The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-07-20
THE FAILURE OF JOHN ROACH
Anxiety Incident to His Recent TrOub-
les Has Unbalanced Him Mentally.
What the Friends of Mr.. Roach Say-HiS
Family Say That No One Will Lose
Cent by Reason of the Failure.
From Our Second Edition of Sunday.

From Our Second Edition of Sunday.1
NEW YORK, July 18--The assignment of John
Roach, today, 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 a
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
peated 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 cruisers
| Low nearly completed in his yard at Chester are
Mr. Roach has expended in the construction of
these four vessels, $l5,0OO,0O0 or $20000000
Now he finds that he has on his hands some
$40, 900, 900 worth of iron-cads which the gov
eminent will not buy. Mr.. Roach has undoubt-
eddy made large loans 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., whore the family resides during sum-
mer. Mr.. Roach refused himself to callers
during the evening. Garrett II oach
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 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 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 tf at
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 19-The Tribune says that
one cause Of the assignment is said to be Mr..
Roach's 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 500 men at work at 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 Mr.. Roach, 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 account of his health.
| He is remarkable man, and he has fought
hard fight against discord unknown to the world
| in general. / say he is remarkable man. Elk
| Secretary Chandler has said that of HIM, and he
| considered Mr. Roach, although uneducated. a
| man wonderfully well informed and possessing
| clear and strong ideas on all topics, especially
| within the range of his business experience
The relation of the Dolphin investigation to Mr..
| Roachs health was naturally discussed by his
| friends yesterday, one of whom said Mr.. Roach
| has felt the matter keenly. He has not received
| direct information of the action of Secretary
Whitney but has learned of it indirectly. Now
| let me say that / know from conversations with
| Mr.. Whitney that he has had no personal anmus
| toward Mr. Roach, but has said that he per
| forming simply what he considered to be his
| duty. do not doubt that the letter of May %,
regarding the twelve knots speed of the Dolphin
as being satisfactory was written by Commodore
| Harmony, in the absence of Mr. Whitney, who,
1 on his return to Washington expressed his dis
satisfaction. Still, it is true that Mr. Roach was
not dealt with directly, and he fealt aggrieved
over that fact. l cannot say how far his
1 only know that his sons have watched him
closely of late, not leaving him out of sight,"
| The Tribune also has the following Geo.
| w. Quintard, one of Mr. Roachs assgnees. said
| last evening" at his country home at Port Ches-
| ter: While the fact that Mr.. Roach was
! contemplating making assignment for the
| benefit of his creditors was known to me, for
the reason that had been asked to be one of
his assignees; yet did not expect it so soon
| The cause of Mr. Roachs assignment is per-
fectly plain, and is attributable entirely to the
| action OF the government in regard to
| the Dolphin, and Mr.. Roachs desire to deal hon
orably with his creditors. He could not get any
| satisfactory answer from Mr.. Whitney as to the
| disposition of the Dolphin matter and as the
| alleged failure Of the Dolphin was a complete
| surprise to him, and seemed in some manner to
reflect upon his honor, it preyed upon his
| lind so that for the LAST six weeks he has not
been considered by his friends to be in condi-
ton, mentally, to conduct his business. The
| adverse criticisms that have appeared from time
| to time In the newspapers preyed upon his mind.
| He has become melancholy, and it has been
necessary to have him closely watched
He could not stay in his house, and
two men, one in front and the other be-
hind him, have accompanied him wherever he
has gone. Mr.. Roach has about S.. 900, 900
locked up in the ships that he was building
for the government, and as the government
| claims that it had no contract with him. there
would be the same trouble with the rest of the
| ships that there has been with the Dolphin So
| that nothing, in his judgment, was left for him
to do but over his property to his creditors
What are his assets and labilitlesT That I
cannot answer yet, as no schedule has been
made up But l believe his assets will more
| than meet his liabilities Mr. Roach has turned
over everything and is penness. He has not
| and | blame him for tin his long business ex-
| perience made any provision for his family, and