St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-23
DISTILLED NECTAR.
The NewcOmb, Buchanan Company, OF
Louisville, KY, Make an AS
signment.
One of the Largest Whisky Corporations in
the Country---Liabilities Reported at
$1,000,000.

LOUISVILLE, Sept. 22.-An assignmentwas
placed on record to-day from the great
whisky corporation, the Newcomb, Buchanan
company, the largest affair of its kind in the
south, and one of the largest in the Union.
Other assignments also for the benefit OF
creditors were fled by George c. Buchanan
and Andrew Buchanan, members Of the
firm. The deeds of assignment are all very
general in their terms, merely setting out
that their liabilities are more than their as
sets, and that finding themselves unable to
meet the just demands made upon them,
they convey all their property, real
and personal, for the benefit
of their general creditors. They
except such property as is exempt under the
statutes. George w. Morris is made assig
nee of the company, and of Geo. c. and
Andrew Buchanan. 1t will be remembered
that the Newcomb, Buchanan company failed
about two years ago, but finally succeeded in
obtaining an extension from its creditors.
Their liabilities were then about 81, 800, 600,
while their nominal assets were 50, ZOO, 000.
Since then they have paid off many of the
old debts by contracting new ones and re-
ducing the bulk of assets. An Associated
Press reporter called at their place of busi-
ness, in their almost palatial building, on
Second and Main, this morning, and found
both partners absent and the clerks lounging
idly about.
"Call tom orrow," was the answer to his
inquiry. ''They will not be here to-day"
''They are not in town then!''
7 l. Id ho1k
call tomorrow, but they may be in this even
ing"
W. T. Rapp, manager of the mercantile
agency of R. G. Dunn Sc Co., was inclined
to treat the whole affair lightly, and merely
''There is nothing sensational about it.
They obtained an extension upon their debts
then, and finding themselves stin unable to
meet them, have turned the job over to the
assignees. There is no real assignment,
for there is nothing to assign. 1t will not
have the slightest effect upon the market,
street or banks.''
The dealers generally, of whom all the
more prominent ones were seen, took the
same view of the matter.
''It has been a question for two years, u
said one of them, ''whether they could pay
out. 1t has been decided in the negative.
That is all''
"Hurt!' said another, ''Why should any
one be hurt2 This is an old tale since theil
failure, and their extension of credit has
been nominal only. No one holds their
paper except men who were canght then and
have been unable to get out.''
Rumors on the street say Geo. G. and An
drew Buchanan have skipped the town. A
son of one of them says:
''Father has not been seen since Sunday, .
and says he does not know where he has
gone.
Andrew Buchanan is also missing, and
cannot be found. Nothing is known as tC
the condition of the firms affairs further
than stated in the assignment. The absence
OF the members of the firm from the city has
aroused suspicious of something wrong, bu
nothing is known to confirm them. Mr.
Morris, the assignee, says the firm has simply
assigned as they should have done year ago