The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-07-19
John Roach, the Leading American
Ship-Builder, Makes an Assignment.
Fhe Arbitrary Action of Secretary Whitney
the CauSe-Millions Tied Up in the
Unfinished Cruisers.
What Is Said Of the Failure by the
Friends of Mr.. Roach.
The Anxiety and Depression Incident to His
Trouble with the Government Has Greatly
Unbalanced Him Mentally.

NEw YORK, July 18.-John Roach. the ship
builder. who built the dispatch boat Dolphin.
who has been doing business under the name of
John Roach 81 Son, made an assignment to-day,
to George W. Quintard, of this city, and George
L. Weed, of Hartford Conn. The assignor first
directs that the wages and salaries
of all employees be paid, and then he
prefers: William Rowland, Of New Brunswick
n. j., for money loaned, work and labor DONE
ana materials furnished, $62, 2l79s, for part of
which he holds four promissory notes made by
Mr.. Roach. promisory note made by the
assignor bearing date Of June 10, 1885, and pay
able in three months for $50 which was
discounted by the Mechanics and Traders Bank
of Brooklyn is also preferred. r. W. Gollandet
& Co., of No. Wall street, for money loaned and
advanced, are also preferred to the ex-
tent of 800 900, which was loaned about
June 81 last; 80 900 on July and $l0 900 on the
18th inst.
The assignment then directs the payment of
all other debts and liabilities due or to become
due, together with all interest money due, in
Guiding all lawful claims against Mr. Roach by
W. r. Whitney, Thomas F. Rowland, James E.
Ward Geo. w. Quintard and William Row
land, for indemnity against expenses and
liability incurred by them by reason of their
having become suretes and having executed
bonds, at the instance of the assignee and for
his benefit, upon certain contracts entered into
by the assignee, 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 cruisers known respectively as the
Boston. Atlanta and Chicago and the dispatch
boat Dolphin, and the lawful claims of the estate
of Levi Kerr against the assignee 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 was considered one of
the richest ship builders in the world had failed
A club man whose knowledge of, and interest in,
public affairs has given him wide acquaintance
with leading business men of the country ex-
pressed himself thus. while talking with re-
porter; "The announcement is indeed startling
news to me, as it undoubtedly will be to thou
sands of people, But if you will stop and think
moment you will come to the same conclusion
as myself; that it is nothing more than could be
expected under the circumstances Secretary
Whitney's action in regard to the Dolphin was
the entering point of the wedge, which has torn
Roach from his financial moorings. The re-
peated trial trips of the Dolphin; the adverse
decision by the members of the examining
board, and finally the decisions of the Attorn ey
general that the contracts had by Mr.. Roach
authorizing him to build the four steel cruisers
now nearly completed in his yard at Chester are
null and void, were enough to ruin any man.
Mr.. Roach has expended in the construction of
these four vessels. SIS 00O 900 or $40, 900, 900.
Now he fit6s that he has on his hands some
$50 1000 900 worth of ironclads which the gov
eminent will not buy. Mr.. Roach has undoubt
eddy made large loans on the strength of his
contracts with the government which he cannot
now meet" This evening Mr.. Roach and his
two sons, Garrett and Stephen, went to Flush
ing, L. l., where the family resides during sum
mer. 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 dollar by him. But in the
complications which have arisen in his business,
and the claim of the Attorney general that there
are no contracts for the building of these
vessels, he has been compelled to place his
property in the hands of trustees. Whatever
may be the outcome you may rest assured that
justice will be melted out to all to whom my
father is in any way indebted"
What Is Said by Mr.. Roach's Friends.
New YORK, July 18.-The Tribune says that
one cause of the assignment is said to be Mr.
Roachs state of health. He is suffering from
heart disease, and fatal results were feared if he
continued to worry over the supervision of his
business. His attorney Mr.. Vanderpoel, says the
contracts for the remaining three cruisers will
be carried out. The Tribune adds: "The assign
ment fell heavily on the 800 men at work in the
Morgan Iron works. They were thrown out
of employment. This fate may extend to
the LOO others employed at Chester. Pa
A friend of M: Roachs, thoroughly informed as
to his financial condition, says: The assets are far
larger than the liabilities. Mr.. Roach had an
extremely extensive property. He has been
obliged to take this step on account of
his health He is remarkable man,
and he has fought hard fight against
discord unknown to the world in general l say
he Is a remarkable man. Ex-Secretary Chandler
has said that of him, and he considered Mr.
Roach although uneducated, man wonderfully
we'll informed and possessing clear and
strong ideas On all topics, es-
pecially within the range of his business
experience The relation of the Dauphin inves-
tigation to Mr.. Roach's health, was naturally
discussed by his friends yesterday, of whom
said. Mr.. Roach has felt the matter keeny
He has not received direct information of
the action of Secretary Whitney, but has
learned of 1t indirectly. Now let me
say that know from conversations with Mr..
Whitney that he has had no personal animus