The New York herald., 1922-09-30
W. ]. FARRELL FAILS,
DEBTS ARE$2,1S2,961.
Bankrupt Schedules Assets at
S557,0O0, Mostly Bills
Receivable.
CONNECTIONS EXTENSIVE
Unsettled Trade Conditions i'm
1920 Given Blame by
Receiver.
CONNECTIONS EXTENSIVE

Listing his liabilities at s2,1S2.961 and
his assets at $751;. 900, William j. Farrell.
who gave as his address the Hotel
Seville. Madison avenue and Twenty
ninth street, and who is said to have
been an extensive trader in general
merchandise. with connections in Amer
lea and other countries, yesterday filed
petition in voluntary bankruptcy In
the Federal District Court.
Most Of the liabilities grew out OF
contracts to sell or buy goods. accord
ing to the schedules, which said the
principal creditors We're: Estate OF Leo
cadie Farrell, funds advanced, 5000;
King Products Company, $6,0S3; Con-
solidated Leather Company, $l4,6b2, +.
A. Strauss & Co, $500; Banco de BARGE
Iona, on three loans. $4,000 through the
care of the National City Bank, $55.0Oo
through the National Eank OF Com
merce and $4,000 through the Irving
National Bank.
Other large creditors are the Socledad
Credito Mercantil, Barcelona, $4,000;
Banco de Tarrasa, $4,000; E. D.
Brooks, Inc, S45,673: Consolidated
Leather Company. s30.473. and the In
ternational Cork Company, $67.4o9.
Bank Claims Numerous.
Creditors holding claims growing out
OF accommodation paper are Royal Bank
of Canada. $44.546; Anglo-South Ameri-
can Bank. S14,653; Atlantic National
Bank, $13O,000: Irving National Bank,
S51,229; National City Bank, $5s,370;
Mechanics and Metals National Bank.
S1S9,463 American Exchange National
Bank. $4,000; Lincoln Trust Company,
$145,0 Equitable Trust Company,
S115,215; Brown Bros, $40,S36, and the
French-American Banking Corporation.
S9O.38T.
The assets listed consist almost
wholly Of accounts receivable. The
amount included in this schedule is
S52O,233, all in the hands of the law
firm of Cadwallader, Wickersham d
Taft.
Conrad S. Keyes of the law firm of
Wingate & Cullen, attorneys for Far
rell, said last night that the principal
reason for filing the petition was that
there had been a shrinkage in the as
sets. which in 1920 amounted to $3,46o,-
100 as against liabilities of $2.664, ,469.
which made Farrell In that year SOL
vent to the extent Of $sOO.63l.
Receiver Not Blamed.
A friendly suit in equity was brought
against Farrell by the Hunter Manu-
tacturhS Company OIL STetISpoIO, ~
c., in ApritF 1920 Mr.. keyes said, and
in this action Judge julius Mayer in
the United States Court appointed Will
liam r. Wilcox as receiver. Mr.. Keyes
added that he did not wish to blame the
receiver in any way for the present
condition of Farrell's affairs. adding
that the shrinkage In the assets Of the
bankrupt seemed to be increasing.
This shrinkage, Mr.. Keyes said. was
due largely il not entirely to the fact
that merchandise in large quantities
was shipped by Farrell to various points
in South America and Cuba during 1920
and that the cash these shipments rep
resented never was received here. The
amount involved in these shipments was
not much below 81 900. 900. he said.
Because of unsettled trade conditions
the goods exported never reached the
persons or firms to whom they were
consigned. Mr.. Keyes said, but lay on
docks in foreign countries without claim
ants. The merchandise had no value in
this country, so that it was useless to
bring 1t back, he said.