman. and Mr..
Se% the saG TeSeiye
our legal representative AS to a reor-
ganization OF the concern that is a mat
| Ter in allegiance, and | can give no in
formation regarding the subject"
Though great reductions in expenses
were made, 1t was impossible to reduce
expenses EXP to correspond with the redue-
nels for floating the Company's business
paper have been greatly narrowed. and
In some cases closed altogether.
|. During the panic last Summer ru-
mors injuriously affecting the Company
were circulated IN the newspapers and
elsewhere, and these, though not true
at the time, operated with other and
more general causes to contract the
Company's credit, so that II has forced
at sdr the worst of times to pres, ;,, Its goods
half a million dollars which 1t did at a
great sacrifice.
"If Congress had acted promptly in
repeating. the Silver bill we might have
recovered the groun- previously lost;
but the long delay at Washington killed
& She Fan trade, which we had based our
hopes OF recovery on
Although the Company has assets
much more than sufficient to pay its
creditors in full, 1t found itself with in
on scale sufficient to make dividends
Tor It's stockholders. and with some of
Us ,bo,, creditors editors pressing for payment of
meet them.
While all creditors can be paid in
ull, the business cannot be profltably
continued without fresh capital. This
as been offered and can be obtained
put only through "A reorganization. which
N the opinion of the largest stockholders
Is preferable to dragging along on the
present basis, not only without dividends
cerrod
"To stop the business and wind It up
Mot MVu!I involve such great loss that it is
not for moment TO be thought of The
oSonp9ny will have to obtain such new
eapial as is needed, either from the
S59cEholdcrs themselves or from other
anu then reOrganize and resume bust
IssS; hopng that the future will repair
ne losses Of the past.
want % say for myself that ! am
ne largest StoCkholder In this com.
PanE, ana the largest loser through IT.
nlstortunea.
Every dollar ! have In the world Is
T-nbirked in the Thurber Whylant
nTootntPhhlly. | am the indorser upon every
iio'e itS me company ever gave, and through
,ls suspension have been forced to MAKE
general assignment
MY personal liabilities outside those
NoiNed IN the Thurber. Whyland Com,
nys affairs are OF small amount, and
In fun"
ne reorganization of the concern will
UOho'g be completed in less than q
MN. The 100000 needed to place the
hPahy on solid financial footinE
- oeen advanced by q prominent mar
THE groetry trade
ms MS money will be furnished as soor
ne reorganization are taken.
PHssenRer Dies at Sea.
steamer Madiana, which arrived from barbados
eo-uAy reports that @. r. Shout n second oAbII