The Republican. [volume] (Oakland, Md.) 1877-current, 1885-07-25
ROaCh'S Failure,

NEW YORK, July l8.-John Roach
of the firm of John Roach & Sons tha
famous ship-builders, has assigned 70
George W. Quintard and George n
Weed. The failure is ascribed to tho
refusal Of Secretary Whitney to ar.
cept the dispatch boat Dolphin, con-
structed by direction of the u. 8
Government.
He assigngs all his property TO
George w Quintard and George r
Weed, with certain preferences. He
first directs the payment of his labor
ers and other employees, as the law
provides shall be done, and prefers
William Rowland, of New Bruins.
wick, n. j, to the amount of S62.-
2lI9S, for money loaned and work
doneand materials furnished for shin
building operations. For portion
of this debt Mr.. Rowland holds four
promlssory notes, made by Mr..
Roach. He also prefers a promissory
note made to him for $4,000, dis
counted by the Mechanics and Ira
ders' National Bank, date June 10.
1885, and payable in three months.
p. w. Gallaudet d Co., Of No. 2 Wall
street, are also preferred, for money
advanced as follows: $4,000 loaned
June q, 1885 $40, 900 loaned July ,.
1885; $4,000 loaned July II, 1885 /;
total, $40, 900.
CHESTER, Pa, July 19.-The news
Of the failure Of John Roach caused
considerable excitement here, where
his sOlYency had never been ques-
toned. Up to within year ago his
weekly payroll was more than So, 900
distributed among 1900 men and
boys. Now the pay roll is over $70,-
900, hut this will be reduced to- NOR
row, as it is the intention of the firm
to lay off about 400 in the morning
They will be paid all that is coming
them. Only enough Workmen will
be kept to finish the ship Comal ly-
ing in the New Jersey channel.
Workmen and material will be taken
to her in a tug and the vessel will
doubtless be completed where she
lies. Her removal from the wharf
was due to the assignment.
Representatives of the hester Com
pany say the ship yard is separate
corporation and was not included in
the assignment. The yard will be
affected, however, and as Mr.. Roach
is large stakeholder in the Chester
rolling mills, blast furnace and Com
binatiOn Iron & Steel Company loca-
ted here, it is difficult to foretell the
result on these places, each of which
employs a great many men. Work
on the cruisers Boston and Chicago
and the Monitor Puritan will Yirtu-
ally be suspended and the heretofore
busy yards will present a deserted
and dull look. None but the kindest
and most sympathetic expressions
are heard for Mr.. Roach, and the
hope is that he will come through all
right, as the city depends largely on
the ship yard and other enterprises
in which Mr.. Roach is interested.
The outlook for the coming winter is
very gloomy and nothing but idle
ness and poverty stare many in the
face.
New YORK, July 20.-Mr, John
Roach, last night, in speaking Of his
assignment, said: Now as to the
causes which have led up to my as
signment, strictly speaking, it is not
a failure; that is to say my assignees
will be able to pay two dollars for
every one dollar of liabilities, if they
realize anything like the real value
of my property. l cannot now say
what the exact amount of my liahil-
tiles are, nor what the sum Of my as
sets will be to meet it, but if l were
not so old a man, and if | had health
awhile longer, l could pull things
straight again. 1t was my great am
bition, that our nation should recov-
err its glory and prosperity on the
seas. | wanted to prove that we
could do business on our own bot
toms, and that other nations with less
resources were not more sagacious
and enterprising on the seas. L haye
given my life and my fortune to that
end, and even in the presence of the
calamity, am proud of what John
Roach has accomplished"
In regard to his contracts with the
Government, Mr.. Roach said:
81 tell you, my friend, that those
boats were condemned before their
keels were laid. They were con.
demned in Congress. The Democrat
cy dared not oppose the plan of a new
navy, because it had become very
popular notion. The people as a mass