New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-26
BIG FIRMS GO UNDER.
OF A MICHIGAN SALT AND LUM-
Der COMPANY.

,,oprcAGrs TO SECURE A LARGE NUMBER of
,xus, SOUTHERN COTTON FIRM ASSIGNS.
n.,ro,, Nov o5-The Potts Salt and Lumber Com
e,od mortgages for $500 600 this morning al
pooda Iosco County Mich. The J. T. Potts SAT- ana
,,her Cmnpany OF this city, this morning hlcu
obat.cI mortgage with the City Clerk tor Toi''oo !"
favor of George Parker of Colorado Ih'S ac''o" =
Locked. npOn here a. the forcrunncr Of all oN'o"S
,.i,ur. The notes which secured by the 1oooooo
mortgage are as follows: Union Bank oil 'aha""
von,rcaI $40 434 AZ; Dominion Bank, Toronto @le7,
rank NJ Montreal 81 - 09i 70; Imperial BANK
~, Canada Toronto, 3iO300 go; Detroit Nauoha
Rank s55l444l; Duhl, sons Co., Detron' qi-'
arc 81 Charles l.. ornan. Detroit T''-oo' ~
ander Innes. An sable 81. se4 10; Bank OF America
New York $1,000 National Bank OF commerce r
York s5I 200; Citizens state Bank An saoio' Fi'
ooA 70. Josco County savings Bank, So'lo l."
The smaller mortgage covers George W. faFher' "
Toronto for one note Of $40 900: sarah A. Tisdae OF
simcoo. ont. for two notes OF $4,000 and Slo'ooo
respectively. 10,
". : waugh secretary Of the company, was asked
n make a statement regarding the mortgage "'' "
declined to do 50. lie said that MI liSi1'o' wv
president wa, out Of the city, but would return u"
morrow morning
Alfred Luckinc who IS attorney for the embarra'Ne1
firm SAYS the MORTGAGES were given - s'cnr" h'aiN
all tho Indebtedness. They fpr obhsall'n- dOVu'
u mature and It IS optional with the creditors "
scIze or permit the business 70 be conductd OV 'n
companv should the latter course be pursued ne
SAYS all VIII be we'll for the assets nj par Vanc dro
worth twice the amount necessary To- pay OF every
cent due H. on the contrary. the creditors Hhou"
insist on -crurr and the cOmpanyS property sho"u
o., ,t n arrrco sale the result couN not be but ban
Mr. Pott, has been sick Tor some time and has been
unable 10 personally conduct his business Inc en-
barrassrncnt Of the firm i, attributed - bad manage
mcnt on TIE part Of those left in charge
An sable Mich. Nov. 2j.-rwo chnt'el mortgages
70 tho amount of sG2a 600 flied with the County
Clerk against the personal property of the ~ 70
Potts salt and Lumber Company. including stock "i
the A. : and Y. ". Railroad in favor Of several bshh'
IN On,lr.o the IoscD Sowing, Bank oS'oia, ana hrN
ID TA,lc Slmco". ontario. This ], reported a.
mart of liabilities which amount Ia $l,5OOOoO fpr
which ,no.ta,gc, cha'te and rcal have been fled BIZ
rho comp,ny i'm favor Of dor, In different counties
RI, the star, The Io-,o CIuuty saving, Bank Is not
rro,,ci sufficiently to cripple n In any way The
company gave empov mcti u s'he ,'"o mn, 70
1rm1hs Tenn. Noy. 2j.-ThOma~ II. Allen o.
| c,,,,n n, tors mad. an assignment this morning
mo nrrn 4, one ~ the oldest I'm III" ~0Etb ana ha'
tre,cI oric, in New York. The firm is COMPOSER
If Thomas H. Alien. ~. Ihoma, II. A'rH' IT, nnr
| - Richard H. Allen & CO. Tn" special assignment
made this morning prccpliated hy TIE su'prI' on
| - richard H. Alien a 90. In New >o'k' HARRY
| Nllef one Of Tho members ~ me h,1i; 'a ,i,, d
qeeots are largely I'm cNcrss ~ our uhpIilleN NM
40 me thc firm can pay dollar Tor dollar In s'tt"
mont of Al, n, lndobtcd.c>- and have Iaie" sHpu'
| lcfi.- 4 conservative estimate Of thc Arn ia
$40 900 with asset, Of ~ 800 600 " D. Tree am
| il named p, trustee. Tho n--eiS OF tGc hrn -,
largely Of plantations in the Mississippi Valley 10 the
| south Of Memphis.