The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-10-20
THE W COLLAPSE.
Details Connected with the Failure of the At
temnf to Corner the Lead Market.

Details Connected with the Failure Of the At
tempt to Corner the Lead Market.
CHICAGO, Oct. l9-The failure o. the attempt
by the biggest lead firm in the world. Nathan
Corwith & Co.. to corner the lead market by
purchasing the snrplusage of the output OF the
lead produced in the smelling works of this
country, was the main topic to-day in financial
circles here. The attachments filed in local
courts cover assets Of Corvith & Co. and the Cor
wiihs individually to the amounted over $500, 900.
and in a general way it is known that the liabil-
tiles Of the firm are at least 50. 600, 900. This
amount, however, has reference solely to the
recent purchases, including the October celiv-
cry, and merchants interested in the trado be-
lieve that even the amount Of s., 0e0, 600 will be
exceeded. The assets OF the firm in this city
consist OF c~onsienmsnts of pig lead in different
warehouses. amounting, SO far as known,
TO only about $4,000 In valus. There are, Of
course, bills receivable, but their value is a mere
matter of conjecture, because the resident part
ner. as well as the attorneys and banks inter-
ested in the case, refuse to talk about the fail
ure The legal transactions. known so far, are
an attachment suit for s39,5so, begun in the
Superior Court by tho Union National Bank;
a repleyin suit for 81, $780,. brought by Everett &
Post. dealers 10 lead. and a secured replevin
suit. brought by the Chicago aud Aurora Smelt-
ing Company, for sl3. 900. Everett g. Post want
300 pigs Of lead now in charge of the Chicago &
Alton railway. The writ OF the Chicago and
Aurora Smelling Company covers a consignment
Of lead stored with the Chicago DOCK Company.
The interest Of the Union National Bank Ia Mr..
Corwiths account was probably increased and
the climax FASTENED By a line in the daily list of
real estate transfers published IN the newspa-
cers Thursday morning. showing that the sale
of eighty acres at the north end of Hyde Park,
made Aug. /, last year, bad just been put on
record. Whether this publication hurried mat
.srs or not, il is certain that the announcement
of the transfer. which was from Nathan Cor
with to j. b Trevor, the consideration being
$50. 900, was followed, last evening, by the first
suit Ia attachment. lt is possible that the suit
would have been brough, anyway, but the pub
LEGATION referred tot doubt stimulated the bank
IN protecting itself, and in putting the town
to talking. One of the singular
things about the entire proceedings
in that, while the bank was getting
out the attachment, upstairs in the City Hall, an
agent OF the Corwiths was down stairs placing
two additional and large transfers on record.
Nh. Corwith's transfers of record for t~o days
were S23o ,00O, and, coming on the eve OF the at
fachment cults, have given rise to considerable
talk. The fact that the first transfer was to j.
B Trevor. Of Yonkers, n. Y. the second to the
heirs of al estate about which little IL known,
and the third to Colonel Gale and Mr.. Trevor,
also OF Youkers, has had anything bat q quiet
Ing effect among the old friends of the Corwiths,
who are slow TO believe that there can be- any
thing wrong 10 the transactions 10 question. but
are hampered by the lack of details of the trans
fers, all being non-residents. So far as the claim
Of the Union National Bank Is concerned. howev-
er, or any other or the local creditors, there does
not seem TO DO cause for great apprehension. In
fact, the sheriff to-day attached at least half a
million in real estate. which it Is thought will be
ample protection unless the number of creditors
here is much larger than was supposed.
The firm OF Corwith d Co. was started thirty
years ago, and Nathan Corwith, ST., has been
identified with the lead interests OF the United
States during his entire business career. He had
a national reputation in this branch of trade,
aud during the height of his commercial success,
some ten years ago. was known as the lead
king" He went TO New York a few years ago
on account of his health, and since then
has met with q series Of reverses.
His son Gordon, who Was a member
OF the firm, was a well-knowu figure on the
Chicago Board Of Trade. and q dasning man
about town beside. Gordon Corwith's specula-
tons in the wheat pit were not . financial sue
cess. He became involved to such 80 extent
that the rich sonior doomed a change in the
firm advisable. Last year the 6rm met with
heavy losses. owing to a decline of 81 ton in
lead. Their losses then are said to have agere-
gated Si0O. 600. This year, prior TO the begin
ming OF the present disastrous deal. their losses,
it is estimated. figured up $3.50. 0G0. The futile
purchases for the corner are thought to exceed
81. 900, 0O0. and to carry this load the firm paid
higher rates of interest for loans than the usual
quotations for commercial paper. Exaggerated
statsments of Mr.. Corwith's wealth have been
published. A conservative banker saws he
would have put il. a day or two ago. at 81 .000.-
900 net. The estimate Of SO, DOC, 900 WAS smiled
at. Nathan Corwi,his brother Henry. who died
recently. had been similarly overrated. The
estate is now scheduled in the Probate Court at
81, $50, 1000.