Delaware gazette and state journal., 1896-02-13
HEALD 8 co. ASSIGNS.
Voluntarily Hands Over Everything for the
Esenefit of Its Creditors.

Dandy cashier Of the Union National
| Bank and Otho Nowland secretary and
treasurer of the Equitable Guarantee
and Trust Co. The firm did large
real estate stock and bond business.
The present members of the firm are
| Edwin H.. Gayley and Daniel W. Tay
| lor. They have turned over all their
possessions to pay the debts of the firm
| and it is understood that Mrs. Gayley
and Mrs. Talyor have both joined in
| the assignment
The failure of the firm may be attri-
buted chiefly TO the failure of L. IL.
Taylor & Co. a Philadelphia banking
house which occurred about six weeks
| ago The Taylor firm held a large
quantity of stocks in the name of
Heald g. Co. After the crash came the
holdings of the Taylor banking house
were sold. Head & Co. made heroic
effort to buy in the stock that was in
their name in order to protect their
customers. To do this something like
$40, 600 was required. The crash left
Heald e. Co. in shaky condition.
Had the Wilmington firm gone down
at that time its failure might have in
jured others more than the later failure
will. The firm as is well-known car
ried on large renting business and
its keeping ahoat may have been to
the benefit of the house owners for
whose properties tho firm acted as
agent.
The crash of L. II. TalyOr g. Co.
being the chief cause of the failure
another cause mentioned was the large
amount of real estate owned by the
company. Under good conditions their
| raut 70 tvrtIH ho uu Inn hl0 hsnt IL
has suffered through the hard times as
most real estate has There were
taxes and interest to pay upon this
property although the market was SO
poor.
The leading creditors Of the firm are
probably the local banks. These are
Union National the Farmers Bank the
Equitable Guarantee and Trust Co. the
First National Bank the Security
Trust and Safe Deposit Co. the Arti-
sans Savings Bank and the Whining
ton Savings Fund. II is said that all
these banks are secured and will not
lose anything by the failure.
The firm of Heald & Co. was founded
about "a years ago by Joshua T. Heald
and Howard l.. Chandler. Mr. Gayey
has been connected with the firm since
1876 and Mr. Taylor since 1885 For
years it had very high credit and had
no difficulty to secure accommodation.
More recently however all business
has been affected and this has affected
the firm. Y
The assignment was not made on
account of any present demand of
creditors, for none was pressing the
firm, but because it was apparent to
Mr. Gayley and Mr.. Taylor that they
would not be able to meet their pay
ments and in order that the real estate
in other States and Canada might not
be forced to sale in hard times,
Every dollar of the members of the
firm is turned over to the assignees.
All the creditors are on an equal basis,
none being preferred.
Mr.. Taylor was at the Seventh and
Market streets office Saturday, where he
received callers. He had nothing to
say for publication concerning the
failure. Mr.. Gayley, who has been
under the doctor's care for six or
eight weeks, was not down town. His
physician requires him to remain at
home, which he is doing much against
his will.
1t was impossible to obtain from the
assignees Saturday any statement of the
assets or liabilities of the firm. Under
the law the assignees have 80 days in
which to file their statement Of the
assets in the court of chancery. They
have taken charge of the books of the
firm and will get the figures together
without delay. A little over a year
ago the approximate assets of the firm
were something like $3.50, co., and the
liabilities $50, 000 Since that time
there has been falling off in assets
and at present they may be but $50, 900
more than the liabilities. Should the
statement of the assignees show such
state of affairs, the firm should be
able to nay every penny of indebted
ness. Much depends upon the willing
ness of the creditors to wait until the
company'a assets can be properly
realized upon. 1t is Mr.. Gayley's in
tention to continue business at the old
stand if the creditors will allow. Mr..
Taylor will also, it is said, start into
business again.
A majority of the creditors of Head
e. Go. have agreed that the manage
ment of the property shall be left in
the hands of the assignees, and that
legal or other proceedings shall not be
taken against the members of the firm
until after the distribution of the
| dsscis. Ehu dBltbitltuL W tudb CutGL
was signed at meeting of the credi-
tors in the law offices of Hugh @.
Browne and Martin b. Burris On
Saturday afternoon. j. il. HofIecker,
Jr., was elected chairman and William
S. Prickett secretary. Mr.. Burris
read the proposed agreement, which
was signed. So far as is known there
is no scramble of creditors to seize
the assets. All are upon an equal
basis. This harmonious action may
enable the most to be made of the
assets of the firm.
John II. Dandy, one of the assignees
of the insolvent firm, was not prepared
on Monday TO give statement of the
| FIRMS condition. He says that the
books are in good shape. 1t will prob
| ably be a week or so before complete
statement is ready. Messrs. Dandy
and Nowland, the assignees. have
issued a notice to creditors and debtors
Of the firm showing that they are in
charge
f. II. Gayley will start in business
at No. o East Seventh street. and
Daniel W. Taylor will open an office at
room No. $40 Equitable Building.
Jazeb Deville, who has had charge of
the renting department OF Heald & Co.,
will establish himself at No. West
Eighth street.
40. II. Annual Meeting.
l H.. r. .