New-York tribune., 1907-07-18
THEBAUD BROS. ASSIGN.
DEBTS NEAR II MILLION.
Trouble zcith Yucatan Firm Forces
old House to the Wall.

Thebaud Brothers. of No. 81 Broad street. one Of
the Oldest and best known commission houses in
this city, assigned yesterday 20 Ernest G.. Pleister
81 No SIS Hudson street. Hoboken, formerly coun-
sci for the firm. No authoritative statement con-
cerning the liabilities could be obtained but It is
understood that they much less than the assets
Estimates of the liabilities ranged from $500 900 to
more than 100000 The assignee and Paul G..
Thebaud, one Of the members OF the firm said they
felt confident that the creditors could be paid in
fall and that the firm could continue in business
lhe immediate cause OF the assignment the
information received by the firm that a large COM
mission house in Yucatan OF its correspond
ents. involved in difficulties. This house was
a large debtor of Thebaud Brothers, and, as its
failure would have involved them financially. it
was thought best 10 make assignment for the
benefit OF the creditors.
There is one preferred creditor. Paul G. Thebaud.
as executor and trustee under the will of Caroline
O. Thebaud The preferred claim is for $4,000.
which was loaned TO the firm by Caroline G.. The
baud under the express provision that she should
be preferred creditor in the event Of assignment
or dissolution of the partnership
The members OF the firm Paul c. Thetaud
n White Plains. Fritz Prahl. Of No As West
-43d streee this clay. Frank F. Thebaud another
partner, died eight months ago. Paul G. Thebaud
made the following statement:
Our decision TO assign for the benefit Of
creditors reached result OF difficulties into
which correspondents. E. Escalante & Son, of
Merida, Yucatan. have fallen. They commits
sion merchants like ourselves and a large
debtor Of our hrTn- We feel confident that Will
he able 70 pay creditors in full, although ow-
Ing 10 the nature OF our business. II is impossible
for us TO give figures Of our assets and liabilities
At present"
A somewhat similar statement was made by
Ernest =. Hoes attorney for the assgners Nr
Hoes said that in his opinion the reference 10 Paul
G. Thebaud executor OF the estate entirely
tlst and proper and not open TO criticism by any
The house OF Thebaud Brothers was founded in
1885 by Joseph Thebaud. grandfather of Paul
g Ihebaud. and some member OF the family has
been active in its management ever since. II was
said yesterday that members Of the family had
been in the commission business in this city since
I17 nearly sixty years before the founding Of the
present firm. The business standing OF Thebaud
Brothers excellent, one Of the big mercantile
agencies giving the capital at 10000 TO $3.50 900
and the other at s. 10000 more. and both agen-
ces rating its credit at the highest
The trouble is ascrfbed by friends Of the firm as
due 10 dry rot which made the ernbarrs nlent
OF The Escalante firm fatal the stability Of the
Thebaud house. The financial difficulties Of the Es-
calantes are the result of overextension in va
rIety Of directions, IL is said. Seaor Escalante is
q planter. and in addition has large holdings IL
wharNes. in steam and street railroads. in
bank stocks and in other investment and specu-
lative fields in Yucatan. which tied up his re-
sources although he has been cassed as one Of
the wealthiest in his country. The Escalante
firm was a large shipper Of hemp 10 Thebaud
Brothers. who gave IT heavy credits.
IN regard 10 the possibility Of involuntary hank
fptcy proceedings being instituted by some OF the
big creditors, Mr.. Hoes said:
OF the creditors Will institute such proceedings I
feel that IL is TO the interest OF all parties con-
cerned that the business OF the firm should be con-
-nled without interruption, II possible and all the
-reditors Of the firm with whom have talked thus
far are Of the same opinion. The majority of the
creditors are foreign firms. and feel that in
few Gays pay them OF dollar for dollar"
Mr Plester said that he was preparing schedules
Of The assets and liabilities and would file them in
court as soon as possible. de said the business
done by the firm was extensive that he could
not tell when the schedules would be completed
that il might be TWO days and IL might not be
II the twenty days allowed by law. He could give
10 information at present he said, who the
large creditors OF the firm were. but stated that
their correspondents were chiefly IN Mexico. Ven
eZUela and the West Indies
Paul Gilbert Thebaud IS well known IN New York
society and is member Of many clubs He has
county seat, Tfiai-, White Plains and is the
% the yachts Norrnona and Myrtle. HIS
wife MathiIde E. Reynal daughter Of Jules
Beynal, who IS said 10 be worth several million
dollars Mr.. Thebaud IS a brother TO Louis A
ThebaUd. vino married daughter OF Richard Mo
Curdy. former president Of the Mutual Life In
Company.
At the time Of the life insurance Investigations
Louis Thebaud achieved much publicity by the
revelation OF the large sums of money which his
firm. Pa yrn0nd & Co. received from the Mutual
TIE of S932 s23 alleged 20 have been young
ThebaUd's share in the commissions which his irn
begun FOR the recovery of that sum.
One Of the achievements Of Pau. q. Thebaud was
% drive his trotter Gerald fifteen miles along the
Westcrester roads IN the dead Of night 70 escape
the officers of the Socety for The Prevention Of
from breaking a record. Six years the The
haEds robbed of $4,000 worth Of jewels by a
valet named Kerns who captured in New Or
leans after a long chase.
Mr- ThebaUd caused a stir IN White Plains by
Joining the hook and ladder company and running
. The fires with the OF the firemen. He was
also Of the millionares who were sworn In as
deputy sherifs the time Of the riots attending
the strike At the CrotOn Aqueduct in 1904
The other three with him were Howard Willets,
Mayhem Y. Bronson and Frederick " Flint.
Nj Thebaud IS a member OF the Union, Century
Association, Union League. Riding, Racquet and
Tennis. Automobile Of America. Larchmont Yacht.
KnollwCod. Seawanhaka Corinthian Yacht, Apa-
wants Golf New York Yacht, Sons Of Revolution,
Downtown. American Yacht, New York Athletic,
society u Colonial Wars, ST. Nicholas Society and
society Of War % 1872 clubs. He comes from a
c5leT!al family who settled ~ this country In l1I5
ana took part in the War Of the Revolution. He
t-aS TWO Sons, Reynal and Paul @. Thebaud, Jr Ills
U"i nome is at No 158 Madison avenue.