The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-12-02
LIABILITIES A MILLION.
ABE STEIN &C CO. ran BECAUSE
THE LONDON MORSE STOPPED.

Largest Importers of ForeIsa shin. tn the
tountrY-Isrnnches All over the World
Banks In Europe the Principal Creditors.
The nrm OF Abe Stein 4 Co.. importers Of
goat skins. hides, &c, at % Gold street. was
nut In the hands OF receiver yesterday This
house II the largest In Its line in the United
States. and prot ably In the world. doing =
business VI S5,OOO.O00 n year. The receiver
ship was precipitated. It Is declared. By the
unexpected suspension Of the London house
of Jacob Stcin Il Co. through which the New
York frm did business. Abo Stein. the senior
partner. who lie now in London. cnbled here
that the London house had stopped. and that
drafts for large amount drawn against funds
It held for the New York house had gone to
protest Tho liabilities OF Abe Stein & Co. are
put at Sl,OOOOUO, with large assets the exact
amount Of which cannot be determined at
present
David Vile was appointed receiver OF the
firm by Judge Book staver OF the Court Of
Common Pleas on the application OF Horwlts
& Hershneld. attorneys for william II. Hill
dreth. ono Of the general partners. His bond
is $4,000. Tho firm is a special CO. partner
chip. composed Of Abe stein and William II.
Hlldroth. general partners. Isaac p. 7. Ed
mands Of Boston and Edwin s. Barrett OF Com
cord. special partners, for $4,000 each. The
latter two are in business in Boston under the
style OF Edmands & Barrett wholesale DEAL
ers in foreign skins. Tho New York partner
ship has been renewed several times. and on
July ]. 1892. 1t was cd for two years.
Brddstree'S then shaded tho firms credit rat
Ing one degree. In January last the firms
statement showed assets Of about 81. O64. 900.
and liabilities sGS4.OOu OF the liabilities
$4,000 ware bills payable and open ao-
counts. The assets consisted principally OF
merchandise and bills and accounts receiva-
bic.
In tho application for tho receiver It is stated
that the flrm is inSovent: that the concern
by the failure Of John ]. McConneil and 10000
by the failure OF Charles lllingsworth. both OF
Ihiiadelphi9: that bankers have curtailed
10000 have matured in London and cannot
be paid; IT is also stated that tho firm has been
compelled to sustain a number OF other firms
discounted ~ the banks and that Abe Stein
that that gSR ares Humbsr u drafts held By psrte.
who have discounted them, drawn by the nrm
and its branches on Jacob Stein 4 Co OF Lon
don. have maturcd ana cannot be paid; The
| firm occupies u large building at 07 Gold
there all day SSstSrdSy The Clerks said
none Of the partners was In town yesterday.
Mr. MiiiTeth having gT R 10 oston whsrs ne ne
! greatest surprise at tho news OF the appoint
ment Of receiver. and said they were utterly
Horwita i Hershnod said that the appoint
mcnt OF o receiver was preclpitated by the
/
| tircly unexpected and which was not yet uu-
| dcrstood. Drafts which had matured In Lon
| don for more than S 100 OUO and for which the
| New York firm had made provision by transfer
! OF funds. were allowed to go to protest on
| Thursday. and this had forced the New York
| firm to apply to the court for a receiver to pro-
| toct its creditors, the partnership being q
! special one. Had Il not been for the sudden
| failure OF Jacob stein d Co. the frm here would
| have been able to go on. 4 has had to carry .
| large amount of merchandise unsolt, but, not
| withstandinE this and losses by failures and
| depreciation, 1t had not had TO ask for q single
| extension in the lGte financial, panic.
| IioiwitE and rlershned further said That tho
| Nv. There are branches all over the world. In
| England. Germany. Russia, Arabia. Asia, Aus
| tralia. China. and South America The liabtlf-
| ties are chiefly to banks and bankers In Eu-
| ropo II IL impossible at present to give an
| estimate OF tho assets. They are very large.
| consisting OF IA large stock OF skins and hides
| and large amount in good outstanding ao-
| counts and bills receivable. This entire prom
| crty OF the 1rm has gone into the hands OF the
| receiver Mr. Stein wont to Europe about
| throe months ago in tho regular course OF
! business. as he does every year, and he will re-
| turn at once to take personal charge OF the ad-
| Justment II the firms aflairs. The attorneys
| thought that in all probability the firm would
| BosroN. Dec. I.-Edmands 4 Barrett OF 100
| High street had about $4,000 In the Stein
| Company. II is said. but beyond that Ii 10 not
| known how heavily they BACKED the New York
| concern. The failure will have little effect on
| Boston firms or banks Mr.. Edmands Is d.
| rector in the Lincoln and Bunker Hill national
| banks. Neither OF these banks is affected.