Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1885-07-24
JoHN ROACH Goes uNDER.

WIN hDhLh bDGD ORDLh.
A dispatch from New York dated
July Is. says: John Roach, the ship
builder, who constructed the dispatch
boat Dolphin, and has been doing busi
ness under the name If John Roach X
SON, made an assignment TO day "a
George W. Quintard Of this city and
George L. Weed of Stamford, Conn.
The assignur first directs that the wa
gees and salaries of all employees be
paid and then prefers William Row
land Of New brunswick for money
loaned. work and Labor done, aud ma
terials furnished to the extent Of SG2.-
2i5.9S. for S3O.b0 of which that gentle
mau holds four promissOry notes made
10y the assignor. bearing date June 10,
lSSj, AMI payable in three months.
These were discounted by the Mechan-
les and Traders Bank Of Brooklyn,
which is also preferred.
i. W. Gollandet X Co., of No = Wall
street, for money loaned and advanced.
are also preferred To- the extent Of 500
600 loaned about June n last. $4,000
ON July and $1,000 on July IL.
The assignment then directs tile pay
ment OF all other debts Cue or To bee ONE
due, together with all interest cue, i'm
Guiding all lawful claims against Mr..
Roach 10y ". *. Whitney. Thomas +.
Rowland. james T.. Ward, George W.
Quintar,l and William Rowland for in
demnity against expenses and liability
incurred by them 10y reason Of their
having become sureties and having ex-
ecuted bonds at instance of assignee
and for his benefits upon certain coll
tracts entered into by the assignOr on
or before the month of July, 1883. with
the United States rep ented by the
secretary Of the navy for the cOnstruc-
ton Of three steel cruisers, known res
pectively rs the Boston, Atlanta and
Chicago and the dispatch boat Dolphin
and the lawful claims Of the estate Of
Levi Kerr against the assigEor by Kerr,
now deceased, of certain bonds and
contracts.
Tie assignment was the chief topic of
Of conversation at the clubs and thea
ters tonight. Lightning out of q clear
sky could not have been more unexpett-
eel than was the announcement of the
failure 81 John Roach, tie man who
was considered as one or the richest
slip builders in the world, had failed.
A clubman whose knowledge and iu-
terest in public affairs has given him a
wide acquaintance with the leading
business Of the country expressed him
self thus: The announcement is in
deed startling news TO me, as it I'M
dOubtedly will be To thousands of peo-
pie, but If you will stop and think a
moment you will come TO the same con-
clusion as myself, that it is nothing
more than could he expected under the
circumstances. Secretary White, ,.
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 adverse decisions to the examining
board, and finally the decision of the
attorney general that the contracts
held by Mr. Roach authorizing him to
build four steel cruisers now nearly
completed in his yards ut Chester are
null and void, were enough to rum any
man. Mr.. Roach has expended in the
construction Of these four vessels S15,-
OOO,OO0 or S2),OOO,OOO. Now he finds
that he has on his hands some s2O,OOO,-
600 worth Of ironclads. Mr.. Roach has
undoubtedly made large loans on the
strength Of his contracts with the gov
eminent, which he cannot now meet. "