New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-10-18
TIE Failure OF RICHARD G. PETERS.
ATTACHMENT SUITS BEGUN-FR1ENDs HOPEFUL
THAT THE COMPANIES INVOLVED WILL
PAY THEIR LIABILITIES.

Chicago, Oct. Il (SpeciaD.-The Wisconsin Marine
and Fire Insurance Company Bank began an attach
mcnt suit in the Circuit Court against Richard e..
Peters the millionaire lumber and salt merchant Of
Manstee, who failed Yesterday. The suit Is to re-
cover IS 900 on bill ~ exchange for that amount.
drawn by the Il. q. Peters salt and Lumber Company
juno L. $3.50, on Bickfor. Knox Co.. the corpora
toms Chicago agents. The bill due four months
after It's date and indOrSed by Mr.. Peters. Bck-
ford. Knox Il Co.. lumber dealers. at No. 24o South
Water-st., the local representatives OF X II.
Peers & Co., lumber merchants. OF Detroit, and are
involved in the failure 10 10 small extent The CHI
cago firm said that the accounts Of daily business
between the two houses were in excellent condition,
but Bickford Knox * Co. have Endorsed private
paper for Peters Co. and Will sur
fer considerable. Bicaford. Knox Co. say
that they are not financially disabled. but
will be able continue their business This AFTER
noon the Sheriff levied the stoo in the lumber yard
of Higbee, Peters Co.. In this city. Inc properly
attached consists Of 10000 worth of lumber and
a,OO OD in other assets The Union National Bank
also tccan an attachment suit to-day against the
Peters salt and Lumber Company. Attachments were
levied on surplus securities held by the Commercial
and American Exchange National Banks OF this CITY.
The Union National claims to be amply secured on
the paper of the firm which 1t holds. The Commercial
and American Exchange Banks both hold considerable
amounts Of the Peters paper, but their Officers say
that they are secured by collateral good for the amounts
several times over. The Continental National BanK
holds $4,000 of the bankrupt firms paper. us
officers say that it is perfectly secured by Endorsements
by solvent firms. In addition to this, there are large
quantities Of peterss paper In private hands in this
city.
II is announced that Mr. Peters has sold his In
tere,t in the Higbee and Peters Lulber Company 10
P;irdcc, Cook d Co.
Private advices received here to-day from Manistee
are to the effect that the Manistee Eank and the
uers Peters salt Company Will pull out all tight
Arthur Meg, d Co., Of Grand Rapids, Mlth.' III
which Il. G.. Peters holds haH-in crest closcn liet
night as a result Of the Peters failure. Mortgages
were filed tonight for S2I6,J00 covering everything
the firm owns in this city, Crofton Hartford, Banso:
and Breedsville Four OF the mortgages are in small
amounts amounting TO $?l 1000 and Julius liouseman
trustee holds the fifth for Sll750O iu behalf OF the
National City Bank
Albert NJ. Henry OF Detroit. assignee OF the H. u.
Peters Company Of Manis'ee. says that no schedule
Of assets aud liabilities Of the firm has yet been pre-
pared. but he does not think the Liabilities VII
exceed - 100000 and the assets, though largely
tributes the failure to overcxpansion and the close
money market. The creditors lie says are In all parts
Of the country, especially Ill the money centres
Friends OF Mr.. Irters say that the K. U. refers
Petersh individual liabilities probably 52,jOO,0Oo.
with assets nomlnally considerably over that amount
The Peters salt and Lumber Company expects 10
continue business under the receiver. Peters besides
vast quantities Of timber land In Michigan and Wis
con,n has large plant at I:rcwtOn Ala and another
"a cyprus v C.. a silver mine at Port Arthur Canada
and a railroad fifty miles long between ManStee and
Luther.