St. Paul daily globe., 1889-02-09
FAILED FOR A MILLION,
The Pacific Guano Company Goes
Under, and Its Selling Agents
Follow Suit.

WOODS HoLL, Mass, Feb. S.-fhe
works of the Pacific Guano company
here were attached yesterday by the
Lynn Institution for Savings, and they
have assigned to John c. Ropes, of Bos.
ton. Liabilities about S1.o0o.000. The
c0mpany'S headquarters are at Boston,
ard besides the works here, they have
mines at Beafort, S. c., and works at
Charleston. S. C. The selling agents of
the company are Glidden d Co., of BoS-
ton. who are indarSers of their paper to
a large amount. John C. Ropes is of
the firm of Ropes, Gray & Loring. A
member OF the firm says the Guano
company assigned as the Lynn Saw
lngS bank had become alarmed and had
attached property. Mr. Ropes is tenn
poTary assignee, and a meeting of cred
ltors will he called to-day, when per-
manent assignee will be appointed. He
says: Il don't believe the company to
be inSolveht; the capital stock is 81 ,oGO,-
900. Messrs. Glidden & Co. have
not as yet assigned, but will do so TO-
clay. Te' hnicaiities only prevented all
assignment yesterday"
MISFORTUNES NEVER COME SINGLY.
BosToN, Feb. s.-Giidden & Curtis,
selling agents Of the Pacific Guano
company, and of the Ohio and Western
Coal company, have assigned to John C.
Ropes for the benefit of their creditors.
Their liabilities are quite heavy and
largely Endorsements on the paper of
the guano company. They have loaned
that company large sums iii 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 Western Coal company, q
corporation with capital of IS, ,000, ,O0O,
MI. Giidden being the president. While
it is thought they will pay all their obli-
cations, it is probable they will be
placed IN the hands of a receiver to
protect all creditors. The creditors of
the Pacific Guano company will be
notified this afternoon OF the appoint
ment of an assignee. The business of
the gnahO 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 Sl,00D, ,0o0, with
a capacity for large business. The
fertilizers On hand are mostly sold in
the South to planters, who give notes
on them. The liabilities of Glidden &
Curtis and the Pacific Guano company
are mostly to savings banks and trust
companies, although tine Boston banks
hold quite an amount.
PROPERTY IN CHARLESTON ATTACHED.
CHARLESTON, S. c., Feb, S.-The as
sigDment of the Pacific Guano company
created sensation in business circles
here, although no one in Charleston is
affected by the failure. The business
of the company here has been good, and
the failure is not attributed to local
losses. The company kept no account
in any Charleston bank. For the past
seven Or eight years the company has
been in litigation with. the state for
royalty due on phosphate rock mined in
streams at Chisolm's island, belonging
to the state. The state won the suit,
and obtained Judgment for $4,000, and
the case will come lip for rehearing at
Beaufort next week. To-day counsel
for the state attached the property of
the company at Chisolm's island and
the works at Charleston for So, ,o00 At
taahments were: also issued to-day on
the property of the company ia Charles
ton by Barring Bros. Of London. for
$4,000; Kidder, Peabody & Co, of New
York, for S25, 900, and the Link Belt and
Machine company, of Chicago. for
$4,000.
NEW YORK, Feb. s.-The bucket
shops of Holman, Sprague d Skidmore.
on New street, suspended this morning.