New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-26
WINDING Up IT'S BUSINESS.
= 6 JArFRAY & CO. IN THE HANDS OF
T.CTINEKS

ry,i, BIG pEYGoops House NoT N FINNN'''N
r,rrrcr1.rrr,e- EXPIRATION or TIE TINE
,,,,y,, SIT rY = $. JarrrAY's VIII
srArrnrNc rNoN J. I'-
v.r:, SI,'uoNs.
.,.s.,o.s hing transacted usual IN the big
drvroods store of +. S Janray CO.. at hroa"-
way and Le,uard-st. yesterday 'u' 'ne pla'e wa
On charge Of receivers, who were appointed by
-... 49,, 7 . T9,iau on Saturday 20 wind
-, the firm AFFAIRS The receivers are James T..
cannon. yice-president If the Fourth Natonai
Tank: A. d. Juiard. importer. at NO To WORTH
CT and Howard s Jaffray. the present head OF
the firm of f. S Jafray & co. Application for re,
cniv.re was made at the suggestion OF j. EdwarI
simmons who vas consulted by Mr. JahraE anu
other members of the firm Representatives OF the
press who made Inquiries at the store Yesterday
were referred TO Mr.. simmons
Il was said At the store. however that the pus
ness would go on while the firms affairs were III
liquidation and that the business would De CON-
Quoted later by another firm 10 be loriheu i'll "'
probability by the present partners. Ihe nqu'u"-
ton il was said had been made necessary by the
terms of the will of the late +. = Janra!' Cum
pelling division of his large estate and not De-
cause the firm was in financial difficulties.
j. Edward Simmons. president of the Fourth Ma
tonal Bank. was asked about the ahairS oi r." =
Jafray & Co. and he said that in his opihoh
the liquidation Of the firm through Messrs. jar
FRAY Juilard and Cannon. as receivers was
iudcious step and could not fan 70 result 49,, ,
ably TO all concerned. There should De ,.aI
no loss 10 the creditors but all would ne oe"
be paid IN fun as the result OF TINS ha'nu a.,
Mr.. Simmons said that the situation VI Wv ,I
was pecuar Mr. f. 5. Jafray. who dieu !" +P'
1892 had been substantially the so'e 1i
the firm He provided by his Will that "i' JUS
,oss ebouId continue for three years al'er h'S
80, 49,, oup large capital and even his outside
,,-onertv remaining meanwhile at the risk OF the
business Under all ordinary circumstances the
surviving partners would have continued the puS'-
ness under the most favorable auspices; but the
last two or three years had been trying times N
tho drvroods ohhing business. and the firm had
lost over half a million dollars by depreciation OF
merchandise and through realizattons In ADDITION
10 this the financial resources OF the hrm han peeh
greatly reduced by the gradual withdrawal by
third parties Of moneys which had been left on de-
rosit with the firm during Mr.. Jafiray's lifetime
one amount OF $4,000 which had been with the
firm for over twenty-five years, had been recently
withdrawn. In this way over So0V0 nae beeh
taken from the firm since Mr.. Jafrays death
There stu remained deposit with the hrm
nearly 81 Oon ea due third parties. which was
subject 10 payment on demand. These depletons
OF the firms financial resources made the further
continuance OF the business apparently unadvis-
able especially in view Of the fact that the annual
expenses were over $500 Gpo. Nearly three years
had ELAPSED since Mr. Jaftray's death and the time
for the withdrawal Of his capital was approaching
The estate had suffered considerable dminution
from the FIRMS losses, and beneciaries were nat
urally solicitous that there should be no further
risks incurred.
Although the FIRMS assets appeared 10 exceed its
liabilities largely. still the first step toward
liquidation would necessarily lead to a call for the
immediate payment of the large deposit liabilities.
and these the firm could not meet upon demand.
A condition Of technical insolvency was. there
fore imminent Under these circumstances the
partners prudently sought the advice Of financial
and business friends and they were advised that
the only wise course for the protection OF the
creditors as well of the Jaffray estate. was the
immediate dissolution Of the firm and the liquida-
ton of the business through receivers. Mr. JUL
lard was selected to represent the merchandise
creditors and Mr.. Cannon 10 represent the banks
interested. while the senior member Of the firm
Howard Jaffray. who also one OF the Jafray
executors associated with them These gen.
tlemen will be generally recognized eminently
ft TO make the most favorable liquidation. and the
creditors will all be paid pro rata. &C the property
Is realized. There will be- no preferences.
Mr. simmons further said that he had closely
examined the statement OF the firm. and felt every
epahn rcid ina Of thc canta for me rav etaie
after the payment Of al the firm debts. The total
Indebtedness Of the firm was about &,1OVp ANY
other course than that taken would have resulted
he believed. in serious losses through suits assign
ments and all the legal conflicts that are usual in
tween the Jaffray estate and the nrrns creditors.
and the business will be settled in business-lke
The great drygoods jobbqg house Of E. S. Jaffray
u,
therefore. of the oldest mercantile concerns
in the country. The style originally was j r.
Jaffray & Co. J. r. Jaffray being the father OF
the late Edward s. Jaffray. The Jafrays came
here from England, ana their connection In Lon
don still retains the style which the American firm
first adopted. The English house antedates The
establishment in NewYork by several years. The
firm from its inception was a success; ana soon
envable reputation for sOundness fair
ness and financial strength Edward $ Jafiray
infused into the business his strong individuality,
and under his able direction the, success Of the
firm hattering and substantial
The present membership of the concern consists
OF Howard s. Jaffray Uhe second son OF Edward
8 Jaffray). John X. T. Woodrif (who married one
OF Mr.. Jaffrays daughters and Sylvester a.
Haver, old and valued emplOye. Howard s.
Jafray became partner some twenty-five years
ago, but was not active in the management OF the
business until the death of his father. April
70. 1892. Mr.. Woodrin admitted to the firm In
1852. and Mr.. Haver in 1892
At the time OF the death Of r. S. Jaffray II was
r7iinored that great changes would occur in the
house; put under the terms Of his will his inter
est IN the hrm was TO remain subject to the risk
or the business tor period OF three years. The
executors ana trustees named under the will
Howard ;: Jarray and +. S. Jaffray's sons-in-law.
F. W: J: Hurst and John r. Z. WoodriH.
r. B. Janray & Co. did business OF many mil
Ions annually, and their importations were large
The credit OF the house. both at home and abroad
was excellent Its partners men of high social
standing and unsu,hed reputation. and much regret
Is expressed at their retirement from business ctr
cles. "