St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-19
JOHN ROACH ASSIGNS.
The Wealthy Ship Builder Goes to the
Wall, Several Creditors Being
Preferred.
Trouble Regarding His Government
Contracts Causes the Financial
Catastrophe.
Ill-Health Another Reason Given, He
Having Become Untitled for
Business.
About Twenty-Five Hundred Men
Unexpectedly Thrown Out of
Employment.
Forced to Suspend.


the name of John Roach & Son, made an
assignment to-day to George w. Quintard
of this city and George l.. Weed of Stam-
ford. Conn. The assignor first directs that
the wages and salaries of employees
be paid and then he prefers: William Row.
land of New Brunswick, Y. j., for money
loaned, work and labor done and materials
furnished, S62, ,217.9S, for part of which
he holds four promissOry notes made by
Mr.. Roach. A prOmissory note made by
the assignor, bearing date of June 10, 1885,
and payable in three months, for
$4,000, which was discounted by
the Mechanics e Traders bank of
Brooklyn, is also preferred. 7. w. Gollan-
det IL Co. of No. 2 Wall street, for money
loaned and advanced. also preferred to
the extent of ESQ, 900 which was loaned
about June 81. last. $4,000 on July 2 and
$1,000 on the 1lth inst. The assignment
then directs the payment Of all other debts
and liabilities due or to become due, to-
gether with all interest and money due, in
cluding all
LAWFUL CLAIMS
against Mr.. Roach by w. r. Whitney,
Thomas Trowl and James Z. Ward,
George w. Quintard and William Rowland
for indemnity against expenses and liza
bility incurred by them by reason of their
becoming sureties and having executed
bonds at the instance of the aSsignOr, and
for his benefit upon certain contracts EN-
tered into by the aSsignor on or about the
month of July, 1858, with the United
States, represented by the secretary
of the navy, for the con-
struction of three steel cruisers,
known respectively as the Boston, Atlanta
and Chicago, and the dispatch boat, Dol
ho low I'm claiOS of tho Qcfata of
Levi Kerr against the assignOr, by Kerr,
now deceased, by certain of the bonds and
contracts. The assignment was the chief
topic of conversation at the clubs and thea
terS tonight. Lightning 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
shipbuilders in the worth, had assigned. A
man whose knowledge of and interest in
public affairs has given him wide acquaint-
ance with the leading business of the coun-
try, expressed himself thus, while talking
with a reporter: The announcement of the
failure is indeed startling news to me, and
undoubtedly to thousands of people. But
if YOU will stop and think moment, you
VIZ come to the same conclusion as myself,
namely that is nothing more than could be
expected under the circumstances. Secre-
tary Whitney's action in regard to the Dol
phin, was the
ENTERING POINT
of the wedge which has torn Roach from
his financial moorings. The repeated trial
trips of the Dolphin, the adverse decision
of the examining board and finally the de-
cisions of the attorney general that the
contracts held 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 con-
Struction of these four vessels SIS, 600, 600
or 500. 900, 600. Now he finds that he had
OH his hands some $40, 900, 900 worth of
ironclads which the government will not
buy. Mr.. Roach has undoubtedly made
large loans on the strength of his contracts
with the government, which he cannot now
meet This evening Mr.. Roach and two
sons Garrett and Stephen, went to Flush
burg, l.. l., where the family reside during
the summer. Mr.. Roach refused himself to
callers during the evening. Garrett Roach
said. in his fathers absence, that his 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. There is one
thing you may rest assured, no one will
ever lose a dollar by him, but in the COM
plications which have arisen in his bust
ness, 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 i'll the hands of trustees.
Whatever may be the outcome of the
trouble you may rest assured that justice
will be meted to all to whom my father is in
any way indebted"
FRIENDS INTERVIEWED.
NIo I,o4 g
assignment is said to be Mr.. Roach's state
of health. He is suffering from heart dis
ease, and fatal results were feared if he
continued to worry over the supervision of
his business. His attorney, Mr.. Wander
pelt, says the contract for the re-
manning three cruisers will be carried out.
The Tribune adds: The assignment fell
heavily on the 500 men at work in the
Morgan iron works, who were thrown out of
employment. This fate may extend to l. 700
others employed at Chester, Pa. A friend
Of Mr.. Roach, thoroughly informed as to
his financial condition, said: The assets are
undoubtedly larger than the liabilities. Mr..
Roach has an extremely extensive
property. He has been obliged to take
this step because of the condition of his
health. He is a remarkable man and he
has fought hard fight against discord un-
known to the world in general l say he is
remarkable man. EX-Secretary Chandler
has said that of him and he considered
Mr.. Roach, although uneducated, man Won
Ierfully well informed and possessing clear
Ind strong ideas on all topics, especially
within the range of his business experience
The relation of the Dolphin investigation
10 Mr.. Roach's health was naturally dis
sussed by the friends yesterday, one of
whom said, ''Mr. Roach has
FELT IT KEENLY.
he has not received direct information of
the action of Secretary Whitney but has
learned of it indirectly. Now, let me say
that l know from conversations with Mr.
Whitney that he has had no personal ami
mostly toward Roach, but has said that he
was performing simply what he conceived
10 be his duty. l don't doubt
that the letter of May 26, regard
ing the twelve-knOtS speed of the Dolphin
rs being satisfactory, was written by Com
NodOre Harmony, in the absence of Mr..
Whitney, who on his return to Washing
bon expressed his dissatisfaction. Still it
is true that Mr.. Roach dealt directly, and
he felt aggrieved over that fact. | can't
say how far his health was affected by
the matter. l only know that his sons
have watched him closely of late, not
leaving him out of sight. The Tribune also
has the following: George w. Quintard.
One of Mr.. ROach's assignees, said last
evening at his country home, "while the fact
was known that Mr.. Roach was contem-
plating making the assignment for the ben
eft of his creditors to me, as / had been
asked to be one of his assignees. vet
[ did not think it was coming
30 soon. The cause of Mr..
Roach's assignment is perfectly
plain and is attributable entirely to the ac-
InfH h. In,