The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-06-27
CIRCULAR.
NEw ORLEANS, 25th Nav, lS3

New ORLEANS, 25th May, 1889.
OrAFTER the exposition made by us
on the lst July, 1887, of the princles upon
which we had determined to conduct our bu-
siHess. you will doubtless be as much sur
prised to be made aware of our suspension,
as we arc mortified to be obliged TO confess
it. We think it is due to YOU, as friendly
to our firm, and to our own character for in
tesrity and good faith, to make such expia-
nati"ls, as will convince you that our en-
barrassments originate from no other causes
than those, which, situated as we were, must
necessarily have aciuated us; motives, 10
have yielded to which, may give cause TO
impeaclf our judgment, but which should az
feet us in no other light. For the confidence
reposed in us from the origin of our firm, we
have TO tender our wartnest acknowledge
ments: it has more than fulfilled our antici-l
pations, and to- be nsensible TO it, we should
he indeed ungrateilil; nor do we for one mo-
ment permit The belief, that you will think
us so--Our business has been of the safest
character, and we question very much if we
shall eventually suffer the loss of one single
dollar by it. The leading, and indeed, we
may say the only cause of our embarrass-
ments, may be found in the fact, that impel-
led by feeling Of sympa ny for cur senior
partners and their endorsers, and unwilling
to see them constantly annoyed and harras-
sed by the unsettled business of our prede
. cessors, the late firms of BULLlTT, SHIrp &.
Co., in this place, and of SHIP, FERRIDAY
& Co., in Natchez,) we have imprudently
yielded to the suggestions.of impulse; and
have advanced to these firms more largely
than we should have done. The amoun-
which We have thus locked up, and entirely
unavailable until tie coming season, is but
little short Of ss200,0 goo, which is about equal
to our Capital paid in and our pro6ts.-When
we take into consideration. the fact that our
profits have never been extracted from our
bu mess, further than was necessary for our
| personal charges, we can safely assert, that
the return of one half ofthe loan would have
placed US hey md the I'd ii of accident.
During the seasons of 1888, and 1889, Bull
LIT, Ship a. Co., have had agents con-
stant'y employed in endeavorng to collect
the accounts outstanding in the upper coun-
ties of Mississippi: and of the very large a
mount due there, it certainly was not un-
reasonable TO suppose, that sufiiciency
would have been obtained to enable themstc
reimburse us in the amount necessary to oul
preservation. We have, however, found il
impossible To replace any portion ofthe large
amount thus loaned, without struggles anc
sacrifices, which, perhaps, might have car
| ried us through, but which would certainly
inthe other event, have detracted from oui
ability to meet our own engagements. I'm
der these circumstances we have adopted the
alternative, which seemed to us most likel,
to accomplish the end we had in view, tina
of paying every one of our creditors in full
We do not entertain doubt but that the
coming season will enable US to liquidatt
satisfactorily and completely every demant
against us.-We have been thus candid ant
explicit, because conscious of no wrong in
tent, we have no hing which we could de
\ sire to conceal Looked upon in strictl
mercantile point of view, we know that W,
are liable to blame; but the error has arisel
from an oversanguine expectation Of reapin!
sufficient from the means of the old firms t
repay US. The people of Mississippi hav'
been so much pressed by the coercion of tn
law in favor of creditors, who were unwi
ling or unable to defer their collections, tina
they have not had it in their power to pa
those whoilave been less peremptory in thel
| demands.-We cannot conclude this circula
without repeating that we elindebted to on
friends for the entire confidence which the
have evinced in US, and that we shall settl
cur liabilities as quickly as possible; at tn
same time remarking, that all the avenues {
| negotiation being closed to US at present, W
beg our creditors to wait until the new Gro
begins to come into market.
We are, respectfully,
your obedient servants,
BENNETT, FERRIDAYS g. co,
w. g. r. FERRiDAY g. CO., Matches.
June 20, 1889. - Tiff
Snperfne Cloths.
81 y very superior lot of Bloc and Blac