The Portland daily press., 1885-07-20
HEAVY FAILURE.
John Roach, the Great Ship Builder
Assigns.
Action of the Government Officials
Drives Him to the Wall.

Drives Him to the Wall.
New YORK, July 1S-John Roach, ship
builder, who has been doing business under
the name of John Roach & Son, made an as
signment today to John Quintard of this city
and George E. Weed of Stamford, Conn.
The assignor first directs that wages and
prefers VIM. Rowland of New Brunswick,
n. j., for money loaned, work and labor
done, and materials furnished, $62,217, for
part of which he holds four promissory notes
made by Mr.. Roach. A promissory note
made by the assignor sbearing date of June
TO- 1885, and payable in three months, for
$4,000, which was discounted by the Me-
chanics' and Traders Bank of Brooklyn, is
also preferred. p w. Gallaudet & Co., of
No. Wall street, for money loaned and adj
yanced, are preferred to the extent of $780,
600, which was loaned about June 9th last,
$4,000 ON July I'd, and $4,000 on the 18th
inst.
The assignment then directs the payment
of all other debts and liabilities due or to be-
come due, together with all interest money
due, including all lawful claims against Mr..
Roach by A. R. Whitney, Thomas F. Row
land, James E. Ward, George w. Quintard
and VIM. Rowland, for indemnity against
expenses and liabilities incurred by them by
reason of their having become sureties and
having executed bonds, at the instance of the
assignor and for his benefit upon certain
contracts entered into by the assignor on or
about the month of July, 1883, with the
United States, representedlby the Secretary
of the Navy, for the construction of three
steel cruisers, known respectively as the Bos-
ton, Atlanta and Chicago, and the dispatch
boat Dolphin and lawful claim OF the es-
tate of Levi Kerr against the assignor for
and by reason of the execution by Kerr, now
deceased of certain of the bonds and con-
tracts.
Tho ose;cr,,,,,a,,+ woo +a obiaf +o,,io ,f o,,
versation at the clubs and theatres tonight.
Lightning out of a clear sky could not have
been more unexpected than was the announce
ment that John Roach, the man who was
the world had failed. A club man, whose
knowledge and interest in public affairs has
given him awide acquaintance with leading
business men os the country, expressed him
self thus while talking with reporter.
"The announcement of the failure is in
deed startling news to me, as it undoubtedly
will be to thousands in New York. But if
you will stop and think moment you will
come to the same conclusion as myself,
namely: that it is nothing more than could
be expected under the circumstances. And
what are the circumstances? | will tell you.
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 repeated trial trips
of the Dolphin, the hostility shown him by
H.
appointed by Secretary Whitney to condemn
the Dolphin, and finally the decision of the
Attorney General announcing that the con-
tracts held by Mr.. Roach authorizing him to
build the four steel cruisers now nearly COM
pleted in his yard at Chester are null and
void, were enough to ruin any man. After
the Attorney Generals report was published,
what could Roach do? He has expended in
the construction of those four vessels de-
signed for the navy of the United States
$l5,o0o,oO or $2o0oo,oOO. He began the con
Struction of these vessels, believing that the
government would perform its part of the
contract if he performed his Now what
does he find? He finds that he has on his
hands some 100000 worthEof iron clads
which the government declines. Mr.. Roach
has undoubtedly made large loans on the
strength of his contracts with the govern
ment, which he cannot now meet. Nothing
but ruin stares himself and his son in the
face How could he do otherwise than make
an assignment Of his property? Roach has
the sympathy of the commercial world, ire
spectiye of party affiliations"
This evening Mr. Roach and his sons Gar
rett and Stephen went to Flushing, l.. L.,
where the family reside during the summer.
Mr. Roach refused himself to callers during
the evening" Garrett Roach said in his
father 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 anyone. One thing you
may rest assured of. No one will ever lose a
which have arisen in his business and the
claim of the attorney general that
there are no contracts for the building of
those vessels, he has become compelled to
place his property in the hands of trustees.
Whatever may be the outcome of this trouble
you may rest assured that justice will be
meted to all to whom my father is in any
way indebted"
Mr.. Roach is nearly prostrated with grief.
He looks tired and care-worn to an unusual
degree. He finds himself unable to meet his
reverses as he expected to meet them when
they came, with a firm heart.
CHESTER, Pa, July 1S.-Little if anything
could be learned in the city concerning the
assignment of John Roach. The shipyard
was visited, but no such report had reached
there His.son, John B. Roach, secretary of the
Delaware River Iron Ship Building and En-
gine Works, had left for New York early in
the afternoon. The treasurer OF the compa-
ny had no information concerning the ru-
NOR, and he doubted the truthfulness of the
report. The 800 men employed in the yard
received their weekly wages as usual, and
expect to go to work Monday morning. The
reduction in force which has been going on
for weeks has decreased the number just one
half. Less men were laid off tonight than
for a long time. The only unusual thing
that took place at the yard today was the
loading of the ship Comal, built for the Nal
| lory line with all her anchors, chains, etc,
and towing her to the New Jersey channel
after o'clock. Those in position to know
| say Roach's credit was just as good today as
| at any time previous, and that he is not fl
| nancially embarrassed, but is abundantly able
| to meet all his obligations.
New YORK, July 18.-The Tribune fur.
nishes the following:
"The real cause of John Roach's assignment
| was said by gentlemen thoroughly conversant
with his affairs to be the precarious state of hi.
health which has alarmed his friends of late. He
is some seventy years of age, yet until recently ht
mas retained his vigorous Step,th ruddy complex
| ION and bright eye which were marked features
N M the h man H. Recently however his physical pow
| and his sons Garret and Stephen, Roach have KEEP
an anxious eye upon him. Mr.. Roach's trouble
| have not allowed hmout of their sight for the las
| month. There is no doubt that the Dolphin mat
| ter mas weighed heavily on Mr.. R0ach's mind. II
private since the recent orders regarding the Dol
phln, he dwelt with feeling the fact that he hat
| large interests at stake and his reputation as
business man in great measure, yet he kept up
| DraVe appearance and assumed cherry air which
| ne did not feel Within the last two weeks III
| mas lost twenty-five pounds of flesh. His rudd!
nue. mas largely departed, and he has as
sumed more and more the appearance of mai
| broken down in health"
To Tribune reporter, Mr.. Vanderpoo
said:
The only statement which can make is tina
from al can learn and in my Judgment not
credltor OF John Roach will lose a cent by thi
| present action. He has simply placed his proper
ty in the hands of trustees. The contract for thu
other three naval vessels will be carried out"
The. assignment fell heavily on men a
| work In the Morgan Works. They wer
thrown out of employment. This fate ma!
extend to the ZOO others employed at Ches
ter, Pa A friend of Mr.. Roach, thorough,
informed as to his financial condition, said
.The assets are undoubtedly more than the liza
cause of his health"
CHESTER, Pa, July 19.-News of the fail
ure OF John Roach caused considerable eX