Savannah morning news. [volume] (Savannah) 1868-1887, 1881-12-20
THE RASIN FAILURE.
Embarrassment OF a Fertilizer Firm
Suspension of Business and AS
sIgnment for the Benefit of Credi-
tors.



The failure of the firm Of r. W. L. Rasin
q Co., of Baltimore, manufacturers of and
dealers In fertilizers, was announced yesteF-
day, and caused considerable excitement
among the trade, as the house did the
largest business of the kind In the country
The exact liabilities are not known, but are
estimated at half million dollars, and by
some considerably above that figure. The
amount Of assets is not definitely known
either, though said to be quite large. Yes
terday morning deed of trust from r. w.
L. Rasin q Co. to Thomas NJ. Lanahan, as
assignee OF all the assets of the firm, and Of
X. w. l.. RasiD, personally, to dispose of
and apply the proceeds to the benefit
Of the creditors of the firm, was filed
for record in the Superior Court.
The document was certified to before
Justice McCaffray. The firm consists of
Robert W. L. Rasin, general partner, and
Captain 4. X. Cooper, special partner. Mr..
Rasin, who had been the Secretary of the
Navasss Phosphate Company (of which
Captain Cooper was President), left that
concern in 1868, and began the fertilizer
business, which he carried on alone until
1871. when the present firm was formed by
Mr.. Rasin as general partner and Captain
Cooper as special partner with 500, 600.
The firm did business extending all over
the country, but more especially in the
South. Last year they are understood to
have cleared about $500, 600 on cotton taken
In exchange for fertilizers, and the firm was
rated by the commercial agencies to be
worth $3.50, 900 to 100000. Their fertilizer
works, on Federal Hill, are well known,
and new works further down the river are
in course of erection. The Federal Hill
works alone are worth about $l50,000 for
fertilizer manufacturing purposes. Various
causes are assigned for the failure, one
being that Rasin & Co. had sold
their pnOsphates in the South
cotton crop, which this year was very short.
On the other hand, It is said, it was given
out in Atlanta that the firm were not taking
cotton in payment this year, but were ask
ing cash for their fertilizers. The drought
and consequent short crop made it impossi-
bic for some of their Southern customers to
settle up, in cash or cotton, though pressed
to do so, and a combination of circum-
stances precipitated the crisis. Most of the
debts Of the firm are said to be held in New
York, though the fertilizer trade generally
In this city and some OF the banks hold the
paper. The West, where Kasin & Co. pur-
chase considerable material for use Ia manu-
featuring, is also interested. Mr.. L. NJ. Cox,
chief clerk for the firm, attributes
the failure 60 the stringency of
the money market, and the fact that
one VINO naO advanced money naQ stopped
doing so. He had no idea of the liabilities,
which were scattered, nor of the assets,
though a statement was being prepared.
The firm had never sold their expected cot
ton for future delivery beyond legitimate
basis, and had always allowed proper mar
gin for short receipts. The assets consisted
of what would be realized from the sale of
the works and the stock on hand and the
amounts due from the sale of fertilizers.
The first idea the public had of the embar-
easements of Rasin 81 Co. was q check for
S3,4 given by the house on the Fourth
National Bank of New York Ia favor of
another fertilizer dealer here, and which
was returned to the franklin Bank, of
this city, on Wednesday. Inman, Swan &
Co., of New York, had been backing the
Baltimore house until very recently. 1t is
said that another check for 81, 500 for freight
money was also thrown out Of bank here.
The Farmers and Merchants, the Third Ma
tional, and the Marine Bank, of this city.
have some OF the frm's paper, but say It is
well covered. The works are stnpped for
the present, this suspension Fastening pub
licity OF the embarrassment and throwing
out OF employment a number of people.
Much sympathy was expressed IN all quar-
ters yesterday for Eessrs. Rssin d Coi end
1t was general wish that theF
able 70 make some sstigfssLA-~ -,-iu be
with their areait9ps "a arrangement
ruiasFea and continue. 1t was
also, that the works, If sold,
would be taken by syndicate OF the credit
ors and run as a stock concern.