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The Stafford Failure

The Stafford Failure image
Parent Issue
Public Domain
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Sheriff Dwyer is in possession of the stock oí James M. Stafford, who for some years past had beon doing a very large merchant tailoring business in this city. John li. Miner is assignee. The stock liad been sold to T. II. and J. Goodspeed just previous to the assignment and the assignee replevied the stock which accounts tor the sheriff being in possession. The speeds purcliased from the First 1 ional ]3auk, W. A. Clark and others ehattel rnortgages, and in purchasing the stock from Stafford gave him a note f or $600 or $700 in addition to cancelling the mortgages. After the sale, some of Mr. Stafl'ord's friends agreed to employ counsel fos him and the assignment was at once made. Mr. Stafford bas been in poor health and has not exercised much supervisión over lus business, that work being done by his book-keeper, Mr. W. A. Clark. An immense business was done. As an instance of this it may be stated that no Iess thaii fifty-five dress suits were made iluring the past winter. It is claimed that Stafford was not competent tomake a sale and he claims to know yi iv litvle about it. The whole ïü.-itii' ■- is veiy uiucl' ii';Mai.!..tafiocdii. liabilitiee are nearly $9,500. The stock is supposed to be valued at more than that. J. D. Rjan and C. W. Wagner have made an inventory of it, bnt the footings have not yet been made. John W. Goodspeed when seen yesterday, said they had bought the stock as a good honest legitímate business transaction and claimed to have been damaged by being kept out of possession. Stafford's iïit;nds claim there is enough to settle up all liabilities. A hot legal fight is expected, during which the details of the failure will come out.