New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-09-24
4nE NEwcoMssooHANly FiILURE.
HfssAtioNAt pfvfLGrsrAfH ~ 1ht cAHt-iwo
oF TIN FIRM nfLttvRp TO m IN cANApA,

nrssAfioNAt DEVELOPMENT IN THf CAsE-two
oF TIN FIRM nfLlfvRp 10 m IN CANADA
LOUISVILLE, KY. Sept. 23.-lho develop
ths afternoon IN the assignment ~ the Noweomb-
buchanan Company were OF u sensational character
Heretofore the assignments of the company were con
-derod as formal petitions for an extension OF time IN
which to take up their paper This time the assignment
made general and Mr. George W Morris IS named rs
assignee TO make final disposition OF all the property OF
partners the benefit of their creditors. George C.
and Andrew Buchanan left the city Sunday leaving no
cew to their whereabouts It then that the first sus
pcon Of crOokedness aroused and ruors were set
anoat The rumors to-day say that the firm has made
improper Of the money sent them by customers to
pay the tax whskey which they had sold Also, that
they hypothetical receipts for whskey out OF
bond which did not represent the goods described upon
the face Of those receipts The rumors first took
a tangible form this afternoon when George
W. Morris. the assignee OF the company
resigned turned the entire business
over To the Fidelity Trust Company The cause II il
said Of this step the part Of Mr. Morris was that he
found the affairs OF the company In such complicated
state as to promise great trouble in strengthening them
said that the accounts OF the firm are In much
worse condition than the Respondent OF the cred
supposed The holders OF receipts Immediately
rushed the collectors Office To II duplicates had
been made and it positively stated though not by the
Internal Revenue Department, that $1,000 bonded ware
house receipts were discovered which had been dupli
made the complete control Of the business placed in
the hands OF the firm There advisory committee
appointed but 1t seldom II consulted By the
firm. It will therefore be that the firm had power
to issue duplicate receipts whether they did not
It asceraned that they have been in the habit OF bor
rowing money Boston, and until the outsiders heard
from II will be impossible to lay bare the whole story.
gentleman who has had intimate business and per
sOna relations with both members OF the firm ana i III
that may safely bee said that the indications are
that George and Andrew have joined Payne and Wiley
the Buchanau- are immense, but are NOT nnheulht'R
available Their liabilities unknown. ON the l,t OF
september they had in their warehouse 0e52 barrels OF
Whskcy being the finest quality. Of TINS guam
tity possibly 800 barrels have been removed this
month There at least 5000 barrels left II would
bee hard to estimate tho value of these The BuchnahH
and next saturday. The tax 0n TINS quantity
goods ~g- 600 Thi. they unable 10 meet
aud this is said to have been the Immediate cause ot me
assignment The banks which huld the receipts Tor me
above mention III property viii see that n j. NOT conh,
Gated for the tax by the Government.
The first assignment I'm March, ISIS. amounted
ties were Tl,GjO.OOO The Buchanaus included I'D the
-igumcut about %1OOOOO worth of personal property
which was exempt from their creditors An extension
granted. and until l--2 the company was -uC't,'u
n It's operations and discharged about oucith or IT'S
Liabilities. Another assignment was made. ms time
the debts ~ the firm aggregated rlboooOo, ana the
total value of the n-spt. wa. ~1JOOOO The assignee
order got az the facts of the case sent out for pm
LEGATION notice sag ing: II is urgently requested tnat
whether as purchn-crs holders of rO1tcr send the
TRUSTED agent Of their own selection that
the same may De at once examined ANA Registered
George 4. buchanan ir, seen ni inc IhllNN hoh'
~ late hour this afternoon He denied al knowledge
of tho whereabouts OF hls father ana protected That Inc
family as ignorant on that point AS the public,
suicide. hc said hc Thought 10 ally one ami that the
family do not give 10 any credence.