New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-15
SHORT OF READY CASH.
TIE JAMES H. WALKER COMPANY ASKS
FOR AN EXTENSION.
ONE OF CHICAGO's LARGEST DEYGooDs HOUSES
APPEALS TO ITS NEw-YORK CREDITORS
THE CONCERN SOLVENT

THE CONCERN SOLVENT.
It was reported in the drygoods trade yes
terday that the big Chicago house known as
the James II. Walker Company which does both
wholesale and retail business, had been forced
by the strngcncy in the money market 70 ask
the indulgence of some of its largest creditors
in this city as well as Chicago. The concern. ii
is said, is perfectly solvent. but is short OF ready
cash and not able to get accommodations from
bank or individual money lenders. except at such
high rata, that it would be almost absurd to
raise mor"y in that way. The notes of the
concern. which usually sold at 3 per cent, wouli
bc taken now at shave of Is to 20 per cent.
which conservative house could stand Rather
than pay this large discount, James II. Walker,
the president of the company, came to this city
few davs ago and presented the case 10 the
largest creditors of the company whose claims
were maturing this month and in July and
August A full statement Of tho condition Of the
company was laid before them. and they i'm
mcdiatcly granted all concessions asked for
Dispatches from Chicago last night said that
Mr.. Walker had obtained an extension on all the
June July and August bills aggrcgating $500, 600.
The extension Is tor three months, TO September,
October and November This is in the nature
of a partial extension. relating to the bills duo
merchants and not at all on notes maturing with
in that time 70 the banks.
Mr. Walker was formerly in the employ OF A.
T. Stewart & Co., and went to Chicago about
twelve years ago. In June, 1882. the firm of
Burke & Walker formed, in which Mr..
Walker had an active interest Columbus IL.
Cummings and William II. Howard, the wealthy
railroad contractors were special partners. Mr..
Burke withdrew in 1884. and the firm style was
changed to James IT Walker Il Co., which has
been retained ever since. They established an Of
flee in this city for purchases, etc, which Is now
located at No 256 Church-st The bulk OF their
purchases of supplies made in Eastern and
Eurenean markets Mr. Walker built up an int
mense business. his sales amounting to SS,ooo.ooo
a year. thrcc-ouartcrs Of which was in the whole
sale line. The concern carried on two separate
establishments wholesale business at Adams
and Market SITS, Chicago, and the retail at Adams
and Wabash SITS Last fall the business was IN
corporatcd as stock company.
l,radstrect's reports say that the James H.
Walker Company was Incorporated with an an,
thorized capital Of $500, ,000 which represcntei
81 $50 600 merchandise of the hrin oil James ~.
Walker & Co.. and Sl50,000 allowed for the
GOOD VIII The outstanding accounts, amounting
70 81 | 90 600 were 10 offset the HaDlntls
James H. Walker was made president ana " y;
Mason treasurer and vicc-prcsidcnt: ile rsiSir'u
a few months ago and was succeeded ny 'harls
lay. who had been for twenty.seven years WIN
Marshall Field a Co When ,.e COMPANY i srn ~nS
formed II assumed ali the Liabilities OF the hrii
and Vessrs Cummings and Howard were nri"
directors At tha. time the tota' assets were 60
500 coo and liabilities 81 l0O,Opo.