The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-07-22
JOHN ROACH,
The Builder of the Dispatch Boat Dolphin
Makes an Assignment.


John Roach & Son. made an assignment to-day to
George W. Quintard. OF this city, and George L.
Weed, of Hartford. Conn. The assigner first directs
that the wages and salaries of all employees be
paid and then he prefers: William Rowland. of
New Brunswick, " j., for money loaned work,
and labor done and materials furnished. s62 2l79S
for part OF which he holds four prOmiSsOry notes
the assigner bearing date of June 10. ISIS. and
payable in three months. for $4,000 which was
discounted by the Mechanics and Traders Bank,
Brooklyn, is also preferred. r. w. Galloway * Co,
of No. Wall street, for money loaned. and
advanced also preferred to the extent of $50 00
which was loaned about June % last 81 900 on
July and $4,000 on the 18th inst. The assign
ment then directs the payment of all other debts
and liabilities due or TO become due, together
with all interest money due. including all lawful
claims against Mr.. Roach by W. II. Whitney.
Thomas +. Rowland, James T. Ward. George W.
Quintard and William Rowland for indemnity
against expenses and liability incurred by them
by reason OF their having become sureties aud
having executed bonds at the instance of the
signer, on or about the month of July 1888. with
the United States represented by the Secretary of
the Navy, for the construction of three steel crus
ers. known respectively as the Boston Atlanta and
Chicago and the dispatch boat Dolphin. and the
claims of the estate of the senior Kerr against
the assigner by Kerr, now deceased, OF certain OF
the bonds and contracts.
The assignment was the chief topic of CONVEX
sation at the clubs and theaters tonight Light
ming out OF clear sky could not have been more
unexpected than was the announcement that
John Roach. the man who considered ono of
the richest shipbuilders in the world, had failed.
A clubman, whose knowledge OF and interest in
public affairs has given him a wide acquaint-
ance with leading business men OF the country.
expressed himself thus while talking with a
porter: The announcement is indeed startling
news TO me- a. il undoubtedly will be to thousands
OF people. But if You will stop and think a mo-
ment you Will come to the same conclusion rs my
self, that it is nothing more than could be ex-
pected under the circumstances. Secretary Whit
ney's action in regard to the Dol
wedge which has torn Roach from his
financial mOOrings. The repeated trial trips OF the
Dolphin; the adverse decision by the members OF
the Examining Board: and finally the decisions of
the Attorney General that the contracts had by
Mr. Roach. authorizing him TO build the four steel
Chester. are null and void, were enough to ruin
any man. Mr.. Roach has expended in the con
Struction OF these four vessels sl5OOO00O or SD.
00OO00. Now he finds that he has his hands
some 10000 600 worth of ironclads which the GOV
eminent viii not buy. Mr. Roach has unaOubt-
eddy made large loans on the strength of his con-
tracts with the Government, which he can not
now meet.
This evening Mr. Roach and his two sons. Car
rett and Stephed. went to Flushing. l.. l.. where
the family resides during the summer. Mr.. Roach
refused himself to callers during the evening.
Garrett Roach said in his fathers behalf: Father
has nothing to say. His physical health Is such
that he is crushed beneath the blow which has
fallen upon him. He will not see or talk with
any one. Of one thing you may be assured. No
one will ever lose a dollar by him But in the
complications which have arisen in his business.
and the claim OF the Attorney General that there
he has been compelled To place his property in
the hands of trustees. Whatever may be the out
come you may rest assured that justice will be
meted out to all whom my father is in any way
indebted"
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 assignment: Strictly speaking, it is not
failure; that is TO say, my assignees viii be
able to pay 81 for every 81 of liabilities, if
they realize anything like the real value OF
my property. / can not now say what the
exact amount of my liabilities is nor what
the sum of my assets will be to meet it. If
awhile longer l could pull through straight
again. 1t was my great am
bition that our nation should
recover its glory and prosperity on the seas.
] wanted to prove that we could do business
ON our bottom, and that other nations with
less resources were not more sagacious and
enterprising on the seas. L have given my
life and my fortune to that end, and even in
the presence of this calamity am proud of
what John Roach has accomplished" In re-
gard to his contracts with the Government
MI. hOdCH Sdlu. tell you, my lfleilu.
that these boats were condemned before their
keels were laid. They were condemned in
Congress The Democracy dared not oppose
the plan of a new navy, because it had be-
come a very popular notion The people in
a mass wanted a navy. But they opposed
the appropriation because, as they claimed
in their Congressional speeches, the money
would not be honestly spent. The appro-
priatiOn was made against this clamOr and
bids for the work were asked for.
Mine was the lowest bid, because
l had far greater facilities for
the work than any other ship builder.
/ secured the contracts and began the wOr;
of construction. In the meantime the De
mocracy had came into power and prepared
| to prove their prophecy that their apprO-
| priation was not honestly spent. The Dol
| phin, a strong and substantially. excellent
vessel was condemned on the most puerile
| technicalities, and to add to this injustice
| Mr.. Garland has repudiated the contracts
| and practically said their exists no binding
| agreement between me and the Government
/ That capped the climax. Consequently, in
| the best interests of my creditors and of the
| Government Judged it best to call halt
| pay off my men and surrender my property
/ to trustees who could pay my debts and
leave me what balance there might be fol
| my last days
| The workmen employed at John Roach;
| shop in this city were to-day paid oil i'm full
\ the wages due them. Until the present
| financial troubles of the Roachs are settled
| only sufficient force of men to complete ex
| listing contracts will be retained.
Il