Article Text
NEW YORK CITY'S FAILURES. NINE HUNDRED AND SEVENTEEN REPORTED DURING 1878. The Liabilities Nearly $64,000,000, and the Assets $18,659,531 The Effect of the Bankrupt Act Repeal-Old Firms Broken. Nine hundred and seventeen failures were reported in Now York city during the past year the largest number for any year since the panic. The liabilities amounted to $63,958,403. an increase of $12,000,000 on the preceding year. and the assets were valued at 418,659,531. These large amounts are mainly due to the repeal of the Bankrupt net. as the failures for the past quarter are much less than usual. There were many surprises in the several lines of trade by the failure of high standing and old established firms that were regarded as perfectly solvent. such AS Joseph Foulke's Sons, Booth & Edgar. Olyphant & Co., B. L. Solomon & Sons, Henry Lawrence & Sons. John F. Henry. Curran & Co., Bryco & Smith. J. C. Dayton & Co., James Reid & Co., W. A. Ransom & Co., Joel Hayden & Co., and J. L Adams & Co. Bankers and brokers and liquor dealers head the list in the number of failures, forty having occurred in each of those trades. The liabilities of the bankers and brokers amounted to $4,929,801 and the assets were comparatively small. only $559,078. Among those who suspended were S. M. Mills & Co., Haar & Co., J. R. Cecil & Co., Greenleaf. Norris & Co., Davidson & Jones. and Ketchum & Belknap. In the liquor trade the liabilities were $1,958,251 and assets $475,569 the prominent failures being Bryce & Smith, J. C. Dayton & Co., James Reid & Co., and Bayard & Perrenaud. Carpenters and builders to the number of thirty-four failed. with liabilities aggregating $9,246,352the largest amount in any single trade-and the assets wereonly $223,224. Among the victims were ex-Register John McCool, ex-Alderman Terence Farley. James E. Coburn. James Fettretch, and Cockerill Spaulding Thirty-nine manufacturers were compelled to suspend, having liabilities to the amount of $2,829,104. and assets $2,655,917. In the boot and shoetrade there were thirty-nine failures in which the liabilities amounted to $2,159,599. and assets $792,180. The principal firms that failed were W.A. Bansom & Co., Whitney & Co., Powers, Gaston & Co., and Cammeyer & Nason. Thirtyeight grocers were compelled to liquidate the liabilities being $1,071,575 and assets $438,865. The clothing trade has suffered severely recently on account of low prices, and twenty-six failures are recorded. with liabilities to the amount of $895,589. and assets $374,525. Merchant tailors fared better. only nine failures being reported. in which the liabilities were $70,122. and assets $18,632. In the hat trade there were twenty-nine failures. the liabilities amounting to $1,483,000. and assets $541.694. The prominent Arms were Jehial Read & Co., Baldwin & Flagg. Joseph Mercy & Co., and Hunt & Dusenbury. Twenty-four failures in the provision trade were reported, with liabilities to the extent of $505,555. and assets $142. 484. This includes Jewell. Harrison & Co., S. W. Lewis & Co., Gould H. Thorp & Co. The produce trade had twenty-three failures. the liabilities nggregating $529.640, and assets $58,042. Twenty-six -un 001 business punoj spoor un profitable. and failed. with liabilities amounting to $810,316. and assets $348.280. In the jewelry trade thereare twenty failures. having linbilities to the extent of $734,811. and assets $174,688. Among the Arms were Fellows, Foerstar & Co., Joseph Bachman & Son. Post & Spoir and Ha-