New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-23
w. G. HITCHCOCK & co. FAIL
THE FAMOUS HOUSE MAKES AN ASSIGN
MENT TO W. ]. CURTIS.
KNOWN FAR AND WIDE AS DEALERS ~ BLACK
DRESS GooDs-A GREAT SURPRISE TO THE
TRADE - BUSINESS DEPRESSION OF
THE LAST FOUR YEARS AND
BAD DEBTS GIVEN
AMONG THE CAUSES or
THE TROIRI.E

THE TROUBLE.
w G. Hitchcock & Co. importers of black
dress goods crapes etc, at Nos. 4J3 and 40
Broome-st. made an assignment yesterday TO
William j. Curtis. of Sullivan & Cromwell, at
torneys. No a. Wdll-st giving preferences
for SCOT The house is of the oldest
and best known in this line Of business. has
worldwide reputation and supposed to be
worth at least 100000 The assignment caused
the biggest surprise in the dressgoods trade
in this city for many years. Welcome c. Hitch
cock the senior partner. has been regarded as
one Of the most conservative and careful mer-
chants in the city and his opinion was looked
upon with the greatest respect by fellow-mer-
chants The trade was completely at a loss 10
.ccOunt for the failure. as there had been no in
timation whatever OF any trouble. The firm had
all the credit 1t wanted. and its paper sold
readily at a very low rate. The liabilities are
not definitely known, but currently esti-
mated at Sl.OO00CO The assets likewise
large but their value cannot be even approx
mated al present.
The partners are W. c. Hitchcock who lives
at Scarsdale: George ]. Geer. Of summit y. j.,
and =. Howard Hopping Bradsireet's reports
say that tho house was founded in 1878 by
Pierre Becar and has since then passed through
the following various firm styles: T. & y.
Becar Y. J. Bcca- e Co. Bccar. Benjamin &
Co. Noel !. Becar & CO.. Bccar & CO, Becar.
Napier * CO.. Becar & Co. Hitchcock & Pot
ter and W . Hitchcock & Co. the latter style
having been adopted in 1856. Nj. Hitchcock
became a partner in the firm Of Becar. Napier
q Co., having been brought up in the business.
Mcssrs Geor and Howard were admitted as
FARMERS in fss6. they had been employees for
eighteen wears. The firm has always declined
To make detailed statement Of its business,
but intinated that it had about SJH.HD in the
business Is agency here for the Priestley
drcsseoods and COurtauld crepes was always
,egardcd As very profitable branch OF the
business.
The preferences in the assignment. amounting
TO SOTO. are all on account ~ money deposited
with The firm.
Mr. Curtis the assignee, at the store in
the afternoon looking into affairs He said he
could not give any details 70 the assets or
liabilities as he had had only a brief converse
tion with Mr.. Hitchcock. The liabilities were
about evenly distributed in this country and In
Europe Regarding the cause of the assign
ment he could only say that u was due TO \
combination Of circumstances which were I'M
controllable. 7. was due IN general way ~
the oppression IN business the last four years.
Losses by bad debts. strong competition. and u
the fact that the volume OF business OF late
Years had been too small for the amount Of eS-
penses necessary In the conduct az the enter
prise.
None or the partners were 81 INV G''Ar Nh'it
tho reporter called Yesterday afternoon. man
connected with the house said that the a.
Segment was due "a dull business He could
give no idea Of the liabilities or assets and was
Of the opinion that no one knows how much
they are Asked II the new tariff had been
cause OF the trouble he said: NO; the tariff had
a beneficial effect
" . hitchcock & Co were best known in the
| trade as imporrhrs of crepes. but they we're also
commission merchants. handling dress goods
black goods etc They were agents In this coun-
FRY for = Prestley & Co, Of Bradford, Eng
! land and : Courtauld & Co Mr.. Prestley. Of
the former firm, arrived here few days ago
II * said that W. 6. Hitchcock & Co. are largely
! Indebted 10 Il Priestley Co. ana the arrival
! Of Mr. Prlestley. II is thought 10y some In tne
| trade may have precipitated the assignment
! Mr. Hitchcock married the widow Of John Rus