Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1900-11-17
THE STRONG FAILURE.
Followed by That of c. II. &
F. II. Stott Co.
LARGE EXCHANGE OF PAPER,
Late ex-Mr sav's Firm Had Heavily
Endorsed Metres OF Milling Company
whose Heao Has just Died-stropE
Liabilities vas Reach $6,ooo,oo0.

New York. NV. II. William l.. Strong
was So weil and favorahly considered, 50
highly regarded ia the dry goods district
that Worth street yesterday was loath C
believe what Wall street fears to be the
true condition ~ affairs in the house OF
w. l.. Strong 4 Go, Worth street still
clingS 20 the hope that the appointment
of Edward A. Treat rs receiver Is sim
ply q technical matter. Wall street, OF
rather the great financial institutions
which cluster in that section of the city
aud which keep Ia touch with the bust
ness affairs of the world believes that
the rcceiyership ronceals disastrous
failure, IN which liabilities will run mp
into the millions.
Following the announcement of the as
Segment of Strong * Go. came the news
late yesterday afternoon of the appoint
ment of a receiver for c. IA. X Il. III.
Stott of Stpttville. The financial rela-
tions of the two concerns were most init
mate. Each in turn has Endorsed the 9th
er's paper. The interocking nature of
their affairs rendered it difficult 10 deter
mine the question of liability, in eonse-
auence of which the courts have been
called upon TO adjudicate affairs. Re
ports had il that 100000 of this paper
was to mature today, and, though actual
confirmation of the report could not be
obtained. il il believed to be the case
Of course against the liabilities, what
ever they may be. are valuable assets,
cash on hand. goods in stock against
which advances have been made. ac-
counts receivable aud the like. The total
of these items will make large offset
against the liabilities. But no one could
be found during the day who was willing
to hazard an estimate Of assets, and no
one with knowledge Of the firms affairs
will affirm that it is solvent.
Excellent banking authority stated yes
terday that the liabilities of w l.. Strong
< Co. would run up to $4000,0 600 or 50,
DOC, 900. Reports from Philadelphia rails.
ed the estimate to $4,000 900.
Interested In wilf Properties.
Along with otilc. ievelopments III con
neetion with the affairs of w. l.. Strong
x Co yesterday came the report that Mr..
Strong had become interested in mill
property and had invested extensively in
the Griswold Worsted company, limited
Of Philadelphia This concern was a
manufacturer of worsted yarns and sold
it's own goods While mill property is re-
garded as very undesirable asset for a
dry goods commission house it would
seem in view of the fact that various
members of the C'riswold family had oh.
tanned foreign attachments against w l..
| Strong & Co, with bail amounting TO
+, SOL 1859, that W l.. Strong 4 Go. were
! indebted TO the concern on note indorse-
ments or other financial operations rather
| than on any merchandising accounts.
! Were such not the case lawyers were at
a loss to explain how the Philadelphia in
terests could obtain an attachment levied
in part upon what is apparently their
own goods.
This attachment, II was announced late
yesterday afternoon by Mr. Van Brunt of
Butler. Notman. jolinc 4 Mynderse, at
torneys for the receiver. had been with
drawn The precise amount of the claim,
il was said was $l62.OSD, and the bail
raised the figures to double that amount,
or S324. 100 No reason was assigned To-
cally to explain the withdrawal of the al
tachment unless it be due as was nti-
mated by friend Of the late Colonel
Strong, that efforts were being made to
induce the various creditors to refrain
from actions which might tend to compl-
cate the work of the receiver Mr.. Treat
is working earnestly with the closest
business friends Of the house to straight
en- ont it's affairs in the shortest possible
time.