The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-02-09
BUSINESS EMBARRASSMENTS.
The Pacific Guano Company and Glidden q
Curtis Make Assignments.

The Pacific Guano Company and Glidden q
Curtis Make Assignments.
WOODS HoLL, Mass, Feb. 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. Liabilities,
about 100000. The company's headquar-
ters are at Boston, and besides their works
here they have mines at Beaufort, s. c.,
and works at Charleston, s. G. The
agents of the company are Glidden d
Curtis, of Boston, who are indorsers OF
their paper to large amount. A member
of the firm says the Pacific Guano Company
assigned because the Lynn Savings Bank
had become alarmed and had attached
property. Mr.. Ropes is temporary assignee.
He says: II do not believe the company to
be insolvent. The capital stock is 81 ,0O0.-
600. Messrs. Glidden 81 Co. have not, as
yet, assigned, but will do so to-day. Tech
nicalities only prevented an assignment
Glidden g. Curtis, selling agents of the
Pacific Guano Company, and the Ohio and
Western Coal Company, have assigned to
John G. Ropes, for the benefit of their cred
itors. Their liabilities are quite heavy,
and largely Endorsements on the paper of
the GuanO company. They have loaned
that company large sums, in addition to
their Endorsements. A meeting of creditors
will be held soon. The firm, it is said, have
indOrsed the paper of the Ohio and West
ern Coal Company, a corporation with a
capital of s., 900, Mr.. Glidden being the
president. While it is though: they will
pay all their obligations, it is probable the
receiver, to protect all creditors. The cred
itors of the Pacific GuanO Company will
meet, this afternoon, for the appointments
of an assignee. 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
recovering their losses. The company has
capital of 81 900 O0O with capacity for
mostly sold in the South. to planters who
give notes on them. The liabilities of
Glidden 81 Curtis and the Pacific Guano
Company are mostly to savings banks and
trust companies, although the Boston banks
hold quite an amount.
The Boston News Bureau says: 1.-THE i'm
preston that Glidden 81 Curtis are able to
take care of all their paper Is due to the
fact that few years ago Joseph w. Smith,
who is reported to have inherited $780,
600, was admitted as general partner.
The firm, year or so ago, obtained control
of certain coal and iron companies in the
Hooking valley which had been under the
control of j. II. Brooks. In reorganizing
anu OeVelOplug Uuc OulO anu w cSU6rn COdl
Company, Glidden d Curtis are reported
to have spent large amount, said to be
over $500,0OO. The firm is now composed of
John NJ. Glidden, j. w. Smith and
j. w. Dove. Mr.. Curtis went out two years
ago, ago; The The - # firm has has. until recently,
in New England. and possessed of
unlimited credit. The failure was precipi-
tated by the refusal of one member of the
firm to advance any more money. The house
has also made large advances to the Pacific
GuanO Company. The Ohio 81 Western
Coal Compony is capitalized for $500 900
bonds and S5,000,0O0 stock, and seven
eighths of the latter is owned by the en-
barrassed firm; About two years ago
Glidden & Curtis took control and
$500, 600 of the bonds were Cancelled. Sales
of bonds were made at that time at 40
and some other at so. Messrs Glidden g.
Curtis have advanced S750,000 to the Ohio
and Western Coal Company, borrowing the
money at from 4 to 1-2 per cent. A gentle
man well informed says: The Ohio and
Western has floating debt of 81, 500, 600,
advanced by interested parties and secured
by bonds. Mr.. Smith and Mr.. Dove are
both wealthy, and should be surprised if
the firm did not settle at 100 cents on the
dollar"
PHILADELPHIA, Feb. 6.-Judgments and
executions were entered in the prothona-
ry's Office, to-day, against Calvin Conard,
lumber merchant, amounting to $45,O 600.