Arizona weekly citizen., 1881-10-30
4 CALAMITY.
The Firms of Lord Williams and Lord Tn- nsns Company Make an Assignment for me Benefit of Their Creditors-Publ1c Sentiment and the Statement Of the Firms.

At an early hour Tuesday night it was whispered about the city that Lori X Williams and Lord & Williams Gem pany, the latter composed of Messrs. C.. H. Lord, W. w. Williams and c. l.. Harlow, had made an assignment of their property, being unable to meet their liabilities. The information then received was from reliable source and bore the impress of truth. The news did net leak out generally until this morning, when the hundreds of depos- itors with that firm grew nervous and excited, and their demands upon the bank being met with prompt refusal created almost panic among them.
 The firm of Lord & Williams is one of the oldest in the city, and it has borne a fair reputation generally, and enjoyed the confidence of the public to a great extent. Among the depositors were very many of the most sagacious business men of the city, to whom the sudden failure was a most unwelcome surprise. Deposits were accepted in their banking department up to banking hours yester- day, even after the question of an as- alignment must have been settled.
 Wednesday our reporter called upon Mir. Harlow, of the firm, but was referred by him to Mir. H. B. Cullum, the as- slgnee, for particulars. In response to inquiries, Mir. Cullum stated that matters were SO confused that he could hardly advance an intelligible or satisfactory statement; that at present it was all Greek to him. He, however, furnished the following statement of the matter, which scarcely touches the points most desired by the public, viz: the amount of indebtedness, amount of liabilities and the culmination of circumstances that caused the suspension.
 THE STATEMENT.
 lowing to the sudden and extreme illness of Dr. c. Fl. Lord, in St. Louis, and the consequent inability of the firms of Lord < Williams and Lord & Will hams Co. to make the necessary arrange ments to meet certain liabilities, these firms have thought it best to make an assignment of all their property to Mir H. B. Cullum, who will settle up the af- fairs of both concerns for the benefit of creditors. Mir. Cullum possesses the ad- vantage of having had large experience in such matters and 1t Is his belief as .n l,, l. y.NA Al.G |. ,& the assets are more than sufficient to meet all liabilities. The assignee Is now busily engaged taking an inventory of all the assigned property, and will make every effort in his power to realize as fast as possible on the assets and pay off the debts"
 Public sentiment, as developed on the street corners, is of such a character as would not look well in print, and there fore will not be reported until the sI- citement abates, that calm justice may be awarded all parties. The fact that the failure of this firm in no wise effects other local business interests is matter of congratulation to many needy depos- itors, and business men.
 The Bank of California are the great est single creditors of the firm, who are represented in a sum somewhat exceed ing sixty thousand dollars. Its attor- neys, Messrs. Silent < Stevens, have taken prompt measures to protect their clients, and it is stated that but little loss to the bank will result.
 The affair is a very lameutable one in any aspect in which it can be viewed, and while repressing all censure for the present to those concerned in the fin nancial reverse, sympathy born in the school of experience in such disasters iI extended the innocent depositors of their hard-earned accumulations which have been swept into the golden maelstrom, tempered with hope that the cloud may not portend so great a storm as ap- =.