New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-06
THE WALKER FAILURE NOT A SURPRISE
NETWORK DRYCoODs MEN THINK THE COM
PANY WILL PAY DOLLAR FOR DOLLAR

PANY WILL PAY DOLLAR FOR DOLLAR
Although large proportion OF the S2,4oo,ooo
liabilities OF the inSolvcnt Chicago firm OF James H.
Walker & Co. + due TO Newiork houses. the failure
OF the company las caused little excitement IN THIS
city. The general impression seems TO be that the
assets Of the firm I'm Of It's liabilities, ana
that It will pay dollar for dollar.
The company OF the largest dryeopds
firms In Chicago that made practice or buying
through New-YorlS houses instead OF directly from
me manufacturers IL succeeded TO the Chicago
Wholesale business Of A. T. Stewart Co. about eleven
years ago and four years later opened retail depart
ncnt. The firm has about 1900 employees, and lis
sales exceeded - 100000 a year. The wholesale
house has always been profitable and VIII probably
De- continued by the receivers, bit the retail branch,
Which IS understood - be- losing venture, VIII most
likely IT, closed out as soon as possible.
Tclegrnphlc adviccs from Chicago say that the
prin.lpal Ncw.York creditors OF the firm Bliss,
rahyan & Co.. 200 900: A. d. JuIliard Co., Sl:o,-
Ooo and the II. Il. Cla1n Company, 100000.
john Clafn. president OF the last named company.
said Yesterday that he expected the Chicago firm
would pay is debts In fun The failure was NOT IN
ans way n surprise to the drygoods trade.
About mo months ago. said ne "Mr. Walker
came Fast and obtained an extension OF the firms
debts This showed that II could not get the neces-
sary accommodation from the banks. and II matters
did not improve would probably 81 into the hands
Of a receiver when the extended note fell due. The
firm which does large business, both Wholesale
and retail on a rather Insufficient capital. cond not
realize on It's assets when money was needed That
was the thici cause 81 the failure.
Tho situation In the drygcods trade throughout
the country continued Mr. Ciann. "ls good. The
business l. on n sound SIS. and believe the next
chance VIII Do for the better. Tho price OF mcr-
chandisr /, probably at rs lowest cbb. 20 many mills
have closed down TINT the rsiuc'd supply must som
caus. On increase In prices.
"rhe country merchants ere conducting their bust
Hess In a conservative manner. not buying freely
a, usual and reducing their nabilitic. daily such
aclon furnishes the best possible groundwork for
future prosperity OF course. the dryeoods trade
like Others suffers from the current financial s'rn
gtucy but that 1, very different from being nSOvent
\ proof mat natter are not bad Is found In tho
fact tn" Try goods failures this year are no more
numcrou, than they were Inst year.
Another man. u member Of Of the creditor
firms. expressed about the same sentiments In
gard 10 the Walker failure as did Mr.. Clanin There
was however" said he another cause for the failure.
more potent thdn all III" rest and that was the
di>srnsions among the members Of the company.
The firm Of james H. Walker & 20. was built up and
maintained largely on the individual credit OF Mr..
Walker. lie n we'll known man, on whom people
depended. But few months Mr. Walker
practically retired from the mana cement OF the com
panv. II Is II stock corporation ana tho other stock.
holders outvoicd him. These facts modified the credit
Of The firm, md probably made II impossible for
them to Obtain desired Accommodations from the
banks. Mr.. Walkers partners were Columbus X.
Cummings ana William u. Howard. one OF the con
tractor. who built the New York aqucduct.'
Is this failure likely 10 c.uss serious depression
I'm the GiysoOd, buslncssl ~ was asked.
"Wcll We have had good deal OF depression
already, haven't wel7 was the reply Things have
been getting worse right along. and ono tell
whether We have seen the worst yet Stil this l.
the first really important woods failure this year
The DR., goids business Is not In bad way
d. f.. Mckenzie 81 A. -. Jullard Co., No G6
Worthst., declined 10 stale the amount owing to
hi, firm ~ James II. Walker & Go. lie thought
business generally In bad way, but saw no
r,l,on 10 apprrhend serious depression on account OF
The failure OF one Chlcago firm, even though IL were
n lnrgy one. As Ia whether matters we're about 70
Improve he could not say. We cannot 60 down
hn ALWAYS said he, "we must come TO the Level
after awhile, but WHISTLER Nc have yet reached 1t or
not | do not know
sumrn,iII & Iirsch have obtained an attach
mrnt for - $50 against the y. II Walker Company,
I'm favor of Maas. Blum a Co.. ard II was served on
Two hanks and a railroad company. The company
has AN office In thls city. OF No. 30 Churchst Tor
N. purchase OF eoodS in this market. When Mr.
walker was here, In June last, the statement Then
sbnwed assets ~ 100000; liabilities, Hl,!Oo
600: carl,al and surplus ~ 10000. Creditors
then offered TO sell Mr. Walker all ne goods he
wanted and one merchant, II was SAID. ADVANCED
IL A