St. Paul daily globe., 1890-09-24
The Firm Of Forrestal Broth
ers Drifting to Financial
Rocks.
A Meeting Of Creditors to Be
Held in st. Paul This
Afternoon.
If a Failure Should Be Pre-
cipitated 1t Will Be a
Heavy One.
Several Large Contracts AS
signed in Duluth and
Other Cities.

Common talk on the streets and in the
most frequented resorts of the city last
night was the threatened failure of the
firm of Forrestal Bros, contractors, and
holders of some of the largest city con-
tracts at the present time, as
well as some heavy ones in Du-
luth. The story was that
the firm had assigned to William Daw-
son, Sr., and that their inability to
carry out their contracts had been
brought about by several financial re-
verses with which they have met
recently. The actual amount of the
firms liabilities or assets could not
be discovered. A GLOBE representative
called at the residence of James For
restal, $40 Olive street, late last
night, aud rang the door bell
for half an hour without elicit
within. A movement was on foot yes
terday among the creditors of the firm
to secures the appointment of a,receiver,
and meeting of creditors will be
held in st. Paul this morning. Thomas
Riley, of II Tilton street, a brother
in-law of the Forrestals, was
seen at 80 this morning. He denied
that the firm had assigned. Afterwards
he admitted that there had been par
tial assignment, and subsequently stated
he knew nothing about Forrestal's affairs
and would say nothing about them.
George Benz. who is said to be on For
restaFs bonds for certain contracts, was
out of the city. His son stated that
he did not believe Mr.. Benz had
Q0tinn of oil with no
G. Donnelly admitted that his name
was on some of the Forrestal paper.
He further stated thai there was no
foundation whatever for the state
ment that the firm had failed
or that it would fail. The only ground
that could exist for the rumors was
that week ago certain contracts
to the amount of $4,000 had
been turned over to William Daw-
son. 1t was an ordinary business
transaction such as might occur any
taches to it. Despite all denials, how
ever, the story was told and re-
told. and every one was talking
about the affair last evening. One gen
tieman stated that there was no doubt
whatever that the firm had failed, and
that the amount of their liabilities
would come very near to $780,
What the actual situation is cannot be
stated with any degree of accuracy at
this time, but it is probable that the
true state of affairs will become appar-
ent at the meeting of the creditors to
be held at the GermanAmerican bank
this afternoon at 2 o'clock.
The firm of Forrestal Bros. is COM
posed of William and James, the former
living at Duluth and the latter at $40
Olive street. st. Paul. 1t has been do
ing very extensive business, and has,
at this time, contracts in force in St.
Paul, Minneapolis, Duluth and Su-
perior.
A special telegram to the GLOBE from
Duluth, last night, says:
Quite number of the Duluth cred
itors of FOrrestal Bros. left here on the
night train for st. Paul to attend the
meeting of creditors to be held
in that city Wednesday. Forres-
tai Bros. nave stood very high
here, and have number of large con-
tracts here and in Superior. 1t was
stated tonight among the creditors that
it was believed arrangements could be
made by which the tide might be stem
med, and the firm given an opportunity
to right itself.