The San Antonio light. (San Antonio, Tex.) 1883-1886, 1883-05-29
LOCAL NEWS.
UNEXPECTED FAILURE.
Edward Buckley. Well Known Merchant,
Makes an Assignment.

Our business community were startled yes
terday on announcement that Edward Buck
ley had made an assignment. Mr.. Bryan
Callaghan has been appointed assignee. The
liabilities are said to be S2sS0OO; available as
sots $751; 900, together with about 1l,00O head of
sheep, 1000 0oats and 200 head of horses and
mules. Mr.. Buckley stands well I'm this COM
munity, and majority of the business men
are confident he will come out all right. Mr.
Buckley makes the following statements
81 have been accustomed to draw on the San
Antonio National bank in large amounts, hav
ing dealt exclusively with the bank in money
matters for number of years. My account
with the bank has been as high as S30OOO to
$4,000 at times, and my checks had always
been hOnored immediately on presentation.
have been reducing my account with the bank
for some time past, by depositinp every dollar
| received with tho institution, thinking l
could draw ON them las ! had been led to be-
lieve by the PresidenD for any reasonable
amount. A note for $4,000 became due last
week, and on that day deposited $4,000.
then checked for the amount OF the note, but
IL was returned to me not honored. This was
the first intmation had that the bank would
not protect me, as every dollar owe them is
well secured. had been promised liberal ao-
commodaton in money matters by the bank,
and their refusal to accept my check was en-
tirely unexpected on my part. | Immediately
saw that, without the assistance of the bank,
l would be unable TO meet certain notes that
would become due in short time, and as 4 con
SeQu nee some OF my ODuRatlOns WOulu nave
been protested. then felt that I'm order to pro-
| tect all my creditors alike, WAS in honor
bound to make an assignment in order to do
Justice TO and protect all alike. | could have
! borrowed plenty of money outside the bank,
but resolved not to do so, as some one cred
| itor might step in, attach my assets, and thus
cripple me i'm etfeoting an equitable ADJUST
ment. | am satisfied that my creditors will not
| crowd me, as / have just received Il telegram
| from my principle creditor saying he did not
| fear for the ultimate result. The stringency
| of the money market has perhaps much to dc
| with the banks action. This has been a very
| late cattle season and a bad wool market
| Dealers have drawn heavily on the banks, fol-
had the market been In its nominal condition
| / would not have been tr lubled in getting any
| amount of money. / could in IA few week.
| have Sl50,0O0 worth of wool in my CONTROL or
| which would have no payment to make fol
| 80 days, but / have refused all these shipments
under the circumstances, as in honor l coulc
not accept these trusts. If my creditors viii
| let me have time | am certain to pay dollar fol
dollar. | intend to remain right in business
and will have a meeting of my creditors a,
soon az possible to arrange what course to bt
pursued. | would never have been caught II
this predicament had not every reason to be
lieve the bank would tide me over the season
| have done everything that an honest mar
was in honor bound TO do in making an assign
ment, and my affairs are in the hands of al
honorable and upright man.