New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-07
DAN TALMAGE'S SONS ASSIGN.
THE NOTED RICE FIRM UNABLE TO MEET
OBLIGATIONS.
LIABILITIES AND ASSETS UNKNOWN BUT NE
SUMPTION OF BUSINESS ExPEcTEp-hiS-

LIABILITIES AND ASSETS UNKNOWN BUT RE-
SUMPTION OF BUSINESS ExPEcTED-His-
TORY OF THE OLD HOUSE
Jobn r and Daniel Talmage. composing .ne - -
Of Dan Talma ge's Sons meIShahts anu NM 80
rice at No l5 Wall-st., made an ass'sH"t -,
terday to Joseph Gillet, giving preferences 30 or
RAT IN six,y-nine creditors. or TINS aihou
20 70 sixtv-seven creditors In louisiana Georgia anu
Missouri for balance due on account Oh ioue 100
a,,vared IN the firm the amount ranging iio'" ~
n 1850 Ravenal & Co.. of Charleston o -, az
nre,erred for 1897, and the National hice NJ .
comnany OF Wilmington. n. C., for $oos' INC ~ ~
has mill for polishing rough rice al NO o' No'''
hast. Brooklyn: branches at New-Oriea"s a"-
Charleston, and correspondents IN many p"'''
the world. ..,s,as
IT.. horso 10 an old one having been established
a., ,so and for a long time has been the principal
one in the rice business In this city Inc ou''''e
was started by John Fowler and Talmage WIN 0 ,
tlnued together until 1857, when they were ~,
by Dan Talmage Co. G. T. De fores' anu n.y.
Swartout being the Co.. until 1900. WIG" u.
dissolved and Dan Talmage. father OF 'he P'e'
rronr,etors took the business. In 1907 'he hii was
changed IN Dan Ta;mage's Sons. composed OF 'oh''
T. and Van Nest Talmage. Daniel Taimase was
admitted in 1873 and Van Nest Taimages interest
ceased in 1885, since when there has been no c"aee
in the New-York firm. -,
John F. Talmage has been a director VI '"o ave
tional Broadway Bank since 1885, ana was iesa'"eu
"a the authority for the bank on the purchase Vi
grocers' paper. In October last the hrih ave.. .u
that they were making some money, were "or''
5000 900. and had only moderate liabilities
strong Harmon & Mathewson attorneys TOT the
assignee said yesterday that on account Vi .ne
extended business of the firm ii would De ihpossioe
at present to give even an approximate s'a'e"eI''
of the liabilities and assets. Schedues are oe"'e
nrenared which, It hoped will be completed carry
next week. A meeting OF creditors WI. De 0a.'eu
shortly when the condition of the firm VIII De ia'u
hefore them, and probably some propositions VIII DE
considered for the speedy resumption OF business
The cause of the failure the inability or the
firm to secure ready money to meet maturing ooii-
pations promptly compelling them TO let their paper
90 TO protest. Their assets are such that the!
could not be made Immediately available. In the
.ado among the causes mentioned dry rot,
pressure of old matters and low prices nc
liabilities are currently estimated at from VOW"
Joseph Gllet, the assignee. Is conheS.eS Mst"
ana the rs Arm He holds for settlement
Tba creators represented by Mr. Gillet 'domes-
tic or United States, creditors and are mace pre-
amsgs the head G Rrd 5hs house He ves is al
No As South Portand nd De %tt Talmase and
was time prominent member o o, .n n mis-
Understanding that arose during one OF the many
efsorts TO raise money pay the debt on the Iapef
ac said Yesterday that tine and nd n
ah,jitv to meet maturing obligations promptly
I'VE have he said IKE every SneT large S and
could not realize upon it when 1t was Necessary;
There is no truth in the statement ABOUT me dec
Of rice or anything OF that kind. IT VIII De sew
eral days at least until we know Just where we
stand as we must hear from all our agencles anu
branch offices The business will be resumed al
fhe earliest possible moment. g., a..
Much sympathy was expressed IN brook M! III io
the members Of the firm yesterday and tne nope nope
was entertained on all sides that they wouid soon
be able to overcome their difficulties EYER one
An the sar,e line of business declared that the nri
dealings had always been Of the most honorable
kind