Evening journal., 1896-02-08
VOLUNTARILY ASSIGNS.
The Firm of Heald & Co. Goes
Into the Hands of Assignees
FOR THE BENEFIT OF CREpIIORs

Large Real Estate Ownines. Depression OF
the Times, Following tho Failure Of Its
Philadelphia oorrerp ondent the Cause.
A satisfactory settlement VIII Probably
BE Made.
For nearly quarter Of a century the
name Of Heaid & o. has been one of
the best known In Wilmington and the
hrm bearing 1t has enjoyed the greatest
confdence OF the general public Founded
Ia 1873 by Joshua T. Hesld and Howard
l. Chandler II has grown aud prospeIed
until major portion Of the real estate
business OF the city is to-day transacted
throught t.
la 1876 Edwin H. Gayley becsme
interested In tie firm, taking Mr..
Chandler's place, aud In 1888 Daniel w.
Taylor became a partner In 1885 on
Mr. Heald'e death, the firm was imposed
OF Mesars. Gayley and Taylor the hrm
name continuing TO be Heald & o. SO
sound was the firm believed TO be that
the announcement that voluntary
assignment had been made for the
benefit OF creditors came like shock to
the public. and on all sides surprise and
regret WAS freely expressed.
This voluntary assignment, which WAS
fled yesterday afternoon In the recorders
Office by William s Hilles. with John Il.
Dandy, cashier OF the Union National
Bank, aud Osho Nowland. secretary and
treasurer OF the Equitable Guarantees and
Trust Company. as sssignees, Is. the
second Of its kind made In Della
ware, and was done Ia order that the
creditors might be more fully secured.
The cause Is due first TO the depression
In the real estate market and the large
amount of taxes interest, etc which
falls on the immense real estate interests
owned by tho firm or controlled by It.
These ciuses would not necessarily
have brought about this result had It not
been for the failure OF l.. II Taylor &
Company. OF Pniladelphia. correspon-
dents Of Hsald & o., and which oc
cured about a month ago
At that time an lEvKHrNa JOURNAL.
reporter interviewed Daniel W. Taylor
aud was informed that the Philadelphia
failure would not prove serious to Heald
& 90, but that arrangements bad been
made to keep right on in business
n1r. Winchester Talks.
Ia conversation with James Win
N
Bank, that gentleman said to an RvEN-
ING JOURNAL reporters At the time Of
the Philadelphia failure Mr Gayley con
suited with me 10 the matter IL was
my idea that then was the time TO mako
the assignment, but the idea seemed to
be tDat the drm would DO able to pull
through IL proved otherwise. Liter
WAS aekad 20 act as assignee, but
declined as | did not feel thoroughly
versed In such cases. ] recommended
Nc. Dandy aud Mr. Nowland as the most
dtting men 60 name as assignees both on
account o. their we'll known probity.
honesty and ability. That is all l know
about the matter.
THE bulk Of the indebtedness Is held
/ by the banks and trust companies, and %
Is usual In business transacted by them
they are fully secured l think that
satisfactory settlement will be made with
all the creditors. There may be some up-
favorable comments on the part Of some Of
the creditors but all such comment
| is unjust. / know Of one creditor who
received a check for his amount about
six months ago. but never presented the
check till to day. LOf course there was no
money TO meat IL and he was angry aud
inclined to speak harshly. 1t was his
own fault, FOR when the check was
given there WAS plenty Of money In bank
to meet it. l have no doubt that the
company will straighten ont its affairs In
a satisfactory manner
Nothing Further to Say.
Mr.. DaDby was seen. He said II
do not think there Is any necessity for
saying anything more than has already
been published.
There WAS rumor that Mr. Dandy
was indebted to the firm Of HeAld & 90.
individually, but this is denied by those
who are ia n position to know.
The Rssignees have assumed charge OF
all the books aud papers Of Heald & Co.
and are now at work on q statement OF
It's affairs. The business Of the firm,
when adjusted, will be again continued,