The Chickasaw messenger., 1881-04-14
~ ronnrRcIAL I'LL.


ustomsrs from aetaal loss i ihel'
rsdilors viii only bo pauent ano
i've them little time to make me
necessary arrangements. The assets
y The arm is reported 10 largely eA
,esd their liabilities and If 50, patience
md confidence viii make everything
-iobt. We ave not sufficiently ae-
,rsinted with the method OF dong
business in Mobile % determine
whether or not ibe members Of the
two large Commission Houses OF
that sity, which failed 50 recently
and brought 50 much suffering to the
peopleau along theline Of the n. 4 =
r.nroad from Corlnth TO State Line
,re blamable. We leave their vinoi-
cation or condemnation 70 tha press
Of Mobile. But il becomes ourduty
10 aav. N our opinion the gentlemen
here who by their connection IN bust
ness wi,h tbe firms Of Bush Yates
Ia Co. and Sims, Foster a Co. have
hseone involved and been compelled
10 suspend business, have acted in
the manner they deemed best for the
interest Of those to whom they were
under the greatest obligations, and
that no well-grounded charges
Of fraud viii lie at their doors
They have The sympathy Of the
community here, and their past lives
warrant the assertion, that il it were
possible, they would pay every dol
! lar both at home and abroad which
is outstanding against them Not
being able to do this unles5 they
/ eoeld collect al debts due them, they
claim that their first duty was 70 the'.
ne ahbors and friends a. home, who
had in the prst enabled them 10 tide
over financial difficulties similar
10 those which finally swept chem inle
bankruptcy. In persuance Of lhi'
idea, and 10 conformity we am told
to the laws Of Mississippi, the firm
/ of Murdoch q Parchman and Myera
Housmap 4 Co., made assignments
Of their property, real end personal
giving preference to home creditors
The friends Of both these firms claim
that their assets were fully sufficient
to pay every just liability which they
bad incurred, !nt The failure OF the
Z, Mobile commission houses abovs
mentioned had so complicated theh
affairs as to render it impossible TO
pay. out now
How this could be the case viii
4 prudent business men, has been some
what a mystery to ns, until explained
nv one Of our most prominent mer'
chants, since these failures bave oc-
CURED The process, he Informs Us
is very simple one, and he illustrates
lil tits pav: "Mr. A., an uD country
merchaIl. Is advancing largely TO the
farmers in bis section, and nce6s
moncy through ibe duh Summer
llnoaths to enahlc him to carry on lis
basin 81. The Commission Mer-
chant knowing A viii control large
number Of bales Of cotton in the
Fsll naturally wants TO have his con.
sianments. He tells A, IL you need
s5 900 OF $4,000 at any time send
down your note for The smount you
wish 10 draw ard I will send you the
money The note is sent which in
most casesis simply erdotsed by the
commission man 70 hank and the
money drawn and forwarded. To the
Fall when A collects from bis Gus
toners 800 or / 1000 bales Of cotton
they are shipped 10 his commission
merchants, who is expected to sell
the cotton, pay The note which was
given him a few months before and
remit the balance. Now suppose
The commission merchant fails after
he receives the cotton, and tefore
settlement is made, just as has been
the easereeently. AS note is in the
hands Of the bank, third party, and
his cotton IL not sold is listed 40
assets OF the broken commission
merchant. Nov If these assets
prudenily managed would pay an or
nearly al the liabilities OF the com
mission man, A would not be much
injured, for so soon as the business
could be be wound up the value
81 his cotton would be paid over to
him with which be could pay Of his
notes held BY The brnk But II con
adence is destroyed end 4 panic
ensues among the merchants and
planters who have been doing busi- /
ness through thehooss, halflheassets
cannot be collected and tho creditors /
will not realize hfty cents 90 the
dollsr. For man 10 become alarmed /
under such circumstances be not /
only njares himself bat every one
rise having an interest ID the affairs
I The coucern being wound up
The above is almost an exact de
scriplion q the transaelions which
suspensions last week,
iug sc desire 70 say 70 oar friends in
he country, that Sc have reason to
'sliere lhe crisis Is over. and we ap
zeal 10 ihem 70 be calm and all is
gell Ifyou have losned your mer-
hes +. f.... heel al 41fl.. a.