Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1885-10-01
a BIG COLLAPSE.


Another Heavy Failure In Now York-IIa-
bliities Nearly Two Millions - Couid
Among the Victims.
NEW ToRK, October 3.--The suspension
Of William Heath & Co. was announced on
the Stock Exchange yesterday morning.
Alexander & Green, as counsel for Giovanni
7. Morosinl, to-day obtained from Judge
Donohoe, in the Supreme Court, an attach
ment against the property OF William Heath
n Go. Mr.. Morosini says In the affidavit
upon which the attachment was granted
that for several years he has had sfso, 900
in cash on deposit with Heath & Co., sub
iect to his DRAFT, and that the only debit
that could properly be made against that
amount was for 2,3s0 shares Of the capital
stock OF the Manhattan Railroad Company,
OF the value Of $4,000, and twenty-five
second mortgage bonds Of the Metropoltul
Elevated Railway Company, OF the value Of
$4,000, which he had ordered the firm to
purchase for him, making an aggregate OF
S2l5,O00. He claims the firm is in debt 20
him S265,000 IN cash. and that Il also holds
these stocks and bonds for him. Mr.. Moro
slni declares that he called at the Office of
Heath b Co. yesterday for his money and
securities, aud received In reply that the
company could not deliver them, as
the securities had beer hypothecated or
sold aud the money ad been otherwise dis
posed Of. He AYERS let ho never author
Led Heath d Co. 20 make use Of his money
and securities, and charges that they have
assigned and disposed OF the property
with intent to defraud him and their cred
i.ors generally. Charles L. Quincy, one
81 the members of the firm, Mr MOrosini
STATES, has been In Europe for several
months past. He believes he is not a resi-.
dent OF this State, but Of some country IN
Europe unknown 10 him, and also attached
whatever property he may have in this
state. TIE principal creditor OF William
ll'ath q Co. Is Giovanni r. Noroslni,
rldner Of the wel-known firm of w. T.
! COnnOf q Co., who became famous by his
connection with Jay Gould. lis claim
against the firm Is about $3.50. 900, for
which he has no security Of any kind.
Among the other large creditors are JAY
Gould, S2J0,000; James r. Low. formerly
~ the dry goods firm Of Low, Hartman &
Co, father of the present head OF the firm,
about 100000: Addison Cainmack, SGO,-
| 900. and William f.. Scott, OF Erie, Pa,
$50 900. In addition tD these, the firm OF
soutier & Co, which failed on Tuesday, is
sad TO be a creditor to the extent
1f about s250,O0O, I'm consequence al
iis dealings with Henry y. Smith. The
liabilities Of Heath & Co. cHn not fall short
~ 81, 800, 900, and may exceed that sum.
Tie assets, excepting the claim against
Henry n. Smith are unknown. The
calm amounts, II Is said, 10 about 81, 2OO. .OOU
while the bulk OF his Liabilities is 70 the
Hrnkerage firm. II is known that he owes
e. i. Hudson * Co., more than SiOO, 600.
lie Is a 81 indebted 10 WoerishoiTer d Co.
fur 4 silll larger amount. II was estimated
by good Judges that MT. Smiths liabl ties
would not fall below 100000 His assets
are supposed IN be nominal. Speaking Of
the failure Mr.. Smith said: "AIy operations
have dragged William Heath down and /
AN more sorry for him than myself. But
have not deceived him at any time and he
has not deceived me. supposed that he
would be able to carry me through and he
said he could do II successfully. Even this
morning he expressed his confidence ia
being able to pull through. There Is moth
ing In the rum0r about JOINT account be
tween me and WOerishOffer We did have
joint account in IIeatl's Oiice, but 1t was
closed early IN August | think my mis-
fortunes are my own, but | shall be on my
teet again, and perhaps very soon"