The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-06-18
CIRCULAR.
NEw oeLEANs, 25th May, 1880.

Il
NEw oeLEAns, 25th May, 1889.
) o. AFTER the exposition nude by us
on the LIST July, 1887, Of the princlcs upon |
which we had determinedto conduct oar bu-
siness, you will doubtless be as much sur
prised to be made aware four suspension,
as we are mortified to be obliged to contest
lit. We think il is due to you, as friendly
to our firm, and to our own character for in
tegrity and good faith, to mako such expla-
nations, as will convince you that our en-
barrassmcnts originate from no other causes
than those, which, situated as we were, must
necessarily have actuated US; motives, 10
have yielded to which, may give cause to
impeach our judgment, but which should at |
feet us in no other light. For the confidencel
reposed in us from the origin Of our firm, we
have to tender our warmest acknowledge
ments: it has more than fulfilled our antici-
|pations, and to be insensible to it, we should
be indeed ungratefnl; nor do we for one mo-
us so.-Our business has been Of the safest
character, and we question very much il 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 sympathy for cur senior
partners and their endorscrs, and unwilling
to see them constantly annoyed and harras-
lsed by the unsettled business of our prede
Icessoss, (the late firms of BULL1rT, SH1pr g.
Co., in this place, and of SHIP, FERRIDAY
81 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 amount
which We have thus locked up, and entirely
unavailable until the coming season, is but
little short of 100000, which is about equal
to our Capital paid in and our profits-When
we take into consideration, the fact that our
profits have never been extracted from our
business, further than was necessary for our
personal charges, We can safely assert, that
the return of one halt of the loan would have
placed us beyond the reach of accident.
During the seasons of 1888, and 1899, Bull
LIT, Ship g. CO., have had agents con-
r stantly employed in endeayoring to collec,
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 them &c
reimburse us in the amount necessary to oul
- preservation. We have, however, found i
" impossible 10 replace any portion of the large
amount thus loaned, without struggles an,
sacrlhces, which, perhaps, might have car
: rled US through, but which would certainly
; IN the other event, have detracted from on
:. ability to meet our own engagements. Tn
0, der these circumstances we have adopted tn,
alternative, which seemed TO us most likei,
to accomplish the end we had in view, tina
OF paying every one of our creditors in full
do not entertain doubt but that tn
coming season will enable us to liquidat
satisfactorily and completely every deman
against us.-We have been thus candid an
explicit, because conscious of no wrong in
tent, We have o.hing which we could dc
sire to conceal. Looked upon in strict
mercantile point Of view, we know that "
are liable to blame; but the error has arise
from an oversanguine expectation of reapin
sufficient from the means of the old firms
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, tn
they have not had it in their power to pa
rs. those who have been less peremptory in the
ny demands.-We cannot conclude this circul
rs without repeating that we feel indebted to o
les friends for the entire confidence which the
to have evinced in us, and that we shall sett
ro- our liabilities as quickly as possible; at Il
same time remarking, that all the avenues
negotiation being closed to us at present, '
beg our creditors to wait until the new CIR
begins to come into market
We are, respectfully,
,,s your obedient servants,
~ BENNETT, FERRIDAYS g. CO,
80 w. & r. FERRIDAY s. CO., Matches
~. June 20, 1889. 7-if