Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-02-23
BIG WHISKY
Assignment by the Leading
House In the south.
Courier Journal, 2l.l

Courier. journal, 2l.l
The city was startled yesterday BY
the intelligence that the Newcomb.
Buchanan Company had made an as
Segment. The news spread rapidly
through the city about noon, and
during the afternoon was the topic Of
eager and excited discussion among
business men of all classes. The New
comb Buchanan Company is the
largest manufacturing corporation in
the city, and is probably on the basis
Of values, the largest distilling com
pany in the United States, represent
ing immense capital, and the highest
character for enterprise and probity.
The deeds of assignment were en-
tered at the Clerks Office about 3
o'clock pm. They, however, con-
tanned no other specific Information
than the bare facts of the assignment.
The Newcomb-B Buchanan Company,
George G. Buchanan and Andrew
Buchanan, indorsers for the company,
s~everally transferred, by means of
their deeds, their assets and all prop
erty, ETC., to Mr.. John M. Anterior
as the trustee of their creditors. The
s%urities Of Mr.. Anterior are Messrs.
Fl. Verhoef, jr., and Geo. W. Swear
ingen.
The exact condition of affairs of
the corporation and of the Messrs.
Buchanan can not be arrived at con.
%clusively at present, and probably not
until
A MEETING OF CREDITORS
is convened to consider the PROPOSE
tons of the debtors, aud their state
ment Of assets aud liabilities A
Courier journal reporter called upon
Mr.. George @. Buchanan aud was
received by chat gentleman with his
accustomed urbanity. He was un-
prepared to furnish an exact state.
ment Of affairs, but stated as IN esti-
mate in gross that the liabilities in
volved about 81, 200, 900, and that the
property transferred in trust for the
creditors was worth something more
than $4,000 0 This indicates a
surplus over all liabilities Of at least
$500, 900.
The property conveyed to the trus-
tee is very varied and Of great value.
1t includes principally the realty
owned by the Messrs. Buchanan indi-
yidually, the Indiana Cotton Mills,
located at Cannelton, and the immense
distillery plant, warehouses, ETC., on
the Odge Of the city, constituting by
far tho most striking and colossal
manufacturing establishment in this
State, or indeed in the entire South.
There are
FIVE DIsTILLERIEs IN THE GROUP,
the Anderson. the Nelson, the Buch-
anan, the r. r. Pepper and the Grey
stone. The daily capacity is said to be
about 450 barrels Of Bourbon and rye
whisky.
The Newcomb Buchanan Company
was forced to ask time and indul-
gence because OF the extreme strin-
gency Of money recently in the midst
of heavy undertakings, requiring
enormous current supplies Of ready
cash. They have been using $4,000 to
$1,000 per day in their manufacturing
operations, and we're filling contracts
for the year for 1900 barrels of fine
whisky. The sudden and acute mon
etary stringency which has seized up.
on the West latterly has rendered
their fine credit and large surplus as.
sets unavailable, and to make a long
story short they were compelled to
stop and ask for time.
This suspension will recall to the
memory Of our citizens the assignment
made by the Newcomb. Buchanan
Company in the spring of 1873. On
that occasion the amount involved on
both sides Of the accounts we're nearly
as large as at present, and the circum-
stances which forced suspension were
the
EXTREME BUSINESS DEPRESSION
which marked that period, the worst
OF the panic, and the agitation Of the
tax question in Congress which corked
up the whisky trade. The creditors
readily granted an extension, with
Geo. w. Merits as trustee, and, in
less than two years, all the debts we're
paid OIL at one hundred cents on the
dollar, with seven per cent interest.
The trust was finally discharged in the
spring of 1880.
Since that time the Newcomb Blu
chanan Company has been enjoying
great prosperity, and has been making
princely revenues. The management
has been bold and enterprising, and
profits have been turned with a lavish
hand into improvements, buildings
and machinery, no less than 100000
having been thus expended last year.
The President, Mr.. George O. Blu
chanan, has always entertained great
confidence in the future Of this city as
well as the fine WHISTLES Of which the
Newcomb-B Buchanan company was the
most prominent representative in the
American trade, and he has never
hesitated to invest in permanent forms
in Louisville the proceeds Of his bust