The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-11-27
GREAT EXCITEMENT IN DALLAS
AND NORTH TEXAS OVER
THE ADAMS FAILURE.
Meeting of the Business Men of
Dallas In Order to Pre-
vent a Panic.
Final Action of the Military
Convention to Secure Nee
essary Legislation.
Murder Trial at Sherman-Safe
Blowers at Van Alstyne-
TreVinO at SabinaS.
Further Particulars of the Big Failure
Meetinn. of Business Men.

Further Particulars of the Big Failure
Meeting of Business Men.
Special Telegram to the Statesman.
DALLAS, November 20.-The as
signment Of the banking house of
Adams 81 Leonard, which occurred
last night, was not generally known
| in the city till to-day. 1t created in
tense surprise and has been a source
of talk on the streets and in public
places all day. The bank propriF tors
profess that ultimately all depositofs
will be paid in full. 1t is said among
the losses sustained that Of the
Texas & Pacific Railway company
is the heaviest, amounting to SS3,UUO.
EOtherS seem to think the company
has not sustained this less, believing
that Ex-Governor John &. Brown, the
general solicitor of the Gould south
western system, who was in the city
recently, withdrew the deposits. as it
was known in certain business quar-
ters that that was his mission here.
Many think this the real cause of the
suspension. Other loads, including
the Missouri Pacific and Houston u
Texas Central are also rumored to
have lost considerable amounts. A
public meeting of business men was
held this evening at the Merchants
Exchange, the object being to
create reassuring spirit in
the community, and prevent anything
like panic. 1t was developed that
the other banks in the city were
sound and that deposits would be
paid on call. This had quietiDg ef-
feet.
A reporter called on Mr., Adams at
his residence this evening. He stated
that he had turned over everything.
There were certain trust funds in the
bank which he would have secured
had it been possible. If pending ne
gotia:ions on certain transactions
were completed he ought to be able
ID pay every dollar he owed within
sixty days. He had turned over
everything to banker W. 81. Fliffin,
the assignee, because he believed he
would so manage the affairs OF the
bank as to pay every dollar it owed,
and leave handsome surplus. AS
far as the Texas Trunk railroad, OF
which he is president, is concerned,
he said it will not be affected parti-
Gle. He did not owe the railroad one
cent. On the contrary, it was lndebt-
6u 10 ulIDs
On Wednesday Mr.. Adams called
his brother bankers together and laid
before them his condition. 1t was at
first deemed advisable to advance him
100000 and float him through. Sub
sequentlY this plan was abandoned
and he was advised to the course he
has taken. The assets OF the firm which
was composed Of S. j. Adams and
VIM. Leonard, the infant son OF j.
Leonard, are very large consisting OF
some 100000 in western cattle inter
ests, 100000 interest in the Trunk
Line railroad, and some S150,0CO in In
debtedness due, together with at least
$4,000 in Dallas city property. The
liabilities are generally estimated at
from 100000 to S5O0,O00. Clerks are
at work making mp statement.
The Houston 81 Texas Central rail-
road have let the contract TO
extend its telegraph line from
Albany, Texas, TO some point
formi z a connection with the Den
yer aud New Orleans railroad at some
point in southern Colorado. This
will open up d vast country in north
west Texas, with telegraph wires, and
give advantage for additional news
from that section. 1t is whispered
that Huntington will shortly take
charge of the Houston & Texas Cen
trail railroad and that there will be
material change in tbs management.
The change will occur about the first
of December.