New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-15
COFFIN, ALTEMUS & co. FAIL
AN ASSIGNMENT MADE TO JOHN LOW.
BER WELSH
THE RIG PHiLA oEIPHIA COMMISSION HOUSE
UNABLE TO GET READY MONEY on IT'S ASSETS

THE RIG PHILA OEIPHIA COMMISSION HOUSE
UNABLE To GET READY MONEY on ITS ASSETS.
Philadelphia. Sept. A-Coff1n. Altemus e. Co.
leading drygoods commission merchants OF this
city, made an assignment to-day to John Lowber
Welsh Tho Am Is rated at 81 100000 by the COM
mercial agencies and Its credit Is placed at "A"
The following announcement was issued this morn
ing by the frm:
bS,r MessTs Conn AemUs Co. Tsgrst to S Inform @
possibility of securing funds through the ordinary
channels by the discounting of their commercial
esSe held by " members Of the hT% Cannot
speedily converted into money they have tound 1, II
Lowber Welsh for the benefit Of creditors .'l as the
best of protecting their assets and realizing
'"e 'es' results ''' COFFIN. OFF AITEfMUs & co.
The firm Is one of the oldest IN Its line in this
country. and 1t is believed settlement Will be
made In full under the administration OF MT
Welsh.
The FIRMS acceptances are, 1t is said held by
Eastern banks. and mostly in Philadelphia. New
York and Boston !. B. Atemus. the senior
partner was one OF the largest holders OF Ph'la-
delphia Traction stock and II is understood that
the sale Of his shares In the market was one OF
the causes Of the recent depression In that com
pany's securities. The formal assignment was re-
corded shortly after to-day. The assignment
includes that of the New-York house at Nos ~
and 81 Worth-st.. and also Joseph b. Altemus and
his wife Martha G. Altemus individually The
deed is dated to-day. and conveys no real estate
G.
about year ago.
The firm consists Of Joseph B. Altemus Edward
A. Treat. Everett II. Converse, Thomas b. Mar
tin and Edward j. Tiel All of the members Of the
firm except Messrs Altemus and Tiei live I'm
New-York
Conn., Altemus & Co. is purely a commission
house. Should the large patrons OF Coffin Alte
g. Co continue with them the business will
be carried on. The firm sold It's full line Of
n"'S qnt Stock is Very sh Mr. Aemas aH is ' arg
nd-holder one very valuable property. situated
could 1t have been marketed in time. He has
era other ysuabIe properties that VIII swell the
Inn. on the Pennsylvania Railroad main line sev-
The property at Devon consists of from 200 to 300
acres and is valued at from 900 to 5000 acre.
f. A. Treat. the resident member of the firm of
Cof1n. Altemus & Co. a, his home No. 1873
West Eighty-seventh-st. last nigh. when Tribune
reporter called. II said that he In Phlla
de;pha. but would be his Worth-st office this
morning Neither Everett II. Converse nor Thomas
Il. Martin. both of whom live In Brooklyn could be
found last night.
The firm filed notice Of assignment in this city yes
terday. The business is oldesablished one. The
firm originally DUNCAN yelling & Co,
then Charles L. Yelling yelling Coffin Co; Coffin
e. Altemus. and finally the present style since 1871.
They have occupied a prominent position In the COM
mission drygoods trade for many years. their sales
formerly amounting TO 100000 s7000000 a year.
Lemue Coffin, the senior partner. died on January 4.
1882 leaving personal estate appraised $4,000. of
which 1922 given his interest In the firm of
Cofin. Altemus CO. The partnership to
pire on December 81. 1896. and after Mr. Collins
death 1t that his estate was liable the
business up 10 the expiration of the partnership The
capital of the firm employed in the business said
TO be $1,000 0OO and Mr. A;ernus reputed 20
be worth from 81 100000 10 ST. 10000 He is largely
interested In Philadelphia street railway lines and in
The failure OF the firm caused much surprise in
the drygoods trade and merchants were at ii loss
70 account Tor IT, as the business OF the trm had
been considered in good condition. excep. the
ground Of their inability to obtain further accom-
nodatlois from the banks ana tC secure loans
through the sale of the commercial paper II was
found outside Of their commission and manufac'-
thcS' IN The same line Of business. and it was
noped they would De able 10 get SPEEDY stti settie-
for many mills Throughout. the country and re-
b ms fo0q It ' is POSITIVELY S stated 9 Hf that tSe aG
yances were not cause of the failure, as the
matter Of advances. and would not advance more
signed to them How the mills for whicn the firm
agents will be affected remains 10 be seen, and
owes G1p thsm but most % Of the nils are reearded a
able to take care OF themSeves ana are no' de-
Among. the mills for which the firm are agents
Forestdae Manufacturing COMPANY Hamlet Mills
Powhatan Mills. Wamsville Mills. Slater Cot
Ton Company II: $. Henry. PhiladelPhia: Atlanta
MIs Atlanta ExP2TGn ,s Mis- Alane crSwn Sw
chez Cotton Mills Natchcz Miss The financial
The bulk Of the selling is done in this city. The
firm have a small stock Of goods on hand here
now as they recently had big cleanup sale.
which lightened the amount Of stock greatly.
They recently had big auction sale Of Washing
ton prints which regarded as very successful,
and 5000 cases OF goods were disposed Of but as
they were sold on xty-days time and not for
ca sh the firm did get immediate benefit from
the sales No estimate of the liabilities could be
obtained at the office here. In the trade figures
had been obtained from Philadelphia. but It was
thought they would exceed $4,000. The principal
creditors are banks in this city and Philadelphia
1t was thought the assets would be In excess OF
the liabilities Al the NeT-YOrk office II was said
| that none of the partners had been there yestcr
day all having been In Philadelphia, and there
was no one who could give any particulars regard
| l.tl.t