The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-11-19

n OeSlT6 TO W1nu Op the Concern on
Account of Bad Business Said to Be
the Reason For the New Receivers
ship-The Liabilities Put at $780,
600 and the Assets at 100000.
Atlanta, Ga, Nov 1s.-The big dry
goods house at the corner Of Whitehall
and Hunter streets which has for thirty
years past been under the ownership and
management of the Ryan family for the
second time in a little more than two
years went into the hands of a receiver
tonight. For a quarter of a century
John Ryan conducted the store, and
when he retired five years ago a millions
aire, his eldest son, Stephen A. Ryan,
succeeded him as head of the big concern.
The young man had ideas on an immense
scale During his brief career as manager OF
the house he came near bankrupting half
the other dry goods merchants in the city
by his reckless slaughter Of prices.
RYAN's FAILURE.
But his sweeping methods were NOT
based upon sound business principles and
one day during the latter part of 1890 the
sheriff took charge. The young merchant
prince had failed, with 81 100000 deficiE
in his assets. He was accused Of sequest-
ertng large amount of cash, and upon o
denial, was sent to Fulton county iail by
Judge George +. Gober for contempt OF
court. He remained there thirteen
months, all the time protesting that he
did not have the money charged up to
him, and was finally released through q
law passed by the general assembly to
meet just such cases as his.
THE REORGANIZATION.
TOtIripo I(vopHa ,.o,, l., A.
dry goods business was re-Organized un-
der the name of the Ryan Companyn
The stockholders in this concern were q.
/. and Augustus Ryan, younger brothers
of the fallen Young merchant prince.
They had bought up the stock Of the old
house under the receivers hammer, and
then capitalized the business at 500, 900.
When Steve A. Ryan was released
from jail he again became the head
OF the house as manager, and
has been running the business for eight
onths past. To-day the Usage Hosiery
Company, of Charlotte n c., upon u
claim Of $500, the Excelsior Manufactur-
ing Company of Nashville, with a claim
Of $3.50 and John M Moore, of Atlanta,
with claim of S35, applied Tor receiver.
During the day mortgages amounting to
Sl3S 900 had been filed in the clerks Office
of the superior court. These mortgages
were in favor Of II, b. Clafin a. Co, Of
New York, for Sl23, 200 and the American
Trust and Banking Company, Of Atlanta,
for $4,000. These are the only secured
creditors
THE LIABILITIES AND ASSETS.
Tonight it is stated that the total
liabilities, including these mortgages,
will amount to SlsO,000, while the assets
are put at S3000 600. Judge Lumpkin
heard the application for n receiver late
this afternoon and appointed +. II. Thorn
ton, chashier Of the Neal Loan and Bank.
ing Company. He took charge at IL
o'clock tonight under a bond Of $3.50, ,0O0
Manager stephen A. Ryan stated
that the receivership was brought about
by the Ryan Company, who want toclose
out the business. The house, he says, has
been steadily losing money for eight
months past on account of the hard times
and the company is tired of this sort of
financiering.
Joel Edmonds g. Co, dealers in MILL.
merry and fancy goods, also went TO the
wall to-day. This firm removed from
Chattanooga 10 Atlanta three months ago,
occupying a store on Whitehall street.
Hard times overcame their enterprise.
The assets and liabilities about balance.