The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-06-26
HEAVY FAIL uRE OF A LEADING CANADIAN MANUFACTURER.
He Absconds, Leaving Liabilities to the
Amount Of Ss20O.00U.
FROM the toronto Telegraph, june PAL

From the Toronto Telegraph, June 24.l
The town Of Ganan0que is al the present time in
an agtated condition. One OF the leading manu-
facturers Of the place. who may with truth be pro-
nounced The founder OF the factory interests OF the
town, and who for nearly quarter OF century has
lived there respected and h0nOred by all who knew
HIM, some ten days ago absconded to the United
States, leaving as his legacy the sum OF 100000
There is scarcely business man in the place but
has suffered more or less by this unfortunate AFFAIR."
s Soe yaryar r. from ~ o To s eac ~
The delinquent In uestion Is Mr.. Isaac Briggs
known to the trade throughout Canada as the lead
ing manufacturer Of carriage springs. The CON-
mencement OF his pecuniary embarrassment Is sup
posed to date back some three years. At that time
lie was exporting to the United states very large
customs authorities however, seized some $4,000
worth Of stock on the plea of too low valuation It
Is but fair however, to add that Briggs, In the suit
entered by him against the authorizes, recovered
the recurrence OF any such future trouble, Briggs de-
clded to erect shops the village OF Clayton, the
banks OF the river st. Lawrence, directly opposite
e York. nns there the class
stock required for the American market. The
erection ana usaslng OF a sne ana
involved the owner IN pecunary dinlcuty. Alter
considerable useless struggling TO emerge there-
from briggs decided to sell out, hoping thereby $50
we are inlormed) to relieve himself from these pecu-
mary difficulties. This expectation however, was
not fulliled creditors were still urgent for settle
ment. Thus pressed Briggs commenced to raise
funds on his own paper, endorsed by personal
friends the nam6e o. Years NE naa 9ee se Ies
community, enabled hun, by such means as the
above TO raise large amounts. About hfteen OF tue
business men and several nard-worklng mechanics
who had entrusted their all 10 his Keeping are VIC
tins to their confidence IN his integrity and nonor.
The total amount OF his local liabilities IN
this respect are supposed to. foot up to
sos, 900. The Bank OF British North America,
at which institution the absconded debtor mad
a large accommodation account, figures
credit to the amount Of s5s,0o0. The works at
Gananoque are under seizure by tue sheriff and on
Saturday next Will be closed, thus throwing out OF
employment some fifty hands. The value OF tue
assets OF the estate are not as yet well known,
averaging It from ten TO thirty cents on the
dollar
A letter has been received from Briggs, dated from
Rome N Y, in which, after bewailing his Inlsfor-
tunes he expresses regret at having USED LIS friends
so shabby, and ends by stating that he took with
him barely sufficient funds TO remove his family
part OF letter ia not at any rate oy his nu
merols victims, believed. Should the bank refuse
to grant time to tho endorsers and decide TO press
clai ms as they fall due, the amount OF suffering
eau sed thereby VIII be very great nearly one-half
of the endorsers would be completely ruined. Among
them are several young men who mad just succeeded
in struggling themselves into comfortable business
circumstances, and whose present. position through
thus lending flames Is ct the mercy or the bank
1t is to be hoped the sufferers VIII be dealt with
llberally.