The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1884-09-25
THE WHISKY SMASH.
UNCONSTITUTIONAL FAILURE.
The B~uchanan's Are still Missing-The
Suicide Theory Rejected-Gone to
Join Eno-Dupiicatlng Ware
House Rpccipts-E Etc.

LOUISVILLE, sept. Sb.-Ihe deVclop
ments this afternoon in the assignment
Newcomb, Buchanan Il Co., were OF a
sensational nature. Heretofore the as
siynments of the company were consid.
cred as formal petitions Tor extension OF
time in which to take up their notes. At
that time the assignment was made
general and Mr.. George w. Morris was
named AS assignee to maket the final dis
position of all the property OF the part
| ncrs for the benefit of their creditors.
Very little sensation was occasioned, the
predominant feeling being II of regret
that the firm had gone under. George
and Andrew buchanan left
the city on Sunday. leaving
no clue to their whereabouts. II was
then that suspicion of crookedness was
first aroused and ruIiOrS set ailOat. Ru-
inorS today say that the lirE has made
improper use Of money sent them by
customers IL pay the tax on whisky,
| which they had sold. Another is that
they have hypothecated receipts for
whisky out of bond, which did not rep
resent the goods described upon the face
of those receipts. The rumorS first took
tangible form this afternoon when Geo.
Morris. the assignee of the company,
resigned and turned the entire business
over to the Fidelity Trust company.
The cause, il is said, Ot this step on the
part Of Mir. Morris, was finding affairs
In such Il complicated condition as to
cause great trouble in Strengthening
them out. lie said that the accounts of
the firm are in Il much worse condition
! than the most respondent Of the credi-
tors supposed. Holders Of receipts i'm
med rushed to the collectors office
to see If duplicates had been made, and
IL IL pOSitivnlY stated, hut not
by tho Internal Revenue de-
partment, thar IL $1,000 bonded
warehouse receipt has been discovered
which had been duplicated; that TINS Is
"A pointer that ma lead to Others of like
character is an important element in the
failure.
Search was being made into the af-
fairs OF the company by the trust com
panv when the last arrangement with
the truStpe WIS made.
Complete control OF the business was
placed IN the hands of the partners oil
the firm. There was an advisory com
if ever consulted by the firm. 1t Will
therefore be seen that the firm had
power to issue duplicate receipts.
whether they did or not. IL
has been ascertained that they
have been in the habit OF borrowing
money in Boston. Therefore, until out
siders are heard from, it VIII be ilnpos'
| blblc W laN bHIc wv i'lo oNoiN'
A gentleman who had intimate bust
ness and personal relations with both
members of the firm, and is i'll Il posi-
ton to know positively what he asserts
to he true, said to an Associated Pfess
reporter: "Nou may safely say that in
dications arc that George and Andrew
have Joined Payne and the rest of them
in Canada" The theory of suicide vii
not do, for surely both parties did not
become insane at the same moment, ano
neither is to be found. There is no III
deX, except in c~rookedness II flight
from the law.
The assets of the Bucbanans are i'm
mense but cannot be made Immediately
available. Liabilities unknown. On
Scptemher /, they had in their ware
house TO,S62 barrels of whiskey, some o.
the yery finest quality. OF this amount
possibly l,5OU barrels have been remove
This month. There are at least $500,
barrels left. 1t would be hard to est
mate the worth OF this great amount o.
goods. The Buchanan's had nearly
5000 barrels coming out of bond between
now and next Saturday. The tax OF
this amount of goods is $4,000.
The first assignment in March, 1873
amounted TO only a suspension. a
that time the liabilities were Sl,63O,OOv
The Buchanans included in the assign
ment about $500,0N of personal property
which was exempt from creditors. Al
extension was granted, and until ISSz
the company was successful II
its operations and discharged abou,
one-fifth of its liabilities. Another
assignment was made, this time tht
debts OF the firm aggregated $l,6W,WO
with a total OF assets to tho amount %
S23O,Oc. The assignee, i'll order to get al
the facts in the case. sent out for publ
cation a note saying: at is urgently re
quested that all persons holding ware.
house receipts for WHISTLES, whether as
purchasers or holders of collaterals,
send the same to some trusted
agent of their W selection tina,
tie same may be at once examined and
registered George c. Buchanan, .ir.,
was seen at the family mansion late
this evening. He earnestly denies all
knowledge of the whereabouts of his
father. lie protested that the family is
a. ignorant ON that point as the public.
Referring tn the theory that his iather
had committed suicide, hc said lie
| thought 1t n silly one, and that he does
not give Il any credcncc whatever.