New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-11
A DRYGOODS HOUSE FAILS.
\ COLLINS & CO. FORCED TO MAKE AN
ASSIGNMENT.
,rpoRrED LIABILITIES OF FROM $4,000 TO
sa,o oco-pREr'ERENcEs FOR $o4.Soo-AN En-
Feet OF srAGNATIoN IN TRADE.


.,oocc-pRErERENcEs FOR sc4.Soo-AN Eff
rn-r OF srAGNATIoN IN TRADE.
IN. more IN the list of firms forced into assign
,,ant BY the business depression prevailing IN the
,.s, few years is the wel-known drygoods mouse OF
T. ~ Collins Co. at Nos. 5 anu ~ Fast ro"'
...n,h-st which, according to the statements OF
.r,r.rs ~ the firm Yesterday placed In fnan-
NO, dtnlcuniee by the dull times and poor business
Tn. Arm assigned yesterday morning 10 Alph"nse
y Alker lawyer at No. IL Pine-st. 1t gave prefer
ences aggregating $3.50 for borrowed money ana
hank discounts the following: Emily H. Coihns'
5000: Harrie, |. Collins, s2ocN: Addie r. Robin
.or a 900: James T. Ward & Co.. 5000 Henry p.
R,,-n 5000; Bank Of rhe Metropolis. sI""; Four
tenth Street Bank 5000, Mary E. Merchant, *L""
John Harvey, $1,000. ard +. A. slattery. 500
Joseph n Collins. the senior partner, began bust
ness over thrty-four years ago. He was at hrst OF
Collins Lindsey dealers in hats, who dissolved in
,sss: then alone for while. AMI later on was oil
Collins Brush afterward J. y. Collins G. Co. and
fs,perly & Collins. Then ne went out Of business,
ard in 1878 began again Collins x smith, al NO.
q- Sxtal-ave, with branch store in New raven
c,nn This firm dissolved in 1879 and in 1882 he
moved 20 No. 80 West Fourteenthyt-. where Fred
~-rk ~ Collins became a partner IN 1881 In ccto-
~ 1894 the firm moved from West Fourteenth-st
a re- pressn, site No. and 10 East Fourteenth-st
ard leased large buildings. one Of which extends
enough 10 Thirteenth-st The rent II is said. Is
sNNp a year. The firm occupied the upper part OF
IA East Fourteenth-s- for the manufacture OF
frrs
A.-er the removal the premises the ous-
moss Of the firm increa considerably. and 1t was
sad that II had moro than made up the cost OF re-
,poyal but in the last few months trade has falen
Of greatly and sales have been slow The haoihtles
are not definitely known, but are currently reported
70 be from $4,000 TO $4,000
Joseph W Collins said yesterday: I'VE were
$aal
keenly. and. although making every effort to bear
the strain as long as possible the poor times !eit
goods on our hands: and the bills for them falling
due with TO money coming in TO pay. forced us 10
close
u-. A.ke-. the assignee. said: I'VE shall make an
inventory Of the goods on hand once. but it Will
re1u.c severa, days to complete the taking OF stock
90 that II cannot be definitely said just now no"
much The assets and liabilities are
Frederick " Collins. the other member OF u'e
ft-.n u,oughs that the Liabilities would be under
800 co. and trat the would not be n!'ch less
An accurate statement OF the FIRMS condition. 1t
.e expected VII be made in week. There are a
number OF creditors concerned, mainly wholesale
dealers VINO have sold goods TO the firm on credt
for nited periods The failure 20 secure an extern
sion OF time these accounts preclpl'a'eu 'he
trouble. according to the aSsgnee Joseph y, eo,
Inns SAID regarding this: Formerly the wnoiesd.e
dealers in goods ana ayso Goods n
which make payment for the go2ds ine 'f.s "A
houses could sell large part OF thelF stp~n an
suze on il 10 meet their Obligations to the who e.
aai~ dealers But in these times OF financial sfll-
reacy the wholesale dealers are demanding thelr
money and giving .ess time in winch TO settle &C
counts" 49, t,,ra
REGARDING the plans Of the firm for the future,
m,siness after an adjustment OF the present difl-
cuTies. and assurances OF cordial support have
ry-ne from friendly wholesale dea ers. through
whose assistance successful resumption Of business
may be realized - -. - -
shoe and mems furnishing goods departments N me
store of J. ~ Collins & Co. said that the nrin haa
collected money belonging TO the departments. wncn
the Arm had he'd in lduciary capacity o ana me
SpafS 80 OF r-,-''ys mr. iii,iitei VIZ s.f
~er.raj funds belonging 10 the crefitors 10 abide
re decision of the construction OF the department
CONTRACTS Mr.. joseph thought the amount Woud De
- Nn Bluuensceil < HrSch have issued a repevn
sca.nst the assignee of J. y. Collins g. Co for N,l73
worth OF goods. and kneeand & Stewart have
another for 500 worth OF goods.