Telegram-herald., 1890-10-17
N | LILO n S
R. G. Peters, Michigan 5
Big Lumberman
GOES To THE WALL
His Assignee VIII be A. NJ.
Henry. OF Detroit.
a Tremendous Financial
Crash.
Liabilities About $500, ,OOO-As-
sets ASgween e3,OOo, 600 ana
$4,000, O,OCO-ArthU~ Eoigs
and other Grand Rap
Ids Firms Interested
His lLfo.
His Assignee VIII be A. Nj.
Henry, OF Detroit.
A Tremendous Financial
Crash.

Commercial circles were thrown into
q state OF intense excitement yesterday,
tya report az the most stupendous
failures that have occurred IN Western
Michigan fog years. f. @. Peters, the
ManistrelumteFmcn. and the K. q. Pet
ers salt and Lumber Company have gone
20 The wall. 20 tie tune OF millions.
and with them are involved Arthur
Mcigs 4 Co.. Lemon Il Peters, whole
sale grOcers, and Dunhsm, Peters &
Co.. The lumber firm, all of this city,
the former concern for over sl00, 900.
10 vas also rumored that the Fifth Ma
tlonsl Bank OF Grand Rapids had con-
siderable of Mr.. Peters paper, and
would lose heavily. K. G.. Peters IS
one OF the directors OF the bank, and
Cashier Fowler says that all of Peters
paper held by the Fifth National IS se-
cured. and the bank Will lose nothing
by MS failure. K. G.. Peters is heavily
interested IN about twenty concerns in
al sections of the country, and 1t Is
thought that many Of them will be
drawn under with hum. The crash to-
day Will probably be heavier than yes
terday.
The first intimstion of the crisis was
received by City Clerk Skinkman al s
O'Clock yesterday morning, on opening
his mail. One OF the letters contained
a document which proved to be the
sensahOn Of the day. II vas a chattel
mortgage DILL Of sale from K. u. Peters
10 c. NJ. Davidson. cashier of the De-
troit National bank, conveying a half
interest in the wholesale grocery bust
ness Of Lemon & Peters. The cousid-
Grafton % $40, 900, and the instrument
states that ''thls bill Of sale is gwen TO
secure the payment of any monies that
the said Peters or the Il. O.. Peters salt
and lumber company may be owing
either the Detroit National bank or Rus
sci A. Alger, of Detroit. or that they
or either OF them, may be liable or hOl-
den for their accounts"
the afternoon, when a chsttel mortgage
from Arthur Me.gs & Co. 10 Henry ID.
Plumb, Tor 5000. was placed on record
II was on the Arthur Meigs & Co mil J.,
located on Sevcnth-st., and included all
the lumber IN the yards together with
ali the appurtenauCes Of the mill. A
second aud third and fourth mortgage
were next tilediu rapid succession. The
a. 4. 4 -.
Nelson. Matter & Co. for 5000. The
third was from Arthur Meigs * Co. 10
Van Every Il Co. for 5000. These
mortgages were All secured by the Sew
euth-st mill properly. the fourth
mortgage was from Arthur Meigs & Co.
20 Edward Clark, OK CrottOn. Men, for
$4,000. It MAS secured by Arthur Meigs
q Co. = interest m mill az CrOftOn to-
geLher with lumber. shingles and other
property at the same place.
Last night AZ 1.3y o clock a mortgage
FOR fll7, go was put on record. lt WAS
from Arthur. Meigs Is Co. 20 julius
Houseman. trustee for the following
firms. National city bank, Grand
Rapids, I.0U0. old National bank
Greud Rapids Sl4.D 900; Fourth National
hank Grand Rapids, So .000: Fifth Ma
tiOnai hans. Grand Rapids, $4,000 tO
SO .0Uo. Hastngs National bank. 5000,
j II. Robinson. Hastings. $500, a. j.
Bovine, Grand Rapids. s. O00. A por-
ton 0t The sum owed tuc Fourth Ma
torai bank an indebtedness OF Dun
ham Peters q Co... but it has been as
sumCd by Arthur. Megs q Co. The
mortgage gwen for money borrowed
ami for paper indorsed for other
parties.
The hlg mortgage : secured bY sew
eral pieces of land in Grand Rsliis.
Kent and Lake countess l0t iu How
ard CITY. thC planlng mills, dry kills,
etc. lately operated under tie hrm
name of nuubsm. Peters g Co.. on sew
enth-st. also the timber aud sl otncr
property che yards. al. the lumhcr
l1gs and Che miG in Crofton. A'ch. all
the lumber t1ated a. snd about iisak :
nnU near Luther Mich, all the ilmcer.
etc.. a. Hartford Bangor aud Breeds
vile. n Van bgr.u county, also toe a.
terest "a al stores located in tne places
mentioned.
This piaees tne rrported Liabilities Cf
the hru n Arthur NtiEs& to. a. $50
e0o ana f i Thought that many coun-
tes vi he heard frcm today. The
assets are st present ur known. h, 81.
Peters was tae company of Arthur
NeiEs g GO. 3e slSo owned nsf in-
terest n the wholess - grocerv basIuesS
81 Lemon a Peters. and wss neav III in-
tefestcd ia the firm ai Duuhsm. Peters
a Co.
The failure OF r. q. Peters and the
R b Peters sat snd Ium ber Co. VS.
the chief topic Of conversation on she
streets and fr the hoteis isst night II
vas AZ Immense surprise. "a e w7s
81 1posed thst he as worth So Gee 0is],
G .sr of al tncum brsnce.
Besides nesrg president ~ the Peters
ks.t aad iuesner Con1nsnv .of Man stsa.
Mr. Peters uNns tvo-fitas interest n
tfe >ronseh iunter Company. 81
Ntn'stee hslf Interest 0 fte firm cf
Buffers, Eeters = Co., of Lgdugton, =