The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-02-09
TWO BIG FIRMS ASSIGN.
THE PACIFIC GUANO COMPANY
OWE $1,OCo,ooo.

Their Boston ARent Involved in the
Crash on Account of Endorsements
EThe Guano Company Owns Works at
Charleston and Beaufort-Savlngs
Banks and Trust Companies Hold
Most of the Obligations.
WOODS HoLL, MASS, Ftb. S.-The works
of the Pacific Guano Company were at
tached yesterday by the Lynn Institution
for Savings, and they have assigned to John
G. Ropes of Boston. The liabilities are
about Sl,0o0,000 The com pany's head
quarters arc at Boston, and besides the
works here they have mines at Beaufort, S.
c., and works at Charleston, S. c. The
selling agents OF the company are Glidden
& Co. of B ,ston, who are indorse-s of their
paper to a large amount. The latter firm
will probably ass gn.
THE TEMPORARY ASSIGNEE
John c. Ropes is of the firm Of Ropes,
Gray 81 Loring. A member Of the firm
| saws that the Pacific Guano Company as
signed as the Lynn saw IS bank had be-
come alarmed and had attached tho prop
erty. Mr.. Ropes is the temporary assignee.
He says: II don't believe that the c NJ
pany is llsolvent. lis capital stock Is 81
100000. Messrs. Glidden 6& Co. have not as
yet assigned, but will do so to-day. Tech
nicaltles only prevented an assignments
yesterday"
GLIDDEN CURTIS ASSIGN.
BOSTON, Feb. s. S-Ghdden a. Curtis selI-
ing agents of the Pacific Guano Company
and OF the Ohio and Western Coal Com
pany, have assigned to John c. Ropes for
| the benefit of their creditors Their lilbili-
ties are heavy and largely Inducements on
the paper of the guano compan} They
have loaned that company large sums in
| addition to their Endorsements. A meeting
of creditors will be held soon. The firm, it
is aid. have indorsed paper to the Olio and
| Western Coal Con pany, corporation with
a capital Of $500, 700, Mr.. Glidden being its
| president.
WILL PAY ALL OBLIGATIONS.
| While it is thought they viii pay all their
| obligations is probable that the company
| Will be placed in the hands of a receiver to
protect all the creditors. The business of
| the guanO company during the past two
| years has been bad and they are said to
| have lost considerable but the present
| season has been good and they
were about to recover their losses. The
| company has capital OF $1,000 600 with
| capacity for large business. Their fertil-
ize are mostly sod in the south to plant
| ers VIII, give notes on Them The liabilities
| Of Gliddeh 81 Curtis and the Pacific Guano
Company are mostly TO savings banks and
| lEuSu colupdhlb', hiCuOubn DOSb III DdlhA
hold quite an amount.
SOUTH CARoLINA's INTEREST.
CHARLESTON, s. c., Feb 8.-The assign
ment of the Pacific Guano c mp my
created a sensation in business circles here,
although no one in Charleston is affected
by the failure. The business Of the COM
pany here has been go d, and the failure
Is not att lbuted to local losses. The COM
pany kopt no account in any Charleston
| l.. -. ...N.
tha company has been in litig ition with
the state for roy lty due on phosphate rock
mined in the streams at Chisolm's Island
belonging t. o state.
WON BY THE STATE.
The state won tie suit and obtained a
| Judgment for Sj4 009 aud the case will me
up for reheariGg at Beaufort next week.
Today the counsel for the state at ached
tho property of the company at Chisolm's
| Island and the works a. Charleston for
| $54, 600 Attachments were also issued o.
day on the property Of the company in
c. arlestou by Barring Bros. Of Lond IN for
| $1,000 Kidder, Hean jdy 81 Co., OF New
York for SIS, 100 aud the Link Belt and
Machinery Company OF Chica 90 for $1,000.
ONE OF THE PIONEERS.
The company was one of the first estab-
Iished here after the discovery Of the phos-
phatic dep sits late ia the sixties. Very
| little OF tne suock Is o"ned mere. Inc
failure Of the concern will throw
several hundred men out of
employment. The failure causes some sur
prise. for the reason thai he fe .tilizer trade
was never better than it is this year. The
Statistics show that the shipm nts of fer
tilizers from this city up to date are larger
than ever before, the figures being as fol-
lows: Shipments In 1887, u, ,455 tons; in
1888. AZ, 100 tons; in 1889, A, ,426 TONS There
are thirteen fertilizer manufacturers here.
tae stock of which is quoted at from $101