Simpkinson Failure, Cinti Enquirer, 19 Mar 1891, Page 8

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Simpkinson Failure, Cinti Enquirer, 19 Mar 1891, Page 8 - 8 BIG FAILURE. J. & A. Simpklneon Make an...
8 BIG FAILURE. J. & A. Simpklneon Make an Assignment. A Large Shoe Dealing House Does to the Wall, With Liabilities of Nearly Half a . Million. The Assets Are Abont Half f That . Amount, pull Trads and Losses Id the JCat J the Ouse. A fnm U H Bottoms" That lu Provod Disastrous. From s splendid mansion to a cottage. Abandoning a powerful placs in tb commercial world and sacrificing a bomaand high social surroundings for tna sake of protection the good Dime of an irameaaa business establishment. bush in outline is tba story of a business failure recorded in this city yesterday. A financial crash swept tba well-known firm of J. & A. Siuipkinaon t Co- tbe Fourth-Street sboe dealers, to the wait yesterday. Xba failure can not but touch a srrapa-thstic chord of feelina- in tbe hearts of every true-hearted Cincinnati business roan who learns tbe history of tbe honorable gentlemen composing tbe widely known lino. -."Uncle" John rHmpkinaon. the bead of the unfortunate firm, is one of the best and most favorably known Cincinnati. business men. lie made a great sacrifice to save tba firm ' which has borne his name for so many years. TIUM HA VK BEBW BCMOBS Of tbe instability of the firm for several days, bat it waa thought that a failure would be averted. However, when on Tuesday even-inc late a lar number of preferences were lile-i in the Probato Conrt. conservative business men shook their heads and declared that a financial crash was inevitable. The deed of assign men t was filed in the frooate Court at 8 o'clock yesterday niorn-, loc At the same time Mr. John Simpkin-eon. tbe bead of the firm, made an individual assignment. Shortly afterward tbe Sirapkin. aon Manufacturing Company also failed. It la a part of tbe main firm, a sort of aide iasue, for tbe manufacture of shoes. The concerns named did business at 218 and SIS Went Fourth street. With John Siropkineon in tbe firm were Henry H. Bimpkinsou and Alfred SimpLin-aon. The concern baa been alow pay for some time. It waa unfortunate in several ways, lir failures of other firms in tbe East it lost a considerable amount of money, in one instance 118.000. This coupled with a dull tiade and slow collections were the immediate causes. On accouut thereof, money was borrowed to meet current expenses, aod paper of tbe firm had to be discounted in tbe East. .Notes were given tbat came due yesterday, and being unable to meet toem and fearina Suits in attachment, preparations were made lor tbe assign men t, and it was made as stated to Herman I. Uoebel. Ex-Judge of tbe I'ro-bate Court. about voca oa riva tears A so the firm left its place of business on J 'earl street, where it had been for many years, and moved into a building that it bad : erected on Fourth atreet. between Central avenue and Plum, at a coat of Irti.KM. That building waa paid for. thus absorbing cani-tal. Jt was on leased ground, and around rent had to be paid. For some reason difll-euit to explain trade was not so good after the move aa before. Business was pushed-and every effort made to keen up. but instead of gaining it lost trade and kept gradually going down until, with tbe unfortunate ' losses spoken of. the crisis was reached. It could p.ot be prevented any longer, ana THB. ABHIOBMKXT M'as the only thing left to do. The banks would not extend anymore aid. interest on outstanding obligations was absorbing the resources of tbe concern, and that would only have been added to had wore notes teen given. . These facta apply to the firm of J. ana A. Hmokinson & Co. and to John Sinaokinsoa , as n Individual. The Jatter'a affairs are wholly merged into tbe firm. His wire iied in 1888. leaving him real estate worth $225,000. InlKSshegava a mortgage on that property to tba Third National Bank for $130,000. to secure the payment of money that the bank bad raised to tide the nrm ovor an embarrassment. That difficulty was the result l the too liberal purchases of John Alioniong. HX WAS A I ARTBKR In tbs firm arid was tbe buyer for it. He riiedin.jxti7. lie wax a liberal buyer, and tier his death the concern had oillieulty in ineetina the bills for the immense stock ha tied purchased the year before. ' In 1S9 u firm slated that the debt's wre not more than 734Xtt. The cn pit a1 was 200.-ftO. John Nironkiuson had 122.U0U worth of real estate outside of a-hat bin w ile left him. Henry owned M),000 and Alfred $32,000, In 1888 they did a business of SMOO.OOU. but that fell ntt afterward and was less than had been . dona before, it had been over tl.000.000. - John Hitnpkinnon after some persuasion aid. in reference to the failure, with, tears in Lis eyes, that it WAS rNAVOIDABL. ' He and bis partners bud given up all tbey . Jiad to their creditors, desiring that tfteir K nutations should not be marred. He would ave his home, and with his adopted daughter. Mary A oloott. take a small house on -, .the hill. His daughtvr. he said, had expressed her desire to care for hiui the remainder of bis lfe, she having some prnperty in her own rnjht. There is. he said, a mort-S"1 on It for $45,000. 1 he property is valued at is. (XXX ie ?wns the JPpurth-street store property llneXvidually. When he. sold some real es-ti5ii?.n1 nrm that property was , 1erded to litra in consideration thereof, but the deed was never recorded. John Siuipkinson is 78 years of ace. and bas . BXK.t IR aUSlKUSJ Jo this city for many years. Alfred Simp-kinsou is his brother, and is aged 65 years. Henry hiuipkinson is a nephew of the other wo. John Ailnuiong became a member of the firm in ltv7. The bniiding on Fourth street was erected, as slated, on teamed ground, the rent of which '" !!" 5s-au). W "sr. -with the privilege of . pure ha.- in seven years at toOUO, 1 he timpkinson Manufacturing Company Jas a small concern. It manufactured shoes In the same premises where tbs other firm waslocated on Fourth atreet. The author-, laed capital waa lluu.OUQ, with (17.S03 paid to. jon aiMPcuaoN was raaHiDBMT. lj.nry Wfcpkineon Vice-President, and Vood Caraatan Secretary and 'treasurer. . J. & A. tunipkinson owned S?0.Qu f the stock, Carnahan tiOOO and. the remainiug iu WP ,',det between L. J, II uup and Vames K. Uiiauia. The main firm handled ' moat of thn goods made. Its liabilities are from 10.500 to fc'.30a the nicnuent was ' bars of the main tlrm in it. , Or. Tuesday eveuiug. just before tbe Be-axirder otlice closed, chattel and real raort- ana ueeua wre mea as preterencea to creditors. , TH CBArtBLS ARB AB SOLLOSi: - 2.0,.hVB",,'TOr lioof and Shoe tympany. f?;5i?,: Df,'",.t,llofl P (or t5.0wJandonetor cott. guardian of Carrie Allomong. IH.SJ9 06 CmZ'4.t St."1'" 1-0iJ 725 Jameau: Wil: Xh real estate zaortcaBee r as follows: H. H, biinpkinson to U nx. Hubbeii. ir-- f uri'?iB-:-D twent-tbree acres in lOelbi lowuahipt John. Alfred and H. H. Mnipkinson to the Davis hboe Company, for 10.000.1)0 tba rourtb-etreet business proo-. airty. tub wrane -wiiti . As follows: Henry H. Kimpkinson to John Xelly. rual estate. Itu.l.,i.r i.. John atreet near Fourth. H; Henry K. binipkmson and wife to John Kflly. cuarot s.?viW7u.tjyir CI'8 ,n 1e.iul lowiiahip. liiOOO: AllredMniPRineon to V ru. A. Ntnni kinaon and trjorse ti. liirrel, UO ioet on Mel- 1Jen. w1 S1i?,T -Alfred Stmpkioson and wife to his daughter. .Annie ts. Kannn, of tweuty-nve feet front of property on atear-. tun timet, for Tltin i. uu .T. rlei-d recites, for servicea by the grantee to iter father and mother for Seven vrars as iioukekeeoer. Thouah ' these preferencee cir .aurn on mm ou luvsoay ailernooii, that nislit members of the lirm denied posi-' lively that lhy had been tiled ana said that tlie concern was not iu any trouble. The prrferenoea cover all the, liaoiliues to local oreoitora. Those who wvre . t . xor SECVKKP ' Are Eastern men and firms. Tbns. in disss-r ends the buKinens cnrt--r of "Uncle" John rtimpkinS'in. as he wm rniiulutrly cailet. lie besan business lji Iv.i. as a retail dealer in . Uot'ts aud shoes. 1 ijree yenrs. alter waia bis brother. Alirixl, bwaoif a partner, and ' J 'iuieaaiig fta4 L. . X1.S ti'sl store was o. .Mini-r rt. vstis. a.js: Jo in At t. uardiao. 112.000: Vim. l, HubheliT jr.. cuaraiaii. U.4U,. is: a. h. B. Mrrlidge, $3.0.0: Llixaaelh Kobaon. tl7(i XI. u J vv in fxwer Market between Main and Syea-. more streets. Next tbey went n Tearl and t Main. and tbento Pearl between Vine and i Race. Next they went to Vine, between . 't hird and Fourth, and then to toe iourtli-' street store. Tbe property there has been for sale for some time. I jist erember SGO.u'si was oliered lor it. lie for.-, that iuU.OUU was . orlered. but more Was asaeo. iast w ei0.tMI was . orrskgn. air PBCLiygp. "TTncle John baa held many positions of trust. .He was one of the founders of t he o. K '. A. and its first President, waa President and Trea-nrerof the hoard of Trade-Trustee of the Old Men s Home, one of the founder ano nrt i-reMnent oi im." member of tHe Water Works 1'orn mission. uember of trie isoara oi ihsiid. inuwc ui Vesievan Female College, and held other honorable places. . 1 lie members of the main firm each owned a one tlnr.l interest. In this assignment they have included all their possessions, resi-d nres and furnishings, so that they are left Without any tiling in llie'r oecuiuns years. John lives at Xu.Wl McMillan street. Walnut Hills. Alfred at No. 37 Park avenue, and Henry li, on Olenway avenue. Price Hill. VUg LIABILITIES Of the lirm are at least fttOO.lXV) and the assets fruni tJMMXl to SWO.Ooil. Judse Uoebel. as a-ciirneeof tlie ririu. aave a bond of k&W.iKW. lopwid Burckhardt iualifiedas hiiretv for fl.ii.WJi. Louis Manss for $iuai0. John Kum-siein for $150,000. Chas. Mobson lor elwUXI and Michael Jokers SKU.UUU. in uie inuiviouai fissnrnment of John Hmpkinsoit a bond of fl.u.. Michael Jokers o,nalitied as surety lor SIUU.IIIIV ana iouis siansv lor sw-wv. ao the riimpkinson Manulacturlna Company the bond was bTjO.000. Louis Maow quaiihed thereon for CiO.000 and Albert for UXOOO. All these men own tne amount of real estate indicated by the figures given free of incumbrances. " THB BBAL BSTATB MOBTOACB liiven by Henry H. Simpkinson for C 579 W on twenty-three and a half acres of laud in section 6. Iielbi Township, and tbe cnattel mortsage riven by J, and A. kimpkinson for ti.406 to William M. Hubbell. jr.. guardian, were to secure the children of. Henry II.. whose money. Inherited from their mother, he bad used in the business while be was their gusrdiau. Mr, Hubbell is a brother of the late wife of Mr. Henry rl. Simpkinson. and tbe suardiansbip of the chiluren was only recently transferred from the fattier to the nncle. IN JsLlioBLUL . Tbe Callage of Ma la Fays a Trio-ate So the Memory of Deeeaa4 BeaeTaetora. Yesterday afternoon at S o'clock a memorial service was beld in tbe Odeon to bonor tbe memory of T. 1. Lincoln. A. C Edwards. Nicholas Inaworth, George W. Mc-Alpin and Joseph Thorn e. deceased bone-factors of tbe College of Music dnring the past year. Tbe stage was decorated with ferns and potted plants and a good sized audience was present. Among the Directors of tbe College seated on tbe stage, besides President Nefl. were Messrs. Alex McDonald. Wm. McAlpin. t. II. Lawson. Colonel Markbreit. Judge ay-elte Mnith and others. The musical selections were solemnly rendered by the 'ollege Choir tinder direction of hush W. Foley. Miss Lilian Arkell nr.unl i n m At the Amait. They were an invocation hy Palter, the chorus of angels from t oia's Kli." and as a finale Meuuclssohn's "The Lord is My bhep- Kev. Dr. Ifoberts.of Lane Pemn.ary. offered prayerand pronounced the benediction. '1 lie oration was delivered by (General J. D. ("ox. who spoke of the virtues of each one of the deceased lenefttctors. and related their disinterested acts of henevoleooo, auu good deeds to the College of Music , BOOMING. The Enquirer's Popular Contest For Mayor. The Final Besnlt Will Be Announced Sat urday Horning. Extraordinarily Heavy Tot Caat and Several New Candidatea Entered Into tba Baca. The interest in Tub Esqcibbb popular con test for Mayor is increasing. An extraordinarily large vote was cast yes terday, and . several new candidatea have entered into the race. The total number of ballots that hare been cast so far is considerably over 14.000. e Tbe contest will end Friday night. The result will be announced fSaturday morning, because on that day the Republican candi date for Mayor will be chosen at the con vention at Workmen'a Hall. When the count was made at o'clock last evening the votes were found to be dis tributed as follows: DEMOCRATIC Howard Dous;iasw tiostav TI -1 John It. ' - L.OU.I II uilrpon 1 AUtcusl Nibml(1lw Fred H. S vrnun.. J. t'. Prendnrgasl... Wiu. h. Metis illaa. I. J. Miller Josepn Imwall. J. D. wells Jan. Urnnksnisysr. Victor tilleek . tl 41 4S I .a vi sso i: 1st li 414 SIS I4 3M J. D. rwnmtnn , C fCds-i.t' BniWB . r. j. rito WB Trv Mirmuti Fuur J. u. Kiley- sf. Mahso ; H H. Mollenltsniy. Jiarnev lniwalie. J-. P. ScBnuper L. M. Msnean . Janes w. tjatter.. STS 414 S.-S, 7 l 1S& l-U 51 W IMS 11 an ins IS. m. J odd Keftnie riy.. SUM v ejcatterlaB- Total.. RE1'UL,ICAN-. John B. M'sbr.MM. 4le. A. achaefder... Dr. c 1.. Armstrooa. Kteharrt Zldlr.. Wm. Xslolell A. H. iaattnx Amor r-mitb. jr Amos Dye ,, Wm. H. wellinaa Morris JBaaet SM Jobe H. fteudli 4oO C F. Mutb lit 31S Kdmuud Jruber lVS IS. a. Alavls ,, 114 Tlio as O. rimllA... T.I t'ba. F. Koillu i H. Dow 1V7 J. A. 2arer x Frank Uossaaao. 3S '""'"i ;,, i,ii ISS Ml 44 Sv IT ass Total .. , Grand total. : ,, , , 14.3I9 Every person desirous of casting a vote Republican or Democrat, should cut out this iorm. nu it out ana sena it in; . I FOR MAYOR. H DEMOCltAT. rj'ari KEPUBLICAK. t rFbrd. .'If your choice is a Democrat write bis nam on the brst blank line and tbe ward in which he lives on tbe second. If a Republican write his name on tbe third blank line ana tbe ward on tbe fourth. Inclose the ballot or ballots in an envelope, and either leave Hat Taut KxoutaxB or address it to V Kxxxxxxxxxxxxxxxxxxxxxxxx ; g THE POLITICAL X01T0B, . g R ' sQuraii Cornea, . x KXXXXXXXXXXXXXXXXXXXXXXXH ' ' Y.J. C A. Te-Jtlght. ,r F. A. Bam bar will lead tba Gospel and testimony meeting tor men . only at the You ag Men's Christian Association to-night at o'clock. A hearty song service, commencing at 7:45 o'clock, will precede the taJlr. All men. especially strangers in the city, are coruiaur uiviteo to ettvuu. . - , A . Ill Bo-Grass Caaola. . A pleasant wedding was celebrated in one ot tne parlors ot tne fa lace Hotel yesterday morning. Tbe contracting parties were P. Gofriam. of Clintonville. Kt, and Anna Houston, of Paris. Ky. Rev, Z. P. 1 yler ofti- ...... .4 'I'W. 1 . 1 I t . . - . 1 i ne uawt7 ouuvii teit tor wisu uooie Kakeegkw . '. : I Lite. . I, . MYaur srlffl SMmi vwl " "Yea. Vibe went out to match some ribbon and found It at the first store." . Sogaoaat KifTtnver. V tr'areeant Kiffmyar yesterday west eta doty aa special u the Chiefs office. Major I.ykina returas te his eld post In the Court ruoui. sTndrre Josapb i In Judge allowance and against trusteo tbe Is on II. Ferris until services Tbe and Mr. wite l tiOOu Citi-teiis' and tbe name. trutee compelled islailon The close. to-day. in bing ouce. ment tf. tluO.udu. leave f will renlrv iobu Mary Wm. Vau troller ment Mining ders. Hoarilv Kreil sued real jr.. Rlrlr al. m.x? - . The judge days duys. John thirty March thirty tS Vers-ie Green, Ma-won, posls- van. C. if March March 1 The A sented was store, mering carpets displayed ness fusion. Japan ments, bonnet stvies. in of the laces carpets .viaur "carpet exhibit eyes eyes day admired cellent ' It der while summons factory, vripin Tbe and dered uaiiy vrori about tween the He to collar-bone know that tne Tbe anit March who to ceivea married number to . FsT4w-iallv al ait U he i.iit gur

Clipped from
  1. The Cincinnati Enquirer,
  2. 19 Mar 1891, Thu,
  3. Page 8

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  • Simpkinson Failure, Cinti Enquirer, 19 Mar 1891, Page 8

    bossartd – 08 Dec 2014

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